Lin Chunping, a Wenzhou entrepreneur who allegedly fabricated a story about purchasing a US bank, was arrested by police on suspicion of illegally issuing value-added tax invoices on Saturday in Zhuhai, Guangdong province.

The 42-year-old businessman was accused of requesting several companies and members of staff to issue value-added tax invoices illegally and sell them to other companies with 4 to 6 percent commission fees to cheat tax authorities of export tariff rebates since 2011.

Five registered companies under his name have issued value-added tax invoices with the total amount of more than 100 million yuan ($15.7 million) for companies across 22 provinces and cities in the country in the past year.

Lin obtained fame across the whole country after he claimed to have acquired the Atlantic Bank of America for $60 million in June 2011, only to have some netizens in February accuse him of lying to the public.

The police started searching for Lin after his disappearance on May 23 and released a national order of arrest.

As of Monday, six suspects have been arrested. The case is still under investigation.