China property tycoon 'planned' bank robbery

He is a property tycoon in China's Henan Province and is known for his charity work.

But Shi Erqun's murkier past caught up with him recently.

Police on Tuesday announced that they had arrested the 53-year-old for a 1999 bank robbery, China's official news agency Xinhua reported.

He had allegedly conducted the heist with four other suspects.

He was arrested last Wednesday in Zhumadian City in Henan. Three others were apprehended the same day and Shi's brother was arrested three days later, Shanghai Daily said.

After the police interrogation, Shi told Henan Daily that he had taken some people from his hometown to Zhengzhou in the early 1990s to work at construction sites.

He was promoted as a construction team leader after a few years.

But he was not satisfied with his pay and came up with the idea of robbing a bank.

On Dec 5, 1999, Shi and his accomplices allegedly robbed a bank branch of 2.08 million yuan (S$450,000) in cash.

Shi is alleged to have masterminded the robbery, which shocked the nation.

The five suspects had eluded the law since.

Early this month, police finally located the suspects by using advanced technology.

This article was first published on October 30, 2015.
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