Citic Bank defrauded of up to $148m

SHANGHAI: Mid-sized Chinese lender Citic Bank has been defrauded of up to $148 million, the company and media reports said, the second such incident in the industry to come to light in a week.

China Citic Bank Corp. said it was involved in a “risk incident” at its branch in the northwestern city of Lanzhou and it could lose up to 969 million yuan ($148 million) as a result, according to a statement to the Hong Kong stock exchange issued late Thursday. It gave no details.