Officials said they had completed the advance payment to victims of the bank scams in Henan. However, some depositors were classified as illegally fundraising and could not get their money.

In September, an elderley couple who were poor and sick wrote a note not wanting to live anymore. A couple said that they are both nearly 70 years old. Their hard-earned money is saved with a class 2 card at a rural bank in Henan. It’s been half a year, and they still haven’t been able to withdraw the money. They are accused of illegally raising funds. They added that without a penny, they couldn’t live anymore.

The Henan Banking and Insurance Regulatory Commission accused the depositors of the first and second types of cards of raising illegal funds. Nanjing Bank cleared their amount to Henan Rural Banks. However, they still can’t withdraw money and can’t get an advance payment.

Many victim depositors went to Nanjing Bank to defend their rights. However, some depositors revealed that rights protection was not allowed before the 20th National Congress of the Communist Party of China.

Li, a depositor of Henan Rural Bank, said that Class 1 and 2 cards, with a value of more than $71,000 (500,000 yuan), are considered illegal fundraising.

Depositors believe that being identified as illegal fundraising signifies that the bank wants to default.

Zhang, a depositor of Henan Rural Bank, pointed out that those with more than $71,000 (500,000 yuan) can only withdraw $71,000. Therefore, if the bank does not file for bankruptcy, it should return all the money.
The Henan authorities announced that depositors who obtained high discounted interest through “other channels” were suspected of illegal fundraising. As a result, these depositors would not receive advance payments and would be handed over to judicial organs. “Other channels” are deposit intermediaries, and large depositors also have “high discounts.”

Sign up to receive our latest news!

By submitting this form, I agree to the terms.