China tracks over $125 bn embezzled money

Beijing, Oct 11 (IANS) Chinese authorities have tracked 800 billion yuan (over $125 billion) of fugitive corrupt officials’ embezzled money.

Officials have so far handled 92 major cases, involving 800 billion yuan of embezzled money transferred through underground banks and offshore companies, the People’s Bank of China (PBOC) said on Saturday.

Since April, five ministries have worked together to track down illicit assets sent overseas, under the wider “Operation Skynet” campaign, which aims to hunt down corrupt officials that have fled abroad, reported Xinhua.

Five government departments — the PBOC, the Ministry of Public Security, the Supreme People’s Court, the Supreme People’s Procuratorate, and the State Administration of Foreign Exchange — jointly coordinated the investigation.

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