Chinese bank scandal customers struggle to register for scheme to pay back money

While some customers successfully registered and received their money, others were faced with a string of problems when trying to sign up for the overloaded system

The local authorities unveiled the scheme to repay those who had deposited the equivalent of US$7,400 in four banks in Henan earlier this week

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Bank customers have staged repeated protests demanding their money back. Photo: Reuters

Published: 6:00pm, 15 Jul 2022Updated: 6:28pm, 15 Jul 2022

The launch of a scheme to repay victims of one of China’s biggest banking scandals was hit by a series of problems when it launched on Friday as many customers found themselves unable to register their details online.

However, many said they had succeeded in registering and the first payments had started arriving.

Hundreds of thousands of depositors across China were affected by the scandal, involving four rural banks in Henan province. Savings in the affected banks were frozen in April, prompting repeated protests.

This week the Henan provincial authorities finally announced an advance payment plan for those who have less than 50,000 yuan in a single bank.

State broadcaster CCTV reported on Thursday night that the funds come from some of the seized and frozen assets of the New Wealth Group, a company that police say is at the centre of the current scandal, having allegedly been used by a criminal suspect to effectively control several rural banks.

One customer, a woman surnamed Sun, said she started trying to register for the repayments on Friday morning.