Some Chinese bank customers whose accounts were frozen in April were injured in a protest at the country’s central bank Zhengzhou branch. According to local media reports, as much as $6 billion in customer funds are missing, and the person believed to be behind it is currently outside China.
Internal System Upgrade
Chinese residents protesting the freezing of their accounts by three Zhengzhou banks reportedly stormed a central bank branch on Sunday, July 10. According to reports, some protesters were injured as Chinese law enforcement used heavy-handed measures to disperse the angry crowd.
According to various media reports, when banks frozeaccounts in April, customers were informed that this was done to facilitate the “upgrade” process of the financial institution’s internal systems. However, more than two months later, some $6 billion (40 billion yuan) in accounts remain frozen, and the bank has not informed customers about the status of the so-called system upgrade, according to the report.
400,000 clients affected
In mid-June, a Chinese media outletannouncedthat the funds of over 400,000 clients had disappeared. This media outlet added that so-called “ministerial-level officials” were involved in the matter, and one Twitter user named Anderson Copper identified Lu Yi as a “white glove”. Lu Yi is the “white glove business snake” who stole the funds. According to that Twitter user, Lu Yi has since left the country and is now in the United States
The bank’s silence, along with the fact that authorities reportedly used the Chinese hygiene code Covid-19 in June to prevent 1,000 customers from making withdrawals, lends credence to the claim that the funds were stolen.
The state-run Global Times previously stated that three banks (Yuzhou New Minshengcun Bank, Shangcai Hui Minguo Bank, and Zhejiang Huanghuai Community Bank) are facing investigations related to “illegal fundraising” activities.
Meanwhile, one of the videosshared on Twittershows some angry protesters throwing what looks like water bottles. Others can be seen pushing and shoving each other toward the entrance of what is believed to be the Zhengzhou branch of the Central Bank.
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