over 200 arrested in Henan banking scandal

over 200 arrested in Henan banking scandal

More than 200 people have been arrested in China in connection with a vast financial scandal that has left thousands of depositors on the straw. Authorities in Henan Province accuse a gang of criminals of being behind the embezzlement.

With our correspondent in Beijing, Stephane Lagarde

The list of suspects is commensurate with the scandal: 234 people were arrested, according to an announcement by the Henan police on Monday, August 29. All of them are suspected of being involved in a scam which led thousands of small savers to throw themselves into the mouths of pennies, even “thugs”, according to the local press, who promised annual interest rates for the less unusual – 13 to 18% – and of which the interested parties will never see the color.

“Code Red” and Men in White

Since the case broke last April, tens of billions of yuan have been frozen, banking establishments have been on the verge of bankruptcy and depositors have not taken off. The latter demonstrated on several occasions in front of the headquarters of the banks. But when it was possible, because the local authorities did everything to cover up the scandal, going as far as divert health passes from their intended usewhich turned “red” to block protesters.

Last July, mysterious “men in white t-shirts” even intervened to try to disperse the protesters. Since then, civil servants have been sanctioned and the authorities have started to reimburse injured customers.

New refunds just announced by Henan banking and insurance regulator, agency reports New China. But small savers are always asked to be quiet. ” I was ”marked” and the others too; they listen to us, they follow us. We still can’t talk to journalists “one of them wrote to us last weekend on WeChat messaging, deleting his messages one by one after sending them.

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