Between 2006 and 2007 vault managers Ren Xiaofeng and Ma Xiangjing robbed and embezzled nearly 51 million yuan (c. US$6.7 million) from a Agricultural Bank of China branch in Handan, Hebei. The embezzlement and robbery is considered to be the single-largest bank robbery in China's history.[1] Both Ren and Ma were found guilty by of embezzling and robbing a state-owned corporation and were sentenced to death in August 2007. Both were executed on April 1, 2008.
| Agricultural Bank of China robbery | |||||||
|---|---|---|---|---|---|---|---|
| Traditional Chinese | 邯鄲農業銀行劫案 | ||||||
| Simplified Chinese | 邯郸农业银行劫案 | ||||||
| |||||||
The idea for the heist had begun when one of the managers, Ren Xiaofeng, stole 200,000 yuan (c. US$26,000) in October 2006 with the complicity of two security guards, Zhao Xuenan and Zhang Qiang. Ren then purchased tickets for the Chinese lottery, with the intention of winning a sufficiently large prize that he could return the missing funds before their absence was noted, and still have money left over for himself.[2] Despite the odds, Ren was successful, and he was able to return the 200,000 yuan to the vault.[3]
Emboldened by his initial success, Ren joined forces with another manager, Ma Xiangjing, to perpetrate the same crime on a far larger scale. During March and April 2007, the two stole 32.96 million yuan (c. US$4.3 million), and spent almost the entire amount—31.25 million—on lottery tickets.[4] This time, however, they were unsuccessful, and did not win enough to replace the money they stole. In desperation, they stole six cash boxes containing a further 18 million yuan (c. US$2.3 million) on April 14, spending 14 million in a single day in an effort to recover their losses. Despite Handan reporting record lottery ticket sales, the two recouped only 98,000 yuan (c. US$12,700).[5]
Investigation and arrests
editOn April 16, ABC branch managers discovered the missing money and notified the People's Police.[1] With insufficient funds to cover the losses, Ren and Ma used their meager winnings to buy fake identification and flee.[5] This prompted an extensive manhunt with the Public Security Ministry placing the two men on China's "Most Wanted" list.[1][5] Ma was arrested in Beijing on April 18, while Ren was found a day later in Lianyungang, Jiangsu.[4]
Aftermath
editRen and Ma were charged with embezzlement by the Intermediate people's court, while Zhao and Zhang, the security guards, were charged with misappropriating public funds.[6] A fifth man, Song Changhai, was also prosecuted for harbouring Ma, while he was on the run.[1] The three accomplices were all given sentences of up to five years in prison, while the two managers were sentenced to death.[3] A landlord, a taxi driver and a car saleswoman in Lianyungang shared a 200,000 yuan reward for assisting police to arrest Ren.
In Handan five employees of the bank were fired.[4] Only 5.5 million yuan was ever recovered by the police, with the remainder squandered by the perpetrators' gambling.[4]
Both Ren and Ma were executed by firing squad in Hebei province on 1 April 2008.[7][8]
References
edit
- ^ a b c d "Suspects of China's largest bank theft go on trial", Lin Li, Xinhua News Agency, July 24, 2007
- ^ "Robbers buy lottery tickets worth millions", The Independent Online, July 25, 2007
- ^ a b "Chinese bankers in lottery loss", Chris Xia, BBC News, August 9, 2007
- ^ a b c d "Bank thieves sentenced to death for inside job", Gu Jia, Shanghai Daily, August 9, 2007
- ^ a b c "Lottery bank robbers to be executed" Archived September 30, 2007, at the Wayback Machine, Clifford Coonan, The Independent, August 10, 2007
- ^ "Vault managers get death for bank theft". www.chinadaily.com.cn. Retrieved 2024-09-02.
- ^ "Bungling bank robbers executed". The Sydney Morning Herald. 2008-04-01. Retrieved 2024-09-02.
- ^ "Two executed in communist China's biggest bank heist - UPI Archives". UPI. Retrieved 2024-09-02.