Chinese tycoon arrested over tax

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A Chinese property tycoon has been arrested on charges of bribery and forging tax receipts in a new corruption crackdown.

Zhou Zhengyi was once named China's 11th richest man with an estimated fortune of more than $300m.

Zhou was released from prison in May last year after serving a three-year sentence for manipulating the stock market and fraud.

China's anti-corruption drive has led to thousands of arrests since 2003.

Zhou was arrested on Sunday in Shanghai, according to Dragon TV.

Zhou was once the owner of a snack-shop, but soon became part of China's celebrity set.

He is one of a number of high-flying businessmen who made their fortunes in the 1990s but since have been investigated by the government.

In September, Shanghai's Communist Party secretary Chen Liangyu was sacked over a pensions scandal.