First Bank Employee Linked to Fraud Ring, $2.7 Billion Scandal with 15-Year Sentence Sought
Authorities have uncovered the first case of a female bank employee acting as an insider for a fraudulent investment scheme, arresting Zhu Zitong and 27 others. Following a prolonged investigation, the Criminal Investigation Bureau apprehended the mastermind, Bai Zhenglin, and another accomplice, Zhang, and has filed charges seeking a 15-year sentence for Bai.
Police noted that the 32-year-old Bai was involved in laundering money through an overseas fake investment scam, enticing bank employees to assist in illegal transfers and account setups. Over 300 victims were identified, resulting in total losses of up to $2.7 billion. Police recovered luxury watches valued at $7 million among other illicit assets.
