Paramilitary police raise fists to the Communist Party of China flag. Photo: Reuters/China Daily

Yang Jiacai, the former assistant chairman of the China Banking Regulatory Commission (CBRC), is being investigated by the Supreme People’s Procuratorate for allegedly taking bribes, the China Securities Journal reported.

Yang, 56, was removed from his position at CBRC in May after the Central Commission for Discipline Inspection — China’s top anti-graft body — launched an investigation over an alleged violation of Communist Party rules.

He was expelled from the Party and dismissed from public office on August 1 for abuse of power and securing interests for others while accepting a huge sum of money and property in return, the Central Commission for Discipline Inspection said.

Yang has now been put under coercive measures, which may include summons by force, residential surveillance, detention and arrest, the report added.