He had only $3,000 but he opened a native bonk, the Wei Kong Native Bank, in Lane 195 Tientsin Road on September 8 and the next day he had to close his institution because he failed to return part of the money to his depositors when the latter so de-in short was the story a 25-year old amateur banker, who faced the. First Special District Court yesterday on the suspicion that he had defrauded his clients. Two other alleged accomplices and partners of the business were al: heard by the judge an they. were all remanded in custody pending further investigations.
It was revealed during the hearing that Chen and five other men including the two accused who faced the court yesterday planned to open the bank with a capital of $100,000. Only of the needed capital was required to be pai id before the bank paid. was inaugurated. Many persons were asked by the accused to deposit money with the newly opened institution and the sums ranged between $2,500 and $5,000. Some do-positors wanted to withdraw part of their money the next day but the bank failed to make full payments.
Text read from the printed page and cleaned; old type leaves the occasional error.