China arrested hundreds of people allegedly involved in the nation’s largest ever bank fraud and started repaying more victims of the $5.8 billion scandal, in a bid to maintain social stability ahead of this year’s twice-a-decade Communist Party congress.
Police in Xuchang city of Henan province arrested 234 suspects tied to the scam and made “significant progress” in recovering the stolen money, according to a statement late Monday. Police have said that a criminal gang led by suspect Lv Yi illegally controlled four rural lenders including Yuzhou Xinminsheng Village Bank, offering rates as high as 18% to attract funds that ...
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