Chinese billionaire arrested for 16-year old bank robbery

Chinese billionaire arrested for 16-year old bank robbery

Thursday, October 29, 2015 2:55 pm

*Looted money invested in real estate

Shi, the Chinese real estate robber, arrested

Shi, the Chinese real estate robber, arrested

Police in central China’s Henan Province have arrested a real estate tycoon who allegedly robbed a bank 16 years ago with four other suspects.

The billionaire surnamed Shi was arrested on Oct. 21 in Zhumadian City. Three others were apprehended the same day, and a fifth suspect on Oct. 24, said the Public Security Bureau of Zhengzhou City, capital of Henan.

On Dec. 5, 1999, Shi, a native of Zhumadian, and four others allegedly robbed a bank branch of 2.08 million yuan (320,000 U.S. dollars) in cash and injured two bank workers in Zhengzhou. Shi is alleged to have masterminded the robbery.

It shocked the nation, but the five suspects had eluded the law ever since.

Police say Shi, previously a construction project contractor, claimed most of the money from the robbery and used it to develop real estate in Zhumadian, earning him billions.

In a related development, China announced it has captured 556 fugitives overseas since “Fox hunt 2015” began in April, an official from the Ministry of Public Security (MPS) said on Thursday.

Yang Shaowen, deputy director of the international cooperation department of the MPS, revealed the number during an ongoing foreign law enforcement officers’ event held in east China’s Jiangsu Province.

Yang said suspects were found in 59 countries and regions, and China has so far sent 62 police officers to 36 embassies and consulates in 30 countries.

“We could not achieve this without the help of all foreign law enforcement liaison officers based in China,” Yang said.

“Fox hunt 2015” is part of China’s “Skynet” operation targeting suspects in economic crimes, many of them corrupt officials of government departments and state-owned enterprises.

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