Caixin
Sep 21, 2022 05:54 PM
FINANCE

In Depth: The Shadowy Businessman Behind a Multibillion-Dollar Bank Swindle

Lü Yi built a massive business network on billions of yuan in fraudulent loans.
Lü Yi built a massive business network on billions of yuan in fraudulent loans.

Behind the multibillion-dollar swindle of hundreds of thousands of bank depositors across China that sent shockwaves through the nation’s banking system and resulted in the arrest of 234 people is a single shadowy businessman known as Lü Yi.

Police allege that Lü led a “criminal gang.” Although local authorities in central China’s Henan province briefly had him under house arrest early this year, the 48-year-old Lü has since eluded capture in the massive dragnet police deployed since the scam came to light in April. He spent years planning escape routes and went to the trouble of obtaining citizenship in Cyprus, people familiar with him told Caixin.

You've accessed an article available only to subscribers
VIEW OPTIONS
Share this article
Open WeChat and scan the QR code
NEWSLETTERS
Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription
PODCAST
Caixin-Sinica Business Brief: China Mourns Death of Former President Jiang Zemin
00:00
00:00/00:00