Agricultural Bank of China robbery
Encyclopedia
The Agricultural Bank of China robbery was the embezzlement
of nearly 51 million yuan
(c.
US$
6.7 million) from the Handan
branch of the Agricultural Bank of China
(ABC) in Hebei
province between March 16 and April 14, 2007. Perpetrated by two vault
managers employed at the branch, it is the largest bank robbery
in China
's history.
The idea for the heist had begun when one of the managers, Ren Xiaofeng, stole 200,000 yuan (c.US$26,000) in October 2006 with the complicity of two security guard
s, Zhao Xuenan and Zhang Qiang. Ren then purchased tickets for the Chinese lottery
, with the intention of winning a sufficiently large prize that he could return the missing funds before their absence was noted, and still have money left over for himself. Despite the unfavourable odds
Ren was successful, and he was able to return the 200,000 to the vault.
Emboldened by his initial success, Ren joined forces with another manager, Ma Xiangjing, to perpetrate the same crime on a far larger scale. During March and April 2007, the two stole 32.96 million yuan, and spent almost the entire amount—31.25 million—on lottery tickets. This time good fortune was not on their side. In desperation, they stole six cash boxes containing a further 18 million yuan on April 14, spending 14 million in a single day in an effort to recover their losses. Despite Handan reporting record lottery ticket sales, the two recouped only 98,000 yuan.
On April 16, ABC branch manager
s discovered the missing money and notified the police. With insufficient funds to cover the losses, Ren and Ma bought fake IDs and cars with their meagre winnings, and fled. This prompted an extensive manhunt, with the Public Security Ministry
placing the two men on their "Most Wanted" list. Ma was arrested in Beijing
on April 18, and Ren was found a day later in Lianyungang
, a coastal town in Jiangsu Province.
Ren and Ma were charged with embezzlement, while Zhao and Zhang, the security guards, were charged with misappropriating public funds. A fifth man, Song Changhai, was also prosecuted for harbouring Ma while he was on the run. The three accomplices were all given sentences of up to five years in prison, while the two managers were sentenced to death. A landlord
, a cab driver, and a car saleswoman in Lianyungang shared a 200,000 yuan reward for assisting police to arrest Ren, while in Handan five employees of the bank were fired. Only 5.5 million yuan was ever recovered by the police, with the remainder squandered by the perpetrators' gambling.
Both Ren and Ma were executed in Hebei
province on April 1, 2008.
Embezzlement
Embezzlement is the act of dishonestly appropriating or secreting assets by one or more individuals to whom such assets have been entrusted....
of nearly 51 million yuan
Renminbi
The Renminbi is the official currency of the People's Republic of China . Renminbi is legal tender in mainland China, but not in Hong Kong or Macau. It is issued by the People's Bank of China, the monetary authority of the PRC...
(c.
Circa
Circa , usually abbreviated c. or ca. , means "approximately" in the English language, usually referring to a date...
US$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
6.7 million) from the Handan
Handan
Handan is a prefecture-level city located in the southwestern part of Hebei Province of China.- History :Handan was the capital of the State of Zhao during the Warring States period , after the capital moved from Zhongmu. The city was conquered by the State of Qin after the virtual annexation of...
branch of the Agricultural Bank of China
Agricultural Bank of China
Agricultural Bank of China Limited , also known as AgBank, is one of the "Big Four" banks in the People's Republic of China. It was founded in 1951, and has its headquarters in Beijing...
(ABC) in Hebei
Hebei
' is a province of the People's Republic of China in the North China region. Its one-character abbreviation is "" , named after Ji Province, a Han Dynasty province that included what is now southern Hebei...
province between March 16 and April 14, 2007. Perpetrated by two vault
Bank vault
A bank vault is a secure space where money, valuables, records, and documents can be stored. It is intended to protect their contents from theft, unauthorized use, fire, natural disasters, and other threats, just like a safe...
managers employed at the branch, it is the largest bank robbery
Bank robbery
Bank robbery is the crime of stealing from a bank during opening hours. According to the Federal Bureau of Investigation's Uniform Crime Reporting Program, robbery is "the taking or attempting to take anything of value from the care, custody, or control of a person or persons by force or threat of...
in China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
's history.
