Betting the Bank: The Chinese Heist Fueled by Lottery Tickets and Desperation

In 2007, a story emerged from Handan, China that sounded more like a dark, farcical movie plot than a real-life crime. It involved two bank managers, a vault filled with millions, and a get-rich-quick scheme centered not on complex financial fraud, but on the flimsy hope of a lottery ticket. This is the story of Ren Xiaofeng and Ma Xiangjing, whose gamble to win a fortune ended not in riches, but in their own executions.

The First Taste of 'Success'

Ren and Ma were vault managers at a branch of the Agricultural Bank of China. In October 2006, they hatched their plan. They weren't master criminals in the traditional sense; their idea was deceptively simple. They stole 200,000 yuan (about US$26,000) from the vault and used it to purchase lottery tickets. In a twist of fate that would seal their doom, they won a small prize. This allowed them to secretly return the original stolen amount to the vault and pocket the difference. For them, this wasn't a warning; it was proof of concept. Their reckless plan, they believed, could actually work.

All In on a Losing Bet

Emboldened by their initial 'success', Ren and Ma escalated their scheme dramatically. Over the next six months, they, along with a few complicit security guards, began systematically looting the bank's vault. The total sum was staggering: nearly 51 million yuan, which at the time was equivalent to about US$6.7 million. The stolen cash wasn't spent on luxury cars or hidden in offshore accounts. Instead, it was almost entirely converted into stacks of tickets for the Chinese Sports Lottery, as they chased a life-changing jackpot they felt was just one ticket away.

A Gambler's Desperate Logic

The entire operation was built on a foundation of flawed logic known as the gambler's fallacy—the belief that a win is 'due' after a series of losses. In his confession, Ren Xiaofeng revealed the desperate thinking that drove him.

I thought of buying lottery tickets to win a prize so I could pay the money back. I was in a state of panic.

His goal wasn't just to get rich, but to use the winnings to cover his tracks. He saw the lottery not just as a path to wealth, but as the only solution to the massive hole he was digging.

The Inevitable Collapse

The scheme came crashing down when the bank announced an impending internal audit. Realizing their crime was about to be discovered, Ren and Ma made a final, desperate theft and fled. After spending millions of dollars on tickets, their total winnings amounted to a pathetic 98,000 yuan—roughly US$12,700. Their return on investment was a catastrophic 0.2%. The dream had evaporated, leaving only the reality of their crime.

The Ultimate Price

A nationwide manhunt was launched, and the thieves were apprehended within days. Their trial became a national spectacle, a cautionary tale broadcast across China. The verdict was swift and severe. For the crime of embezzlement, Ren Xiaofeng and Ma Xiangjing were sentenced to death. They were executed in April 2008. Their accomplices received lengthy prison sentences. The outcome serves as a stark reminder of the harsh penalties for financial crimes in China, a consequence that often shocks Western observers but underscores the gravity of their offense in the eyes of the state. It was the tragic, final cost of a bet that was never going to pay off.

Sources

• Wikipedia: Agricultural Bank of China robbery
• The Guardian: Lottery-ticket thieves to face death
• China Daily: Bank clerks on trial for $4.3m lottery ticket theft