{"id":98811,"date":"2022-09-01T11:58:54","date_gmt":"2022-09-01T10:58:54","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=98811"},"modified":"2022-09-01T11:58:54","modified_gmt":"2022-09-01T10:58:54","slug":"china-arrests-hundreds-over-countrys-biggest-ever-banking-scandal","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/china-arrests-hundreds-over-countrys-biggest-ever-banking-scandal\/","title":{"rendered":"China Arrests Hundreds Over Country\u2019s Biggest-ever Banking Scandal\u00a0"},"content":{"rendered":"<div id=\"m#msg-f:1742751617458013925\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\" style=\"text-align: justify;\">Chinese police have confirmed the arrest of over 200 suspects linked to one of the country\u2019s biggest-ever banking scandals, which triggered rare mass protests.<\/div>\n<div class=\"mail-message-content collapsible zoom-normal mail-show-images \" style=\"text-align: justify;\">\n<div class=\"clear\">\n<div><\/div>\n<div>Four banks in central China\u2019s Henan province suspended cash withdrawals in April as regulators cracked down on mismanagement, freezing the funds of hundreds of thousands of customers and sparking protests that at times ended in violence.<\/div>\n<div><\/div>\n<div>Police said they had now arrested 234 people in connection with the scandal and that \u201csignificant progress\u201d was being made in recovering stolen funds.<\/div>\n<div><\/div>\n<div>\u201cA criminal gang\u2026 illegally controlled four village and town banks\u2026 and was suspected of committing a series of serious crimes,\u201d police in the city of Xuchang said in a statement on Monday.<\/div>\n<div><\/div>\n<div>China\u2019s rural banking sector has been hit hard by Beijing\u2019s efforts to rein in a property bubble and spiralling debt in a financial crackdown that has had ripple effects across the world\u2019s second-largest economy.<\/div>\n<div><\/div>\n<div>Regulators have been gradually offering repayments to depositors since mid-April.<\/div>\n<div><\/div>\n<div>On Monday, the Henan banking and insurance regulator promised to repay those who had deposited between 400,000 and 500,000 yuan ($57,900 to $72,300) starting this week.<\/div>\n<div><\/div>\n<div>Depositors who owed smaller amounts were repaid earlier.<\/div>\n<div><\/div>\n<div>The size and scale of the fraud dealt an unprecedented blow to public confidence in China\u2019s financial system, analysts have said, with the banks involved allegedly operating illegally for more than a decade.<\/div>\n<div><\/div>\n<div>A July 10 mass demonstration by depositors in Henan\u2019s provincial capital, Zhengzhou, was violently quashed, with demonstrators forced onto buses by police and beaten, according to eyewitness accounts given to AFP and verified photos on social media.<\/p>\n<div id=\"m_917619248998340682ymail_android_signature\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Chinese police have confirmed the arrest of over 200 suspects linked to one of the country\u2019s biggest-ever banking scandals, which triggered rare mass protests. Four banks in central China\u2019s Henan&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":15154,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-98811","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>China Arrests Hundreds Over Country\u2019s Biggest-ever Banking Scandal\u00a0 - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/china-arrests-hundreds-over-countrys-biggest-ever-banking-scandal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China Arrests Hundreds Over Country\u2019s Biggest-ever Banking Scandal\u00a0 - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"Chinese police have confirmed the arrest of over 200 suspects linked to one of the country\u2019s biggest-ever banking scandals, which triggered rare mass protests. 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