Banking scams, fake banks, naked robbery of hundreds of millions of yuan—all are dismissed by the Chinese regime’s banking authorities as “isolated incidents.” Victims don’t believe that, and across multiple provinces the state banking fraud has victimized individuals and corporations alike.
According to reports by the China Banking Regulatory Commission and local police, account holders in many provinces including Zhejiang and Anhui in the east, Henan in central China, and Hunan in the south-central part of the country, have mysteriously lost savings kept in China’s state-run banks.
In February 2014, a man identified as Zhang found that his account with the Hangzhou United Bank had been virtually emptied of its contents—over 2 million yuan (US$320,000). After consultations with the bank, Zhang discovered that the money had disappeared soon after he made the deposit.
Zhang was only one of forty-some fraud victims, who had been robbed of 95 million yuan by the Hangzhou bank. Official investigation found that the perpetrators bribed bank workers to trick the account holders into making deposits that would then be stolen.
Mr. Liu, from Yiwu County in Zhejiang Province, deposited about 2.5 million yuan in the Ningbo and Fenghua sub-branches of a state-run bank. In 2013, he found only 4 yuan left in the accounts, according to a report by the Chinese paper National Business Daily.
