ICBC 2 Billion Yuan in Fake Electronic Bills

Caixin: China's Biggest Lender Rattled by Electronic Bills Scam
Police are probing China's largest lender by assets, the Industrial and Commercial Bank of China (ICBC), for allowing ex-employees of another small bank to use fake documents to open an account to issue, and later sell, 2 billion yuan worth of fake bank bills, ICBC said on August 11.

...Informed sources told Caixin that a group of ex-employees from a regional bank in the central province of Henan, the Bank of CTS, had allegedly used stolen official seals and forged documents to open an account at an ICBC branch in Langfang, a city in the northern province of Hebei, to issue electronic bills of exchange. The Bank of CTS on August 11 said it had never issued any electronic bills of exchange and confirmed that some individuals have used the bank's official seal to open an account to issue fake bills.

The scheme unraveled when Hengfeng Bank (HFB), a provincial lender in Qingdao that had bought some of the slippery bills, learnt during an internal inspection in early August that the Bank of CTS has not authorized ICBC to issue bills on its behalf. HFB had suspected the bills because the Bank of CTS reported much higher yields than the market price, one of the bank's employees said.

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