MH.Yang
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so the funds were frozen, is that why people weren't able to withdraw cash from the bank? News reports make it sound like the bank was operational until the protests began a month ago.
The Chinese police froze all accounts and funds of the bank in June this year. The Chinese govt's announcement made it clear that it was "freezing" rather than "confiscating".
In addition, this is not the first case of illegal fund-raising fraud in China. Although the amount involved in previous cases is not as large as this one, the Chinese govt has never confiscated the funds of these cases.
Moreover, in each case, the principal of all the victims was eventually returned, but the repayment time was usually more than ten years.
After the police froze the funds of these banks in June this year, there were demonstrations and protests. After the investigation, the police found that only a dozen demonstrators were real depositors, and the remaining 200 were construction workers employed by these criminals from a construction site. The boss of these construction workers have also been arrested by the police.
According to the Convention, China has special departments to recover the transferred funds, and then a full-time lawyer group will arrange and publicize the repayment plans of all victims. Usually, the principal will be returned, but the total repayment time will last for more than ten periods, and the final repayment time will be very long.