A rural bank official, Gong Ai'ai was nabbed Monday, Feb. 4, 2013 by the officials of Central County of Shenmu, Beijing for acquiring numerous properties using multiple fake identities.
Gong was the deputy head of Shenmu Rural Commercial bank. She is suspected of using her banking powers to offer loans to mining operators in lieu of shares or cash, which she used to purchase 45 illegal properties across the country. Of the 45 properties, 41 are located in Beijing, reports Business Times.
Four police officials have also been detained under the suspicion of helping Gong to forge fake ids', reports Business Week.
Multiple ids are usually fake identities that can help a person hide business and income sources.
"It allows some people to become privileged citizens, enjoying double benefits in property purchase, loans, education, child birthing and social welfare. It also provides convenience for some officials to hide assets and even abscond overseas." Yang Xuedong, Researcher at the Central Bureau of Compilation and Translation said in a written statement to Global Times.
Gong's illegal activities came under the police scanner in mid-January. Until now, the officials have only estimated 21 properties whose net worth stands at $160 million. She is also charged of using the fake identities to invest in some real estate developments and registered companies as well, reports Huffington Post.
The public in China has expressed its outrage at the lax authorities and weak security. The incident will probably make home investors and dealers serious about their asset disclosures and deals, reports Business Times.
Many other government officials have also been in the news recently for real estate frauds. A senior urban management officer was recently exposed for possession of 21 properties, while another housing director had purchased 25 illegal estates.
"First and foremost, it's unacceptable to the officials, who will be done for once their assets are revealed. No way can any government official afford so many properties on a government salary." Liu of the Social Sciences Academy told Huffington post.
