Photo: VCG

Fan Yifei, former deputy governor of the People’s Bank of China, the country’s central bank, was expelled from the Communist Party of China (CPC) and public office for his long-time power-for-money deals in the name of “investment,” the Central Commission for Discipline Inspection (CCDI), China's top anti-graft body, announced on Friday.

According to the investigation by the CCDI, Fan abandoned the original mission, lost political consciousness and Party principles, ignored the spirit of the eight-point rules, missed the bottom line of discipline law. 

Fan traded power for money for a long time in the name of “investment,” using the convenience of his position to benefit others in loan financing and business operations and illegally accepting large amount of money from others, the CCDI said.

Fan seriously violated the Party's political discipline, organizational discipline and integrity discipline, which constituted serious duty violation. He did not restrain himself or stop the violation after the 18th National Congress of the CPC. 

In addition to being expelled from the Party and public office, Fan’s proceeds of his disciplinary offence were taken over, and his suspected criminal issues and the property involved were transferred to the procuratorial authorities for examination and prosecution in accordance with the law.

China has been strengthening efforts to tackle corruption and other types of disciplinary violations. China's top anti-corruption watchdog has filed 138,000 cases and punished 111,000 individuals across the country in the first quarter of the year. Among them, one official was formerly ranked at the ministerial level, and 633 were at the bureau level.

Global Times