The idea for the heist had begun when one of the managers, Ren Xiaofeng, stole 200,000 yuan (c.US$26,000) in October 2006 with the complicity of two security guard
Security guard
A security guard is a person who is paid to protect property, assets, or people. Security guards are usually privately and formally employed personnel...
s, Zhao Xuenan and Zhang Qiang. Ren then purchased tickets for the Chinese lottery
Lottery
A lottery is a form of gambling which involves the drawing of lots for a prize.Lottery is outlawed by some governments, while others endorse it to the extent of organizing a national or state lottery. It is common to find some degree of regulation of lottery by governments...
, with the intention of winning a sufficiently large prize that he could return the missing funds before their absence was noted, and still have money left over for himself. Despite the unfavourable odds
Odds
The odds in favor of an event or a proposition are expressed as the ratio of a pair of integers, which is the ratio of the probability that an event will happen to the probability that it will not happen...
Ren was successful, and he was able to return the 200,000 to the vault.
Emboldened by his initial success, Ren joined forces with another manager, Ma Xiangjing, to perpetrate the same crime on a far larger scale. During March and April 2007, the two stole 32.96 million yuan, and spent almost the entire amount—31.25 million—on lottery tickets. This time good fortune was not on their side. In desperation, they stole six cash boxes containing a further 18 million yuan on April 14, spending 14 million in a single day in an effort to recover their losses. Despite Handan reporting record lottery ticket sales, the two recouped only 98,000 yuan.
On April 16, ABC branch manager
Branch manager
A branch manager oversees a division or office of a large business or organization, operating locally or with a particular function. Their responsibility is to ensure that payments to employees are correct, their vacation pay arrives on time and they receive proper care if they are injured while...
s discovered the missing money and notified the police. With insufficient funds to cover the losses, Ren and Ma bought fake IDs and cars with their meagre winnings, and fled. This prompted an extensive manhunt, with the Public Security Ministry
Ministry of Public Security of the People's Republic of China
The Ministry of Public Security , is the principal police and security authority of the mainland of the People's Republic of China and the government agency that exercises oversight over and is ultimately responsible for day-to-day law enforcement...
placing the two men on their "Most Wanted" list. Ma was arrested in Beijing
Beijing
Beijing , also known as Peking , is the capital of the People's Republic of China and one of the most populous cities in the world, with a population of 19,612,368 as of 2010. The city is the country's political, cultural, and educational center, and home to the headquarters for most of China's...
on April 18, and Ren was found a day later in Lianyungang
Lianyungang
Lianyungang is a prefecture-level city in northeastern Jiangsu province, People's Republic of China. It borders Yancheng to its southeast, Huai'an and Suqian to its south, Xuzhou to its southwest, and the province of Shandong to its north...
, a coastal town in Jiangsu Province.
Ren and Ma were charged with embezzlement, while Zhao and Zhang, the security guards, were charged with misappropriating public funds. A fifth man, Song Changhai, was also prosecuted for harbouring Ma while he was on the run. The three accomplices were all given sentences of up to five years in prison, while the two managers were sentenced to death. A landlord
Landlord
A landlord is the owner of a house, apartment, condominium, or real estate which is rented or leased to an individual or business, who is called a tenant . When a juristic person is in this position, the term landlord is used. Other terms include lessor and owner...
, a cab driver, and a car saleswoman in Lianyungang shared a 200,000 yuan reward for assisting police to arrest Ren, while in Handan five employees of the bank were fired. Only 5.5 million yuan was ever recovered by the police, with the remainder squandered by the perpetrators' gambling.
Both Ren and Ma were executed in Hebei
Hebei
' is a province of the People's Republic of China in the North China region. Its one-character abbreviation is "" , named after Ji Province, a Han Dynasty province that included what is now southern Hebei...
province on April 1, 2008.