Chinese police have repatriated the country's first suspect of economic crimes from Australia after years of close communication between police forces of the two countries, China's Ministry of Public Security said Monday.

The suspect, surnamed Liu, is accused of causing economic losses of 3.6 million yuan (about 519,758 U.S. dollars) to a company after he failed to obligate a contract signed in 2001 to transfer fees for the company, according to the ministry.

Instead, Liu cashed the money in the Sydney branch of the Bank of China. He fled to Australia afterward.