Some Chinese bank clients, whose accounts were frozen in April, were injured while staging a protest at the Zhengzhou branch offices of the country’s central bank. According to local media, as much as $6Billion in client funds has been missing. It is believed that the person responsible is not from China.
Upgrading Internal Systems
Chinese protestors against the Zhengzhou banks freezing their accounts are reported to be storming central bank branches on Sunday, 7/10. According to reports, some protestors sustained injuries as Chinese law enforcement officers used harsh tactics to disperse the mob.
As per various media reports, when the banks initially froze the accounts in April, clients were informed this was done in order to facilitate the process of “upgrading” the institutions’ internal systems. However, two months after the initial freeze, accounts reportedly holding nearly $6Billion (40Billion yuan) remain frozen. Clients have not been updated by the banks about the status and current state of these so-called upgrades.
400 000 Clients Affected
A Chinese media outlet claimed that the funds of more than 400 000 clients disappeared in mid-June. The media outlet added that a so-called “ministerial-level official” had been involved in the case, while one Twitter user named Anderson Copper identified Lu Yi as the “white glove business snake” that stole the funds. Yi, according to the tweeter, has now left the country and moved to the U.S.
The banks’ continued silence as well as authorities’ reported use of China’s Covid-19 health codes to block 1,000 clients’ attempts to withdraw back in June, have lent credence to claims the funds were stolen.
The state-run Global Times has previously said the three banks — Yuzhou Xinminsheng Village Bank, Shangcai Huimin Country Bank, and the Zhecheng Huanghuai Community Bank — face a probe that relates to their “illegal fundraising” activities.
In one of the videosSome angry protestors were seen to throw what appears to be water bottles. This was shared via Twitter. Others are seen shoving and making their way towards the entrance of what has been identified as the central bank’s Zhengzhou branch offices.
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