Multi-millionaire property developer accused of leading bank robbery 16 years ago

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Chinese multi-millionaire property developer accused of leading bank robbery 16 years ago

PUBLISHED : Wednesday, 28 October, 2015, 6:31pm
UPDATED : Wednesday, 28 October, 2015, 7:39pm

Laura Zhou
[email protected]



The suspect, Shi, following his arrest in Henan. The multi-millionaire property developer is accused of masterminding a bank robbery in 1999. Photo: Sina.weibo

A wealthy Chinese property developer and four others have arrested in connection with an armed bank robbery committed in northern Henan province 16 years ago.

The five were accused of breaking into the bank in the provincial capital, Zhengzhou, with modified revolvers and making off with 2.08 million yuan (worth HK$2.5 million today) cash in December, 1999.

One security guard and a bank clerk were shot and injured during the robbery, police said.

The robbery created a sensation in China and prompted top leaders, including then prime minister Zhu Rongji, to issue special orders to solve the case, the report said.

But the investigation went cold due to a lack of evidence until recently, when Zhengzhou police review the files.

With the help of new technology, new evidence emerged that implicated the 53-year-old billionaire from Zhumadian, identified only by his surname, Shi.

Suspects told police they followed Shi from the town to work on a construction site in Zhengzhou in the early 1990s.

Shi, who went on to became a construction contractor, was said to have deeply resented wealthy bosses who lashed out their money while he and his workers struggled on their wages.

According to a plan allegedly masterminded by Shi, the five broke into the bank at around 7pm as staff were doing the daily accounting, and took away five bags of cash.

The men returned Zhumadian before travelling to Yunnan province in southwestern China where they hid out for six months.

Shi invested his share of the stolen money in property and became a multi-millionaire real estate developer, the report said.

According to Chinese law, armed robbery of a financial institution can be punishable by death.



An unidentified suspect in a 16-year-old bank robbery is taken away by police in Zhengzhou. Photo: Sina.weibo







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