Many Village and Town Banks in Two Provinces Within Communist China Cannot Withdraw Money

Taiwan media reported on May 11th that in Communist China, nearly 3,000 village bank depositors were unable to withdraw their cash in Henan and Anhui provinces.

According to the report, since April 18th, the above-mentioned village banks have informed depositors to suspend network and mobile banking services in the name of system upgrades. As of May 7th, nearly 3,000 people have registered more than 1.2 billion yuan in the deposit user exchange group.

Most of the village banks involved are controlled by Xuchang Agricultural and Commercial Bank. In the past few years, they have been punished for illegal lending. According to insiders of the bank, a company called New Fortune Group colluded with village banks in the two provinces and was suspected of online fraud and illegal absorption of public deposits. The illegal behavior of enterprises involves some individual depositors. Banks cannot distinguish between illicit funds and legitimate funds, so they close all withdrawal entrances.

Ironically, the Henan Provincial Banking and Insurance Regulatory Bureau of the Chinese Communist Party issued an announcement on May 4th suspending the services of receiving visits and telephone complaints on the grounds of the so-called “serious epidemic.”

Analysts believe that this incident is only the tip of the iceberg as to how the Chinese Communist Party controls national property. As the domestic economic collapse intensifies, the Chinese Communist Party will definitely take various excuses and measures to plunder or make people unable to control their property, reminding the compatriots within Communist China to prepare as soon as possible.

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Translator: MOS Education Team Winsun G.
Design&editor: Hbamboo

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