(ECNS) -- Industrial and Commercial Bank of China (ICBC) said it has frozen an interbank account in response to Chinese media reports that it was tricked into signing payments worth 1.3 billion yuan ($194.9 million), Beijing Times reports.
According to media statements, criminals used fabricated documents and official seals to open an interbank account in the name of Jiaozuo Bank of China Travel Service at ICBC's Langfang branch, in Hebei Province, then illegally obtained bank transfers worth 1.3 billion yuan.
When the lawbreakers attempted to transfer the funds to Evergrowing Bank, the bank immediately detected a risk and reported the case to police.
According to an executive at ICBC's in Langfang, the bank took emergency measures to freeze the Jiaozuo Bank of China Travel Service account after detecting abnormal fund exchanges, and also informed the recipient bank.
Regulators and the banking sector may tighten controls on interbank transfer services following the incident, said industry insiders. While more cases related to bank transfers could continue to surface, the overall risk remains controllable, it was added.
