Police in central China's Henan Province have arrested a real estate tycoon who allegedly robbed a bank 16 years ago with four other suspects, they announced on Tuesday.

The billionaire surnamed Shi was arrested on Oct. 21 in Zhumadian City. Three others were apprehended the same day, and a fifth suspect on Oct. 24, said the Public Security Bureau of Zhengzhou City, capital of Henan.

On Dec. 5, 1999, Shi, a native of Zhumadian, and four others allegedly robbed a bank branch of 2.08 million yuan (320,000 U.S. dollars) in cash and injured two bank workers in Zhengzhou. Shi is alleged to have masterminded the robbery.

It shocked the nation, but the five suspects had eluded the law ever since.

Police say Shi, previously a construction project contractor, claimed most of the money from the robbery and used it to develop real estate in Zhumadian, earning him billions.

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