The suspect, Lee Han-yang, 45, is a former police officer who left the force in 1983. Lee has worked for the security company for the past four years.

Police said the stolen money could still be in Taiwan or could have been smuggled to the mainland via black-market money exchangers.

They added that they suspected Lee was assisted by accomplices within the security company.

A roadside surveillance camera recorded footage of Lee abandoning his vehicle and getting into a blue car with the money, police said.

Police said that Lee and his colleague, Lin Jung-ter, were supposed to have transported 79.2 million New Taiwan dollars to branches of the Hua Nan Bank and Bank of Taiwan in Taipei.

Lin told police that after they left Hua Nan Bank at about 10 a.m., where they delivered 10.68 million New Taiwan dollars, Lee gave him a sandwich and a cup of milk tea that caused him to lose consciousness.

Lin said he woke hours later locked in the van and called his company and police.

The company attempted to use GPS to locate the vehicle, but was unable to do so.

Police later found Lin in the van together with 12.52 million New Taiwan dollars and then discovered that Lee had left Taiwan on a plane headed for Hong Kong at 1:05 p.m.