China tracks 800 bln embezzled money under Operation Skynet

Updated: 2015-10-10 21:09


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BEIJING - The money trails left by many fugitive corrupt officials have been tracked by Chinese authorities uncovering financial channels and methods used by fugitive corrupt officials.

Officials have so far handled 92 major cases, involving 800 billion yuan (126 billion US dollars) 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 exported overseas, under the wider "Operation Skynet" campaign, which aims to hunt down corrupt officials that have fled abroad.

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.