(Yicai Global) Sept. 5 -- The Supreme People's Procuratorate of the People's Republic of China filed a case against and is investigating Yang Jiacai, a former member of the Party Committee and assistant to the chairman of the China Banking Regulatory Commission (CBRC), on suspicion of committing the crime of bribery.

The Procuratorate is also taking mandatory measures against Yang. These can include bail, pre-trial detention, house arrest/surveillance, etc. The investigation is ongoing, per information the Procuratorate issued yesterday.

With a master's degree in economics and the qualification of senior economist, Yang, formerly served in branches of the People's Bank of China from December 1988 to July 2003. Since then, he has worked in supervisory and regulatory departments for China's banking industry, and acted as assistant to the chairman, a Party Committee member, and the director of CBRC's general office since May 2013.

Yao Gang, the former member of the Party Committee and the deputy chairman of China Securities Regulatory Commission, was also investigated and faces mandatory measures by the Procuratorate at the end of this month, also as a suspect in a bribery case.