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"5.3 billion in deposits evaporated" Chinese funds exploded again! The bank didn’t know anything about it…Investors said it was harder than Puyi losing the Qing Dynasty
Lin Yingzhen + Track2024-08-17 12:44
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Chinese netizens started to criticize, saying they lost 1.2 billion yuan after suspecting that banks were losing money on investments. (Schematic diagram/Weibo)
Chinese funds continue to explode! An investment manager revealed that the private equity funds invested by clients disappeared frequently. After checking, they found out that the third fund of China’s Zhejiang “Youce Investment” originally had 1.252 billion yuan (approximately NT$5.32 billion) in deposits, but the bank balance was With only 86,000 yuan (approximately NT$365,000) left , investors were so angry that they began to curse.
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Customer invested 5.3 billion in fully evaporated account and found out: Someone secretly transferred money
According to the "Daily Economic News" report, a management member of China Xiushi Investment broke the news in July that a client had purchased three low-risk cash management sunshine private equity funds from Youce Investment since February 19, 2019. The products include "Youce Yueyueying", "Youce Long-lasting", and "Youce Long Show" . Unexpectedly, I found out now that "the money deposited in the bank is gone!"
The report pointed out that Youce Investment signed an agreement with Changan Bank to launch three products: "Youce Changshi", "Youce Changxiu" and "Youce Yueyueying No. 3" from April 2019 to May 2023. The funds raised were deposited into the private equity accounts of Changan Bank Baoji Jinling Branch and Changan Bank Baoji Technology Branch. As of June 28, 2024, the deposit balance should be 1.252 billion yuan .
However, according to the latest annual report of Youce Investment's third-tier fund, only 86,000 yuan of deposits were left in Chang'an Bank, and more than 1.2 billion in deposits were missing . The investigation showed that starting in 2019, someone secretly transferred deposits from bank accounts, and this continued for many years.
After obtaining bank account slips, the media found that between March 2019 and June 21, 2024, Uce Investment’s investment account remitted a total of 6.16 billion yuan (approximately NT$26.2 billion) to the deposit account, and also from The deposit account transferred up to 5.167 billion yuan (approximately NT$21.98 billion) to the fund investment account , and even remitted money to three external companies , namely Baoji Phoenix Ridge Equity Investment Management Co., Ltd., Xi'an Changrong Investment Management Co., Ltd. and Baoji BROAD ASSET MANAGEMENT LIMITED.
Funds, securities firms, and banks shirk responsibility from each other and "all three parties are unaware", which makes investors furious
After the news was exposed, Youce Investment issued an announcement that it would suspend the application and redemption business of the above-mentioned funds, and at the same time entrusted a lawyer to send a lawyer's letter to Chang'an Bank. According to a lawyer's letter issued by Youce Investment, the total deposits should be 1.32 billion yuan (approximately NT$5.61 billion), and Chang'an Bank's private equity account opened online banking in violation of regulations , resulting in funds from the fund's exclusive agreement deposit account being transferred out.However, an insider from Industrial Securities, who is responsible for managing the private equity products of Youce Investment, said that "no abnormalities were found." It was because Youce Investment, as the fund manager, failed to perform in accordance with the contract, and these bank deposit accounts did not belong to the control system of the custodian securities company . (Related reports: Hermès in the tea industry collapsed overnight with "more than 45 billion frozen"! Investors asked for payment to no avail... The tragic situation in the financial tea industry was exposed | more articles )
Relevant people from the Baoji Branch of Chang'an Bank said that the opening of online banking was applied for by Youce Investment , and the company signed a supplementary agreement with the bank. "We fully implemented it in accordance with the company's requirements." They also complained that what Youce Investment provided was inconsistent with the flow certificate . "Do you think that thing is real or fake?"
It's just that for such a big event, private equity funds, custody brokers, and banks all claimed to be unaware of the incident. Everyone said their own things. Where the huge deposits went has yet to be confirmed. But there has been a huge commotion on the Internet. Chinese netizens criticized, "You need to prove it to receive 5,000, and you can transfer 1.2 billion at will." "Losing 1.2 billion is harder than Puyi losing the Qing Dynasty. This bank actually did it." "As an accountant, I I can't believe it." "It's not lost, it's because the bank lost money on its own investment."
