Bank funds were frozen in connection with disappearance of the deposits worth up to $1.5bn
Plain-clothed security personnel scuffle with demonstrators during a protest over the freezing of deposits by some rural-based banks, outside a People's Bank of China building in Zhengzhou, Henan province, China, July 10 2022. Picture: SOCIAL MEDIA/REUTERS
Payments will be made in batches, with the first due on July 15, the local banking and insurance regulator and financial regulatory bureau of Henan province said in a joint statement. In April, a number of banks in Henan froze deposits raised from ordinary Chinese people, with Chinese media reporting that the frozen deposits could be worth up to $1.5bn. An investigation for possible fraud is under way.
Henan police said the suspects were able to effectively control a number of the province’s banks via a group company, according to the notice posted on an official WeChat account.
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