Venezuela arrests 5 officials for alleged embezzlement from Chinese funds

  • Updated: July 8, 2013 - 8:35 PM

CARACAS, Venezuela — Venezuela's president says that five officials with a development fund financed by China have been arrested in connection with the alleged embezzlement of $84 million.

In 2008, Venezuela and China created the fund to finance projects between the countries. It is run by the state Economic and Social Development Bank of Venezuela, or Bandes. Venezuela has received billions of dollars in loans from China.

President Nicolas Maduro said during a ceremony broadcast Monday on Venezuela state television that "we have captured and detained five people in raids we just carried out in Caracas in connection with the embezzlement of $84 million from the Chinese fund."

Maduro did not provide details about the alleged embezzlement.

The arrests come amid a government anti-corruption plan that Maduro announced last month.

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