A former company leader involved in financial fraud worth 635 million yuan (US$78 million) was captured late last week in South China, after 10 years at large.

The suspect, identified by the Xinhua News Agency as Lian, is under further investigation.

According to yesterday's media reports, inspectors at a checkpoint in Shenzhen, South China's Guangdong Province, intercepted the suspect as he tried to pass through using a fake identification card.

Inspectors immediately contacted the police, who found Lian was involved in a financial fraud.

Preliminary investigation shows Lian, the former legal representative of a company in Beihai, South China's Guangxi Zhuang Autonomous Region, illegally obtained 215 million yuan (US$27 million) from two branches of the China Construction Bank and Agricultural Bank of China in 1994 and 1995.

He also defrauded the China Construction Bank's branch in Southwest China's Guizhou Province of 420 million yuan (US$52 million), by repeatedly raising mortgages on the company's property, reports said.

In October 1995, Lian declared himself bankrupt and absconded with the money before the banks could reached him.

After keeping low for nearly a decade, Lian, in his 50s, planned to travel to Shenzhen for sightseeing.

His company dealt mainly in electronic products, communication equipments and the trade of grain and processed oil.

Reports said he used to be one of the richest men in Beihai, owning a number of restaurants and hotels.

(China Daily August 29, 2005)