BoCom HSBC uncovers multi-million fraud
China’s fifth largest bank has admitted being defrauded of roughly 200 million yuan (US$25 million). The Bank of Communications (BoCom) in which Europe’s biggest lender HSBC holds shares reported the fraud in one of its branches in Northeast China.
In a news release posted on its website on Saturday, the bank said the fraud, involving customer funds, was detected at a branch in Shenyang, capital of Liaoning Province, during a recent scheme designed specifically to address suspected fraud cases and upgrade the customer information management system.
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