Henan official suspected of financial violations

Chen Yimin, former director of the Henan Provincial Rural Credit Union, is suspected of serious violations of discipline and law, and is currently undergoing disciplinary review and supervision investigation by the Henan Provincial Commission for Discipline Inspection and Supervision, the commission announced on Friday.

Chen, 66, worked as deputy Party secretary and director of the Henan Rural Credit Union from April 2012 to May 2018.

Recently, several officials related to Henan's financial system have become the subjects of disciplinary reviews and supervisory investigations.

From April 18, four rural banks in Henan suspended their online services, leaving customers unable to access their funds, which quickly aroused public outrage.

On Monday, the police in Xuchang of Henan announced that a large number of suspects involved in the financial scandal had been apprehended, 234 of whom were arrested. Significant progress has been made in retrieving capital and recovering the losses, the police said.

An investigation by the public security bureau of Xuchang alleges that a criminal gang led by Lyu Yi illegally controlled four rural banks, including Yuzhou Xinminsheng Village Bank. The gang is suspected of carrying out a series of serious crimes.

A previous investigation disclosed by police in Xuchang said the group led by Lyu had been using several rural banks to engage in illegal activities and various crimes since 2011.

Cao Yin contributed to this story.