Chinese man lied about buying US bank, arrested

Beijing, June 11 (IANS) A Chinese entrepreneur who fabricated a story about buying a US bank has been arrested on suspicion of tax fraud.

Lin Chunping from Wenzhou city was arrested Saturday by police on suspicion of illegally issuing value-added tax (VAT) invoices, China Daily reported Monday.

The 42-year-old businessman was accused of requesting several companies to issue VAT invoices illegally and selling them to other companies to obtain export tariff rebates.

Five of his companies have also allegedly issued VAT invoices totalling over 100 million yuan (about $15 million) to many firms in the country in 2011.

Lin gained fame after he claimed to have acquired the Atlantic Bank of America for $60 million in June 2011, only to have some netizens accuse him of lying.

Police had launched a nationwide search for Lin after he disappeared May 23.