Monday, June 12, 2006

Banking: Major Chinese bank reveals $25 million fraud

The Bank of Communications, China's fifth largest bank, said it had discovered a 200 million yuan ($25 million) case of fraud at one of its branches.

The fraud, which involved customer funds, occurred at a branch in the major north-eastern city of Shinnying, the state-controlled bank said in a statement at the weekend. The company said it was working with police to solve the case and minimise any losses.