Police arrest Chinese businessman for stealing N105 million

Operatives of the Special Fraud Unit (SFU) have arrested a Chinese who allegedly defrauded a bank in the Peoples Republic of China and relocated to Nigeria.

The police said they recovered N105 million from the suspect and handed over the money to the anti-fraud detectives from China Police Department.

The Commissioner of Police in charge of the unit, Mr Tunde Ogunsakin, handed over the money, which was recovered in dollars, to the Chinese police team.

He said: “On August 28, the Chinese Government, through its Consulate in Nigeria, contacted the Special Fraud Unit of the Nigeria Police for collaboration to arrest a fugitive who ran away from China to Nigeria.

“The Chinese government complained through a letter that the suspect, Fang Yang, and Leng Jiqing, a former Legal Representative of Qingdao Sifang Qiaolian Trade Company in Beijin, were wanted for eight million Yen loan syndicated through a fake bank deposit in 1996 to get a mortgage from the second sub-branch of China Agricultural Bank of Qingdao.

“After the bill was discounted, the majority of the money was paid for the debts of their company and the balance spent on daily expenses of the company.”

It was learnt that only 1.55 million RMB was paid back to the Licang second sub-branch of Qingdao branch of China Agricultural Bank. This led to a loss of 6.45 million RMB to the bank.

Ogunsakin said: “Jiqing was arrested and sentenced to life imprisonment in China but Fang Yang ran to Nigeria. Detectives from the unit swung into action. Yang, who resides in Nigeria, was apprehended at Golden Silk Ovic, Ogun State, after three weeks of chase.

The suspect, a 50-year-old Chinese businessman who came to Nigeria in 2001, admitted in his statement the allegation levelled against him…”

The Nation