Insider Job: ABC Employees Accused of Stealing 3.8 Bln Yuan Worth of Bills

(Beijing) – Two employees at the Beijing branch of the country's third-largest lender by assets, the Agricultural Bank of China (ABC), have been detained by police for allegedly stealing 3.8 billion yuan worth of bills of exchange from the bank's coffers.

They were accused of having sold the bills for cash and using most of the funds to buy stocks, sources with knowledge of the investigation said. Much of the funds funneled into stocks could have been wiped out since the stock market rout in June, the sources said.