Bank Fraud

Abstract

In China, bank fraud is a serious white collar crime that causes billions of dollars in loss every year and is considered a criminal offence, punishable by death if the case involves corruption. During the past decade, the news media have reported a number of high-profile bank corruption and fraud cases in the Chinese banking industry. After their inauguration in 2003, Chinese President Hu Jintao and Prime Minister Wen Jiabao announced a major effort to reform the banking industry and investigate and prosecute bank fraud and corruption. During this anti-bank-fraud campaign, several prominent bankers received severe punishments, including two chairpersons of China’s “big five” state-owned commercial banks. Since President Xi Jinping took over the CCP government’s leadership, his new anticorruption war has continued to probe into a few high-profile bank fraud cases.