The Communist Party against those who held a protest rally in the Henan Province of Communist China. The peaceful protestors were beaten and dragged away from the protest site by the security personnel. Memories of the Tiananmen Square tragedy, where protesting students were killed by tankers in the past, are brought up.
(The Tiananmen Square Massacre was the massacre of students by the communist regime against the students who were protesting for the establishment of democracy in China. On June 4, 1989 the communist regime massacred many students who had gathered in Tiananmen Square in Beijing, the capital of China. The Chinese government claimed that the death toll was 241. However, foreign media reported that as many as 5,000 people died. done)
The protest was against the fraud of crores which took place in Henan province of China. Around 3000 people participated in the protest rally. Ordinary people deposited large sums of money in six rural banks operating in Henan and Anhui provinces. Their life savings were invested after being offered high interest rates. But there was a massive turnaround in these banks.
No one has been able to withdraw money from the bank branches. The bank had frozen millions of dollars in deposits since April as part of a revamp of the bank's internal system. This created a huge panic among the consumers. All of them have been thronging bank branches for the past few months hoping to withdraw money. People have no way to withdraw their savings from the bank. The disturbed people filed a complaint with the authorities. But no action was taken.
Investors went on strike when they realized that they could not get their hard earned money back. The head of the banks' main company is absconding. "Get the Hainan banks back our deposits," the protesters chanted in unison. They were also holding placards that read 'against the corruption and violence of the Henan government'. Some of the demonstrators were holding a picture of Mao Zedong.
The police shouted through megaphones that the protesters' strike was illegal. Police and T. those who tried to push into the banks. Nidakshinyam was dragged down the stairs by a few people wearing shirts. Demonstrators threw water bottles at the police. Such protests are unusual in Communist China. The protesters said that the Chinese officials were working with this mafia to suppress the protests. Along with the local police, they also came to the scene to beat the protestors in plain clothes.
After the protest got stronger, it was reported that the people of the 'criminal gang' behind the bank fraud have been arrested. Although the local administration has not released any information about this, the police in Suchang city have confirmed this. The police informed that some people who had prepared a plan to take control of the banks were arrested. Henan Shinkaifu Group, a private investment company, is behind the scams. The company has stake in all four troubled banks. The company Shinkaifu Group mobilized investors online, offering high interest rates in conjunction with bank employees. The money received was used to pay the loan but non-regular repayment led to the crisis. Investors allege that Chinese government officials were also involved in the incident.