The United States has announced a hefty $5 million bounty for any information that could lead to the whereabouts of Li Fangwei, a Chinese businessman. The entrepreneur was accused of being the lead supplier of explosives, including missile parts, to Iran. This was according to a report from China News Services.

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Li was also known over the alias of Karl Lee. Li has violated provisions of the International Emergency Economic Powers Act, and was also charged with two counts of conspiracy to go against the legislation. Aside from that, other charges pressed on him were money laundering, wire fraud and conspiracy to commit wire and bank fraud transactions. Li could end up spending decades in jail once arrested and convicted of the charges filed against him.

According to US attorney for New York's Southern District, Preet Bharara, Li has employed deception to be able to get away with US sanctions that were imposed due to his illegal trade of banned items with Iran.

Bharara added that Li had been exposed as violating the sanctions, but continued to establish companies that served as a front in order to continue prohibited transactions while in disguise.

From 2006, Li has been banned in engaging business with firms in the United States. Authorities also sanctioned eight companies that were said to have been operated by the Chinese businessman, and seized around $7 million credited to his puppeteered companies.

Sources say that Li has been hiding somewhere in mainland China while the United States Department said that they know his location after tracking Li for a number of years. Meanwhile, the US and China do not have any agreement on extradition. However, Li has not been hiding in any other countries where he could be turned over to the US.

During a 2009 interview with the Wall Street Journal, Li claimed that he was innocent of the charges and that his companies' products were globally sold and not being used to manufacturer weapons.

Chinese foreign ministry spokesperson Qin Gang said that the government still upholds the rights of Li, given he is a Chinese National.

The foreign ministry representative added that Beijing is strongly opposing the move of the United States to sanction Chinese individuals or companies through domestic laws. He also added that the actions taken by Americans would not resolve the issue hence it would only harm bilateral cooperation.

TagsLi Fangwei, Iran, Wall Street Journal, Preet Bharara