Low-ranked township official embezzles $134 mn in China

A low-ranked official has been caught by the China's anti-graft agency for embezzling 821 million yuan ($134.2 million) funds meant for financial transactions.

Zhang Peishan, former director of the agricultural service centre of Machikou Township of Changping District, used escrow funds for financial investment from September 2008 to April 2014, the ruling Communist Party of China Central Commission for Discipline Inspection said in a statement. Zhang put three million yuan into a personal account and pocketed the earnings. He also accepted 1,40,000 yuan from a loan and trust company.

According to the CCDI, Zhang has been stripped of Party membership and transferred to judicial organs, state-run Xinhua news agency reported. Zhang's case is one of 165 that have been named and shamed by the top disciplinary arm for the CPC for accepting bribes, embezzlement of public funds, lavish banquets, dereliction of duty, and other violations.

Since he took over power, President Xi Jinping carried out a massive campaign against corruption at all levels since 2012, vowing to go after powerful "tigers" and lowly "flies". Thousands of officials, including some of the top retired leaders as well as high ranking military officials, have been facing investigations for corruption.