A Wenzhou businessman who lied about acquiring a U.S. bank last year is now suspected of crimes involving value added tax (VAT) invoices, according to local authorities on Monday.
Wenzhou police have issued an online arrest warrant for 42-year-old Lin Chunping, who has been in hiding since late May.
Since 2011, Lin's five companies in Wenzhou, Zhejiang province, reportedly used VAT invoices to defraud export tax rebates for over 100 million yuan (US$15.8 million).
Lin claimed to acquire the Atlantic Bank of America for 60 million U.S. dollars at the end of 2011. That purchase was later proven to be fraudulent.
Lin made a "sincere apology to the public" for his exaggeration of the matter earlier this year.
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