(Yicai Global) Aug. 31 -- China's Supreme People's Procuratorate is investigating Yao gang, ex-vice chairman of China Securities Regulation Commission, on suspicion of taking bribes, and is currently holding him in custody.

Yao served as vice chairman of the securities regulator from 2008. In November 2015, the Central Discipline Inspection Commission probed Yao for "serious violations of discipline," China's code word for corruption, and was dismissed from his post a month later.

He held a number of roles at the CSRC, including assistant to chairman, head of the department of public offering supervision and head of the department of futures supervision. Before joining the regulator, he was general manager of Guotai Junan Securities Co. [SHA:601211].

The discipline commission investigated Yao for corruption again on July 20, 2017, and expelled him from the public and office Communist Party of China. The probe concluded that he abused his authority to help people and companies and violated political discipline.