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