Lin Chunping, a “mogul” in China's southeast business hub of Wenzhou, has absconded after his high-profile acquisition of bank in the United States was revealed to be a fabrication sunglasses, reports local media. He leaves behind him a pile of unpaid taxes.

Lin, who boasted of a false acquisition of Atlantic Bank, which was proved to be a lie later in March, went missing after he discovered he was being investigated for suspicion of forging VAT receipts on May 23. Lin has left the city, and police issued a warrant for his arrest May 30.

A total of 15 companies affiliated with Lin's Chunping Group were involved in forging receipts to evade taxes last year, police say.

The 15 affiliated companies cover a variety of industries such as agriculture, leather, manufacturing, construction, restaurants, transportation and storage, with the total market value for the group being estimated at 5 billion yuan (US$786 million) a year, according to the group's data in March.

The 42-year-old businessman was unknown before he claimed to spend US$60 million to buy the 85-year-old US Atlantic Bank in Delaware and change its name into the new HSBC bank at the end of 2011, immediately emerging as a rising star, while Wenzhou remained stuck in a financial crisis.

Lin soon became an important figure in the cradle of China's private funds industry and was elected as a member of the 9th National Committee for the Community Party in Wenzhou, attending many big events due to his alleged achievement in the business world.

Lin's reputation only lasted for a short time, until media released in March the facts about the acquisition were completely untrue. Lin admitted his announcement about the deal was "exaggerated" but denied it was a lie oakley sunglasses wholesale, saying it was a way for increasing personal publicity and upgrading his social status.

He was eventually stripped of his glorious titles, which only lasted for 71 days. The police began a probe into his business practices shortly after.