New charges in $485M theft from Bank of China
Former bank managers alleged to have funneled money internationally through front companies.


WASHINGTON (CNN) - Two former Chinese bankers and their wives were indicted in Las Vegas in connection with a massive scheme to steal and launder nearly half a billion dollars from the Bank of China, Justice Department officials announced Tuesday.

The former managers of the state-owned Bank of China are alleged to have been engaged in an elaborate plot in which they stole $485 million by running funds through front companies and financial institutions in Hong Kong, Vancouver and Las Vegas, officials said. They allegedly planned to immigrate to the United States with their wives and gain citizenship through schemes involving phony documents and sham marriages.

A federal grand jury in Las Vegas brought the new charges against the defendants, who were first jailed in September 2004 on charges of violating immigration laws for trying to illegally gain U.S. citizenship.

A third Chinese banker involved in the alleged conspiracy has pleaded guilty in Las Vegas and returned to China, where he is being prosecuted for embezzlement and bribery.

In Washington, Assistant Attorney General Alice Fisher issued a statement commending prosecutors for untangling what she called a "complex scheme of racketeering, money laundering and fraud".

"We will continue to work closely with our international partners to make sure that the United States is never seen as a haven for criminals to launder the proceeds of their illegal conduct," Fisher said.

Documents identified those indicted as former bankers Xu Chaofan and Xu Guojun and their wives, Kuang Wan Fang and Yu Ying Yi, who prosecutors claim actively assisted their husbands in the scheme.

-- From CNN Justice Department Producer Terry Frieden

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.