Police have revoked a fake ID and hukou (residence permit) they say was used by a former deputy bank chief in Shenmu county, Shaanxi province, to buy some 20 properties reportedly valued at 1 billion yuan ($160 million).

The China Banking Regulatory Commission's office in Shaanxi is investigating. An official at the office was reached by phone on Sunday, but he declined to comment.

Gong Aiai, 49, a former deputy chief of the Shenmu Rural Commercial Bank, was accused in an online posting of having two identity cards and owning more than 20 properties in Beijing with an estimated value of 1 billion yuan.