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Corrupt Officials Ran Away with Money; Depositors Made a Run on the Bank

Zigong Bank is a privately run bank in Zigong, Sichuan Province. People made a run on the bank after news spread on the Internet that the three executives of Zigong Bank fled with money they had embezzled. Many people in Zigong rushed to the bank to withdraw money.

The news of the run on Zigong Bank spread widely on the Internet. After only 20 minutes, the authorities ordered the information to be deleted, but the people had already flocked to the bank’s branches to withdraw funds. Rumors were that the bank did not have enough reserves to pay for the withdrawals.

The local government issued a notice denying the rumors and claimed that Zigong Bank is functioning normally. The police later claimed to have arrested a 31-year-old netizen.

Source: Radio France International, November 3, 2018