On October 24th, the topic labeled “57 depositors lose tens of millions of retirement money” surged to the top of hot searches on Weibo. According to reports, from 2019 to 2020, 57 depositors in Liulin County, Lvliang City, Shanxi Province purchased investment products recommended by “agents” at a local bank branch and lost a total of 11.8 million yuan in principal. It was only after the incident that they realized these individuals were not bank employees. Netizens urged the bank to take responsibility.
As reported by the Xinjing News on October 24th, the victims themselves calculated that from 2019 to 2020, 57 depositors in a bank branch in Liulin County, Lvliang City, Shanxi Province purchased investment products recommended by “agents” and lost 11.8 million yuan in principal. Three “agents” at the bank branch used their mobile phones via the bank’s app to transfer money to various commercial companies to purchase high-risk investment products.
Upon reaching maturity, depositors found that they were unable to withdraw both the principal and interest. Only after the fact did they realize that the three “agents” who assisted them were not bank employees.
Depositors reported that these “agents” dressed similarly to bank employees and worked at the bank branch. When depositors conducted transactions at the bank, the “agents” would proactively inquire about their needs and assist with the process, leading depositors to naturally assume they were bank staff.
The majority of the victims are elderly people with limited discernment abilities, who invested their hard-earned retirement savings over the years. Five years after the incident, depositors have yet to recover their losses. They believe that since the incident occurred at a bank branch, the bank should bear the responsibility for compensating their losses.
Under relevant regulations, commercial banks are not allowed to permit non-bank personnel to engage in product promotion, sales, and other activities at their branch locations.
Zheng Fei, a professor at China University of Political Science and Law, told the Xinjing News that if the relevant authorities determine that the bank failed to fulfill its duty of prudent operation, the bank should face corresponding administrative penalties.
This incident has subsequently sparked widespread attention on the internet.
Netizens commented, “I was once recommended an ‘insurance’ savings product at a rural commercial bank. Because it was in the bank branch, I initially thought it was a secure type of investment. Later, I realized she was actually selling insurance! Elderly people are easily deceived in such situations!” “My parents were deceived many years ago. The ‘agent’ wore the uniform of the agricultural bank, set up an office desk openly in the lobby, and deceived the elderly by presenting it as a high-interest deposit, when in reality it was an insurance product. Because they were dressed as bank employees, the elderly couldn’t distinguish.” “Banks have been conducting this kind of operation for many years. Why isn’t anyone regulating this? Where should we file a complaint?”
“Since the transactions were carried out in the bank, the bank should take responsibility. It could also be considered fraud, and the bank appears to be complicit.” “Saying the bank was unaware is nonsense. Buy a uniform, bring a stool and a table to the bank lobby and see if anyone stops you. The bank cannot shirk its responsibility. Who are these people, and how did the bank allow them to conduct business there?” “Can the bank not see these individuals? There is surveillance, yet they allowed non-employees to use so many people’s phones inside.”