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Chinese billionaire charged in the US with $1 billion fraud

A Chinese billionaire has been charged with a billion-dollar fraud in the US.

Guo Wengui, also known as Miles Kwok, is accused of embezzling over $1 billion from a state-owned enterprise in China and using the money to purchase real estate and other assets in the US.

Guo is the founder of Beijing Zenith Holdings and New York-based investment firm Global Alliance. He was arrested by the FBI on Monday in Washington, D.C.

The charges are part of a broader investigation into money laundering and fraud involving real estate investments in the US.

The US Department of Justice said the investigation has revealed a complex network of shell companies and bank accounts that were allegedly used to funnel money out of China and into the US.

The indictment alleges that Guo and his associates used shell companies and bank accounts to transfer funds from China to the US, where they purchased real estate, luxury vehicles and fine art.

The US is seeking to extradite Guo from the US and is seeking the forfeiture of all assets purchased with the proceeds of the alleged fraud.

If convicted, Guo faces up to 20 years in prison.