Henan to begin second round of repayment

Local finance authorities in Henan province announced on Thursday that the second round of repayment to depositors unable to withdraw their money from four rural banks will begin on Monday.

According to the joint announcement issued by Henan's Banking and Insurance Regulatory Commission and Financial Supervision Commission, those who deposited less than 100,000 yuan ($14,780) can withdraw their money through an online WeChat program between 9 am and 5 pm on July 25.

On April 18, depositors of four rural banks in Henan said they were unable to withdraw their money from the banks.

Later investigation found that the Henan New Fortune Group had been manipulating and illegally using the transaction systems of these rural banks, leaving depositors unable to access their fund.

The first round of repayment began on July 15 to those who deposited less than 50,000 yuan.

According to China Central Television, the fund of repayment are the sealed, seized and frozen assets of the New Fortune Group by local public security organs.