(Yicai Global) May 13 -- Guazi, one of China's most popular used-car trading platforms, plans to beef up its anti-corruption department and have it report directly to the firm's chief executive.

The department has handled 57 corruption cases and so far recovered CNY3.5 million (USD509,297) since being set up in 2017, the Beijing-based company said in a statement today.

Guazi also revealed that it faces a huge loss because of a case involving a sales representative who swindled more CNY1 million from the platform's users. The company has reported the matter to the police, it said.