(Bloomberg) -- China’s former central bank Deputy Governor Fan Yifei was removed from the Communist Party and stripped of his official post after authorities accused him of taking “massive” amounts of bribes among a list of other wrongdoings.
Fan exchanged power for money over a long period of time and used his position to profit from others when it comes to lending, financing and running a business, the Central Commission for Discipline Inspection, the Communist Party’s top graft buster, said in a statement Friday.
Fan was placed under investigation late last year, making him a rare high-ranking central bank official to be swept up under China’s corruption crackdown in the financial sector. In his deputy governor role at the People’s Bank of China, Fan oversaw payments regulation and the development of the digital yuan.
The CCDI also accused Fan of engaging in superstitious activities, receiving benefits in the form of meals, trips, gifts and golf trips, exchanging power for sex, allowing relatives to obtain salaries without doing any work and intervening in law enforcement.
The findings of the investigation are now being transferred to prosecutors to handle, according to the statement.
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