From AP, via the Washington Post:
China’s banking regulators on Monday ordered the Bank of China to improve its risk controls and thoroughly investigate a case of suspected fraud that state media reports said may involve funds worth more than 1 billion yuan ($120 million).
The China Banking Regulatory Commission said it was cooperating with police in investigating the suspected embezzlement at a sub-branch of the bank in Harbin, capital of northeastern China’s Heilongjiang province.