Former director of New China Life Insurance Guan Guoliang is under investigation by police for embezzling US$1.76 billion in funds and "irregular operations," the China Insurance Regulatory Commission announced on Tuesday. The CIRC, which had been investigating Guan's case since last December, has used security reserve funds to acquire New China Life shares from shareholders Longcin Group, Hainan Gelindao Investment and Oriental Group Industry, which had bought their stakes through illegal or irregular means, Economic Observer reported (in Chinese). Longcin Group and Hainan Gelindao Investment were believed to have purchased their shares with funds misappropriated from New China Life, and Guan had formerly served as the chief financial officer of Oriental Group Industry. New China Life is China's fourth-largest life insurer.