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One of China's highest-ranking officials in the finance sector was arrested on suspicion of taking bribes and abusing his power, according to a statement published by China's Supreme People's Procuratorate on Thursday.Cai Esheng, a former senior government official at China's banking regulatory commission (CBRC), has been arrested by Supreme People's Procuratorate on corruption charges. Earlier in January, he was also expelled from the Communist Party of China, reported The Global Times.Cai was the vice-chairman of the CBRC from 2005 to 2013 and he is being charged with corruption after 8 years of his retirement.Central Commission for Discipline Inspection (CCDI), a discipline regulator said that Cai has breached the law and violated the party disciplines. After suspicion rose, CCDI started an investigation into the matter.In the results of the investigation, CCDI has used very harsh language. The results reveal that Cai has abused his financial regulatory power, disrupted financial market order and seriously corrupted the political ecosystem of the financial sector, reported The Global Times.Notably, China is cracking down on people involved in such crimes and this is a key development as this time the arrest involves the name of a very high ranking official. The country is determined to combat corruption involved in the finance sector.Furthermore, a number of senior financial government officials have been investigated and expelled from the party recently.According to The Global Times, the list includes the former deputy head of China Development Bank's branch in Hainan, Xu Weihua, and the former deputy head of the People's Bank of China's branch in Fujian, Lin Chuanwei.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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International :China's top finance sector official arrested on corruption charges after 8 years of retirement

One of China's highest-ranking officials in the finance sector was arrested on suspicion of taking bribes and abusing his power, according to a statement published by China's Supreme People's Procuratorate on Thursday. ...