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July 12, 2013

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Bank told to pay up for stolen deposit

A LOCAL bank has been told to pay 2.3 million yuan (US$374,670) to a client who lost 2.5 million yuan after his personal information was stolen from the bank.

The Shanghai No. 1 Intermediate People's Court upheld the ruling yesterday after the Pudong branch of Agricultural Bank of China appealed against the earlier decision by a lower court.

Four people, including a bank employee, have been jailed.

Peng Xiaping had about 2,500,000 yuan in her debit card account when she went overseas on March 5, 2011. Seven days later, Peng failed to log into her account online and found her password had been changed. She checked her account at the bank the next day and was told that only 100 yuan were left.

Peng called police immediately and filed a suit in the court last July.

The bank refused to pay as it said it had tried to call her three times when they discovered the unusual withdrawal transactions. Peng said she did not take the calls as she suspected the calls to be frauds.

The court yesterday ordered the bank to compensate Peng 2.3 million yuan as it was its responsibility to protect the deposits.


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