Chinese Banking Scam
China bank scandal: Financial official placed under investigation
Beijing: A top Chinese official, who was once responsible for overseeing the banks at the centre of one of China’s biggest financial scandals, has been placed under investigation, media reports said on Monday.
The move was made against the official just two weeks after rare protests broke out in the central province of Henan.
The China Banking and Insurance Regulatory Commission announced the disciplinary probe into Li Huanting, a senior inspector at its Henan branch, in a terse statement on its website on Sunday, reports South China Morning Post.
The scandal involving the disappearance of 40 billion yuan (US$6 billion) in deposits from four rural banks in the province has prompted regular demonstrations in Zhengzhou, the provincial capital, from savers demanding their money back.
The protest two weeks ago turned violent and grabbed international headlines when around 1,000 victims of the scam were attacked by hundreds of unidentified men in white shirts.
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