Bank / Credit Union

Chinese authorities crush depositor protest following bank asset freeze

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July 12, 2022

Chinese authorities crushed a peaceful protest by hundreds of bank customers in the city of Zhengzhou. The protestors were aiming to get back their life savings from banks, which recently frozen millions of dollars worth of deposits, according to a report by CNN.

Four banks in the Henan region of China suspended cash withdrawals in April for undisclosed reasons. The China Banking and Insurance Regulatory Commission claims that these banks used third-party platforms to illegally obtain deposits from people outside the Henan region and then used those funds for illegal purposes, according to a earlier report by CNN.

Despite reports authorities were working on the case, many are still unable to access their life savings. As a result, they appeared outside the People's Bank of China on Sunday to protest, but were met with violent retaliation from police. Videos show security guards kicking and beating protestors, including senior citizens.

"I did not expect them to be so violent and shameless this time. There was no communication, no warning before they brutally dispersed us," an anonymous protestor told CNN.

Police in Xuchang, a city neighboring Zhengzhou, claimed on Sunday they had arrested members of a criminal gang who had taken over the Henan banks, but many residents are becoming doubtful of the government's response to this issue.

"The incident completely overturned my perception of the government. I've lived all my life placing so much faith in the government. After today, I'll never trust it again," Sun, a protestor who lost $597,000 in deposits, told the news outlet.