China announces 234 arrests in provincial banking scam

Chinese authorities have announced the arrests of 234 people involved in the financial scandal surrounding several rural banks in Henan province, local media reported on Monday.According to the Xuchang city police, significant progress has been made in retrieving capital and recovering the losses, China Daily reported.In early July 10, more than 1,000 depositors gathered outside the Zhengzhou branch of the country’s central bank, the People’s Bank of China, to launch their largest protest yet.The incident comes in the light of the Henan branch of the Bank of China declaring that people’s savings in their branch are ‘investment products’ and can’t be withdrawn, according to the media report.