The richest man in East China's Jiangsu province was arrested for bribery on Jan 27, China Business News reported.

Zhu Xingliang, born in 1959, was the head and trustee of Golden Mantis, a listed company involved in construction decoration. Zhu had been under investigation by the local discipline inspection department since July.

Zhu's family owns a fortune of 18.9 billion yuan ($3.12 billion) and was listed the 20th richest in China by magazine Money Week in 2013.

Golden Mantis was involved in the construction of many major projects in China, including the National Stadium for the 2008 Beijing Olympic Games, the National Center for the Performing Arts and the National Museum of China.