Bank of China Officials Indicted For Money Laundering

Law360, New York (February 1, 2006, 12:00 AM EST) -- Two former Bank of China managers stand accused of stealing at least $485 million and laundering the money through Hong Kong, Canada, and Las Vegas, in an alleged scam that dates back to 1991.

The scam has been under investigation by all four countries for more than two years and was finally uncovered in 2004. It also involves the bankers’ wives, a former Bank of China executive currently back in China, and one of the women’s brother who is still at large.

Xu Chaofan, Xu Guojun...
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