Bank of China reveals loan scam details

From AP, via Business Week:

The Bank of China revealed Saturday it fired a Beijing loan officer for his role in a mortgage loan scam three years ago that cost the bank some 645 million yuan (US$78 million; euro60 million), the government said.

Xu Weilian, deputy chief of retail operations at one of the Bank of China’s Beijing branches, was dismissed and the case was reported to local police in September 2002, the official Xinhua News Agency said, citing bank spokesman Wang Zhaowen.