(Yicai Global) June 18 -- The leader of a gang who last weekend briefly took hostage the founder of Midea Group, China’s most valuable home appliances maker, is a compulsive gambler who wanted to make a “quick buck,” according to the police.

The 35-year-old man, surnamed Li, masterminded the June 14 break-in at the home of Chinese billionaire He Xiangjian, law enforcement in Guangdong province said in a bulletin late yesterday. Li and four accomplices detained He and his family during the failed robbery. 

The gang, aged between 27 and 37, threatened the occupants of the residence, which is located near Midea’s headquarters in Shunde, Guangdong province, claiming they had explosives with them. All five were arrested in the early hours of June 15 and nobody was hurt, the police said.

The idea of breaking into He’s home to extort money came to Li after he went on a gambling binge from the end of last year. Li brought in the other four and agreed to divide any illicit gains with them.

The 77-year-old He ranked 36th on the Forbes Billionaires 2020 list published in April. He entered the home appliance industry in 1981 and since withdrawing from Midea’s daily management in 2012, he has devoted himself to charity work.

One of the men detained owns a clothing store, another is a factory worker in Zhuhai, also in Guangdong, while the other three are jobless. The police gave no other details.

Two days ago, Midea denied a rumor that the intruders were a crew of suppliers angry at their treatment by the company. Midea said such claims are libelous and it would take legal action against whoever started the rumor.

Under Chinese criminal law, kidnappers who do not cause the death of their victims face a fixed-term jail of no less than 10 years to life imprisonment, and fines or confiscation of property. If the circumstances are less severe, they can be jailed for between five and 10 years, and face a fine.

Editor: Peter Thomas