The China Police Daily has released details of a tax fraud investigation thought to be the largest case yet involving losses of around 20 billion yuan (US$2.4 billion) for the state treasury.
According to the state newspaper report, an individual established 28 front companies over a period of two years and he gained false tax receipts for them from a corrupt Beijing official. He then sold the receipts on to other companies to be offset against genuine taxes.
The operation generated tax receipts with a value of over 20 billion yuan between October 1999 and February 2001 and it is believed that the official from the Beijing State Tax Bureau was bribed with millions of yuan to provide the receipts. The newspaper said over 100 other suspects involved in the case had been arrested throughout the mainland. Criminals found guilty in fraud cases of such proportions are usually sentenced to death in China.
It has been confirmed by government officials that an investigation into the case is well under way, but the date on when the trials are due to commence is yet to be announced.
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