Outrage in China, Biggest Banking Scam Uncovered, 234 Arrested
Beijing,A major bank scam has been exposed in China. Police have arrested 234 people on charges of extorting lifetime deposits from rural banks with false promises of high interest rates. The case is connected with a scam of 580 dollars i.e. 46.3 crore thousand rupees.
Currently, there was talk of setting up cannons by the government outside the banks. It was a time when people used to gather in large numbers outside banks to withdraw their money. It is being learned that many more people may be arrested in this case.
According to a report by Bloomberg, central Chinese authorities have defrauded people of 46.3 crores with false promises of high interest rates on deposits in rural banks. According to a statement from central Chinese officials late last night, police in Shuchang City, Henan Province, arrested 234 suspects in connection with the scam and confiscated the stolen money. done. The police said that Lu Yiwei hatched the conspiracy and was the mastermind.
He illegally managed and took full control of four rural banks in Henan Province. These people were luring the investors that they would get 13 to 18 percent annual interest on the deposited amount. This massive bank scam was carried out by taking investors into confidence.
The issue of bank fraud in China came to the fore when cannons were erected outside banks in several provinces, including Henan. In fact, investors gathered to withdraw their deposits. When he did not get the money, he started a protest.
Then the government took this step keeping security in mind. These four rural banks of Hainan have suspended their online banking services from April 18. After that people could not do online transactions. In charge of system upgrade, the bank banned customers from withdrawing money.
After 2019, this big scam of China gave a big blow to the country’s 152 trillion banking system. The government then seized control of a lender in Inner Mongolia.HM1