Business Maverick: China arrests hundreds in country’s biggest-ever bank fraud probe

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 17 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 84%

Business News News

Business Business Latest News,Business Business Headlines

Hundreds of people have been arrested in China, for alleged involvement in the country’s largest ever bank fraud. China has also started repaying more victims of the $5.8 billion scandal, in a bid to maintain social stability ahead of this year’s ...

Police in Xuchang city of Henan province arrested 234 suspects tied to the scam and made “significant progress” in recovering the stolen money, according to a statement late on Monday. Police have said that a criminal gang led by suspect Lv Yi illegally controlled four rural lenders including Yuzhou Xinminsheng Village Bank, offering rates as high as 18% to attract funds that officials say amounted to 40 billion yuan .

Hundreds of protesters took to the streets in Henan earlier this year after being denied access to their deposits and investments from the rural banks. The scam dealt the biggest hit to confidence in China’s $52-trillion banking system since 2019, when the government seized control of a lender in Inner Mongolia.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Things the myanc DON’T copy from their Chinese commie NBFFs….

You're indeed a great woman,I never expected this from you,i assure you that I will bring more clients to your crypto company because of what you've done in my life,I promise to let the word know about you. Your work speaks volumes of the kind of a woman you are GregoryLillian5

l have no idea on Bitcoin but I'm currently earning R67,458.67 weekly with R15,000 start up Capital, I'm happy to invest with Gabriel_FOS1 i just pulled out my profit,i highly recommend her to those interested Gabriel_FOS1

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSİNESS

Business Business Latest News, Business Business Headlines