Bank of China declared that peoples savings in their branch are now investment

By: Michael Wilson

Bank of China declared that peoples savings in their branch are now investment

July 21, 2022 12:54 PM

Protesters have hit the streets of Henan province in China, after the Henan branch of the Bank of China declared their deposits as investment products that can't be accessed.

 

Central Huijin Investment Co., Ltd. is a Chinese investment firm owned by the government of the People's Republic of China.

 

Few weeks ago many protester were seen centered around the four rural banks in the Henan province in an attempt to recover their deposit. This comes few weeks after the China Banking and Insurance Regulatory Commission (CBIRC) has allegedly accused the Henan New Fortune Group, which is a shareholder in the four banks.

 

According to an April report by a local media, the CBIRC, believes that the Henan New Fortune Group were illegally using third-party platforms and fund brokers to attract depositors from across the country.

 

Wallstreetsilver, a popular reddit page shared a video of tanks guarding the bank of China in Henan province which has sparked reaction from its community on reddit.

The Henan province security operatives of Xuchang reported on the 11th of July, that they were investigating a criminal gang led by a man named Lu Yi, who they believe may have used Henan New Fortune Group to gain control of the rural banks and used fictitious loans to illegally move funds around. 

 

The scheme, which the security operatives said began in 2011, included setting up online platforms to promote financial products and solicit new customers, according to the authorities, who added that some people have been arrested as investigations are still ongoing.

 

However, at the time of writing tanks are being put on the streets in China to protect the banks after the Henan branch of the Bank of China declared that" people's savings in their branch are now 'investment products' and can't be withdrawn at this time".