A Chinese official has been arrested on suspicion of defrauding $18.2 million from the Bank of China, state media reported on Friday.

Wu Guofang, 44, the head of a beer company and law maker in the northern province of Henan, is accused of collaborating with bank employees to defraud a branch in Shenqiu county, the Beijing Youth Daily newspaper said.

Beijing-based Bank of China raised $9.7 billion in the world's largest initial public offering in six years and its share price rose 15 percent in its trading debut in Hong Kong on Thursday.