US Returns $485 Million Banking Fraudster Back to China

A former Bank of China chief who fled to America two decades ago, and was convicted in a massive fraud case in Nevada, has been repatriated to China. It's said to mark a major victory for Beijing in its quest to bring corrupt officials to justice.

The “forced repatriation” of Xu Guojun “marks significant progress in the handling of the 20-year-old case,” a Communist Party’s Central Commission statement read. (Bloomberg)

Xu was given 22 years behind bars after a jury found him guilty in Nevada back in 2008 for racketeering, money laundering, transporting stolen property, and passport and visa fraud. It was found Xu attempted to place bets of up to $80,000 in Las Vegas under a false identity.

The US doesn't have an extradition treaty with China, meaning the handover of fugitives is done on a case-by-case. The Bank of China case stirred huge controversy in Asia over the scale of corruption in the banking system.

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