On cashing out, a Chinese businesswoman who deposited an amount of almost equal to US$2 million at a branch of Industrial and Commercial Bank of China (ICBC), the largest state-owned bank in Shijazhuang in China, was scammed as an amount of only US$20 remained in her bank account.

State media reported that most of the amount was transferred without her permission.

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According to Yahoo News, the businesswoman Wang Li checked her bank account when she found out that the only amount remained was only 124 yuan. It was reported that Wang was a victim of scam. Moreover, the report said that a branch executive persuaded Wang to deposit 10.8 million yuan, which is equivalent to $1.7 million, in a programme that offers more interest.

The state media also said that there are also similar complaints from the depositors at the branch of ICBC, complaints which involved cash amounting to tens of millions of yuan, according to Business Standard, adding that the ICBC branch was not clear whether the victims of the scam would be compensated by the bank.

Sun Shifeng, the ICBC official at the branch, said that they denied that the branch persuaded depositors about the high interest rates which were illegal, according to The Straits Times.

The case of bank scams in China become widespread. It can be noted that in the beginning of this year, there were incidences of fake bank accounts in China that scammed depositors out of  $32 million.

Furthermore, China will be tough on bank fraud issue as they wrongfully jailed a man named Zhang Jing, where he spent 4 years in prison for suing a bank because of the disappearance of over 1.2 million yuan which is equivalent to $192,000. His case was corrected last 2014 as he looked for correction from the Supreme Court after he was released from jail in the year of 2010.

Tagsmillions disappeared, China bank account, millions disappeared from a bank account, scam, bank account in China