China is experiencing widespread protests as individuals worry about losing their entire savings due to bank fraud
In Zhengzhou City, Henan province, on Sunday (July 10), large crowds protested in front of a branch of China’s central bank.
According to sources, many clients in Henan and Anhui province’s six rural banks established savings accounts. The banks’ hefty interest in saving rates was the reason behind this.
The CEO of the parent firm of the banks, according to reports, has been evading law enforcement. He is alleged to have committed financial crimes.
“The banks froze millions of dollars worth of deposits in April, telling customers they were upgrading their internal systems,” read a report.
Customers were shaken by this and rushed to the banks to withdraw their savings accounts. Bank depositors had assembled near the People’s Bank of China building’s entry before dawn after finding they couldn’t withdraw their hard-earned money.
In Communist China, where public protests and dissent are suppressed by the authoritarian government, such protests have never occurred.
The protesters were allegedly scattered and transported to impromptu prison facilities by buses. In addition, they were forced to sign a document promising to refrain from similar protests in the future. By a ratio of 3:1, security personnel outnumbered protesters.
Chinese-Australian activist Badiucao claims that the protesters were forced to hold mini national flags in their hands.
The Henan banking regulators announced that they are accelerating the customer verification process and are creating a strategy to address the public’s complaints as soon as possible in an effort to appease the furious customers.
The statement read, “(Authorities) are coming up with a plan to deal with the issue, which will be announced in the near future.”
One protester called Sun can’t afford to pay his staff after losing $597,000 to a Henan bank. “The incident completely overturned my perception of the government. I’ve lived all my life placing so much faith in the government. After today, I’ll never trust it again,” he remarked.
