China Commerce Bank has fraud the customers and its employees for 1.4 billion RMB with a wealth management product.
On Oct 26, 2019. A Shanghai investor of Qian Duan wealth management product of the state-owned China Merchants Bank went to the bank to request compensation. The bank staff abruptly took away his mobile phone, and the bank secures brusquely yelled at him: “Get out of here! You out! Don’t make trouble here!”.
China Merchants Bank has fraud the customers and its employees for 1.4 billion RMB with a wealth management product. For the past five months, the investors of the Qian Rui financial product(one of CMB’s wealth management products) have been seeking to protect their rights. Both Beijing and Guangzhou Banking and Insurance Regulatory Bureau have acknowledged China Commerce Bank’s violation of the regulation. But the government took no actions for the last five months. While China’s central governmental departments played important roles collectively in the endorsement.
This kind of state-owned pyramid scheme happens a lot. Here is a list of exposed ones in the past two years.
1, Fanya Metal Exchange fraud.
2, Ezubao P2P event.
3, Numerous financial debt collapse such as Tianjin Tianqi real estate group 180 billion in 2018.
4, Zhongjin’s runaway with 50 billion.
5, Qianbao Net’s runaway with 50 billion.
6, Shanlin Finance 60 billion.
7, Yunlianhui 330 billion.
8, Shanghai Bank (Zhangyang Road branch) 20 billion wealth management fund which subscription starting from 1 million with zero repayments.
9, Autumn Wealth.
10, Huamu Finance.
11, Little Zhuge Financial Service.
12, Rice Bag Plan, etc. (Either run away with all fund or default on debt.)
13, China Poly Group’s sale of Beijing Quandi Real Estate(In July 2019).
According to Miles Guo’s revelation, such Pyramid scheme financial products become prevailing in China without punishment, because of the backup of the Chinese Communist Party(CCP) Senior officials. Meanwhile, readers should be alert with more than 700 Chinese state-run listing companies in the US stock market. The top CCP leaders’ families are conducting the same Pyramid scheme together with the Wall Streets financial elites to the American investors.
BY: GM09, GM22, GM30, GM14, and Elaine.