After the news started spreading, Bingbing posted an apology on Weibo.
Fan and companies related to her were ordered to pay around $42 million in late taxes and fees, along with a fine of $86 million.
China's highest-earning actress has resurfaced from a three-month disappearance after agreeing to pay £100 million in unpaid taxes and fines. If Fan Bingbing pays the $107 million in full, she'll reportedly avoid criminal prosecution as it's her first offense.
Fans and worldwide news outlets have been speculating about Fan Bingbing's mysterious disappearance for the past 3 months as the top star had been completely missing from the public eye since July 1.
Breaking her silence, Ms Fan, in a letter posted on Weibo on Wednesday, apologised for her actions.
In the statement, Fan says she "accepts the judgement completely" and talks of the "immense pain" this experience has caused her.
According to China's official Xinhua news agency, Fan and her production company owe around 288 million yuan in back taxes. "Without the Party and the state's good policies, without the love from the people, there would have been no Fan Bingbing".
However, Xinhua indicated that her agent, Mou Enguang, was not as lucky and is in custody for allegedly obstructing the investigation.
Fan's fine follows a crackdown on highly paid performers in June.
"I am unworthy of the trust of the society and let down the fans who love me", she wrote.
Although Ms Fan denied the accusations and Mr Cui eventually walked back his claims, China's State Administration of Taxation announced shortly after that it was looking into the claims of tax evasion involving celebrities.
She said she accepted the punishment meted out by the authorities and will pay the fine.
Detention would be an extraordinary undoing of the globe-trotting actress, who recently crossed over into American cinema with roles in X-Men: Days of Future Past and Ironman 3. She graced the red carpet at Cannes in May and was expected to star alongside Penelope Cruz in the movie "355".
Reuters could not immediately reach Fan or a representative to seek comment.
Fan Bingbing attends the Givenchy show as part of the Paris Fashion Week Womenswear Spring/Summer 2018 on October 1, 2017 in Paris, France.