Bank employee embezzles locals’ cash, commits suicide

Police are investigating a case in which a bank employee in Tongzhou district committed suicide after allegedly embezzling millions of yuan from residents in the name of the bank.

At least 3.5 million yuan ($554,750) is involved in the alleged fraud. Kong Qingmin, a former employee at an Agricultural Bank of China (ABC) branch in Songzhuang township, had persuaded 40 residents to deposit money since 2010. The bank claimed they had nothing to do with the transactions and Kong either forged or stole their official stamp for her own deals, Beijing News reported yesterday.

A resident at Xiaoyanggezhuang village, surnamed Zhang, told the Global Times he deposited 180,000 yuan with the bank through Kong in 2011. He heard Kong killed herself on February 13 and the bank turned down his requests to retrieve his money.

"She said the bank was having a 'marketing campaign' and I could get 15 percent interest every three months if I saved through her," said Zhang.

Kong worked at the bank for 20 years and residents believed what she said, Zhang said. Kong gave Zhang a loan contract with the bank's official stamp and her signature. The borrower's name on the contract was Kong, said Zhang, and money was used for "the borrower's operations." Kong got more than 10,000 yuan interest after three months, and he deposited the 180,000 yuan for another year.

Kong's husband told the Beijing News he did not know about Kong's deals, and did not reveal why she committed suicide. A director with the ABC Songzhuang branch told the paper the bank has nothing to do with Kong's transactions and the bank did not have the money. Kong retired last year, the director said.

It is unclear where the money Kong allegedly conned has gone. Zhang said the residents affected are planning to petition the local government, as they have not received an update from local police since they reported the case in February.

Tongzhou police and Songzhuang ABC were unavailable for comment yesterday.