SHANGHAI: A 45-year-old statistician was arrested on Monday for stealing money from his company, an act described by prosecutors as a lesson in the dangers of personal finance mismanagement.

The man, surnamed Zhou, stole cash and goods worth 90,000 yuan (US$11,250) from his company, a renowned Shanghai-based State-owned industrial enterprise, "to pay for the expensive mortgage on his new house," Yang Jilin, an official of Pudong New Area People's Procuratorate, told China Daily yesterday.

Last October, Zhou bought a 1.2 million yuan (US$150,000) apartment in Shanghai with a down payment of just 20 per cent, after many people around him began speculating in the property market.

Despite a monthly mortgage of some 6,000 yuan (US$750), Zhou still believed he could sustain the burden and make a fortune later by reselling it, despite his limited financial capacity.

However, his plan began to unravel when his wife lost her job and he began struggling to meet the payments due to other expenses like living costs and his son's school fees.

During a holiday early this January, Zhou, who works at the company's accounting department, accidentally walked into the Personnel Department and found it empty.

He opened a locker, and discovered a white envelope containing 40,000 yuan (US$5,000) in cash, a precious packaged jade and a mobile phone.

When this money ran out, Zhou decided to repeat the trick.

On April 25, he snuck into the office building and made his way to the Trading Department.

Given that it was 5 am, Zhou suspected that it would be empty, but unfortunately for him he was mistaken.

The noise of doors continually opening and shutting as Zhou rifled through the lockers woke up a female colleague, who was sleeping in the office after working late the night before.

When she realized someone was looting the office she let out a cry, forcing Zhou to flee with goods worth about 3,000 yuan (US$375) .

Security guards failed to catch him as he fled, but surveillance cameras in the office meant the game was up.

"This story teaches the public a lesson that they should buy property within their financial limits," said Yang.

"If the loan burden is too heavy, it may drive them to commit a crime."

Source: China Daily