If something seems amiss, an employee can ask a client to confirm that they really want to make the transfer. “How do you explain how the criminals have a credit card in your name with RMB230,000 [charged] on it? Minutes later, he came back on the line. And they can help explain why there is more talk of a deal: Losses are mounting into the tens of billions of dollars for the U.S. and China. A TAIWANESE man told police he lost his briefcase containing $200,000 in cash and $30,000 in foreign currency at the Hongkong Bank headquarters in Central. Social Security – $478 million unclaimed benefit checks. Basically, unclaimed monies are made up of inactive bank … U.S. Federal Government Unclaimed. California’s Unclaimed Property Law requires banks, insurance companies, corporations, and certain other entities to report and submit their customers’ property to the State Controller’s Office when there has been no activity for a period of time (generally three years). Got a confidential news tip? At this point, you’ve undoubtedly come to a conclusion that would take me another couple of days to reach: I’d been scammed. But the U.S. exports much less to China than it imports. Scams are sometimes a topic of discussion. The matter would be cleared up soon, and I was confident my money would be returned. And once the money is transferred, things can get sticky. “It’s not your fault,” she said to me. “You’re not cooperating with the police! “Ms. The pandemic all but shut down China for several weeks this year, wreaking havoc on the world's second largest economy and forcing millions of people out … No one is by your side. The gravity of my case demanded the attention of someone higher up, “Officer Xu” said, and he transferred me to “Capt. “What happened, Lulu? In the first nine months of the year, U.S. exports to China are down 15.5% compared with the same period a year ago, a bigger drop than the 13.5% fall for Chinese imports. At first, I was bewildered; then, I was terrified. Furthermore, SBD notes that nearly every pro sport lost upwards of 45 percent of revenue because of the shutdowns and policies imposed by the coronavirus. Independent Commission Against Corruption in Hong Kong. Ryan Showell, a Bank of America executive client care advocate and fraud specialist, says it’s possible for the bank to flag suspect transactions. © 2020 CNBC LLC. U.S. imports from China have fallen a sharp $53 billion through the first nine months of the year, compared with the same time period last year. Then he called to hammer home his point: It appeared that the funds in my Bank of America account and the credit card with my name on it were connected to that money-laundering scheme. Last year, Robert from Harrisonburg, Virginia, called my national radio show to thank me for suggesting he search for lost money. Schreiber told me that emotional support for the victims is important after they report the case to the police. The average loss was $3,500; the largest amount was $75,000. Wiring those funds to a bank account specified by a “senior prosecutor” would allow officials to further investigate. Unclaimed Property In California, unclaimed property or lost money is the responsibility of the State Controller's Office (SCO). Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article. Ma,” who came straight to the point. I stayed in bed for hours, binge-watching Korean TV shows. I thought I’d weathered the crisis, but I hadn’t, and I sought counseling. It would be a longer lasting and deeper economic problem for the U.S. if it reflects changing Chinese preferences for aircraft. Carreño-Diaz says the DPS holds a monthly meeting with representatives from different international student associations, including the Chinese Students and Scholars Assn., or CSSA. Could you please give me another $50,000?”. “I don’t know what you’re talking about!” I responded. Unclaimed Property. But the latest data shows that economically, both sides are losers. I never attended any of those monthly meetings, but in November, when I attended a “Boba night” co-hosted by the CSSA and the DPS to alert Chinese students about safety issues, the conversation about scams seemed a little lighthearted and didn’t take long; many of the students chuckled and looked at one another in disbelief. So, yes, I wanted to speak with the police. Compared with the first nine months of last year, trade data released Tuesday showed U.S. imports from China have fallen a sharp $53 billion. Some students are being fleeced (as I was) for tens of thousands of dollars. This, I was assured, would be only temporary, so authorities could pursue their investigations and declare my innocence. I was also hooked, desperate to clear my name. We'll see something close to a truce between the US and China: CIO. Tue, Nov 24, 2020. There may be winners and losers from a political point of view when it comes to the trade war between the U.S. and China. The danger is if Chinese customers have already found new suppliers, meaning lasting damage has been done to U.S. exporters. My family had to come up with another $43,000 to get me through school. This one-year experience at USC was not only my dream, but theirs as well. Behind these thefts are criminal syndicates that run, according to one scammer, “a huge, well-organized” operation with multiple tiers of people working out of different countries. (Later in the year, I spoke with DPS Community Affairs Manager Elizabeth Carreño-Diaz, who said the department has subscribed to a “language bank” where translations for international students can be done via phone, but this option wasn’t offered to me when I first reported that I’d been scammed. “You said you dreamed of the fake police banging at your door and trying to take you away,” she said. After I spoke with my parents, I called the “senior prosecutor,” who bristled at me. I felt so guilty that I refused to spend $2 to dry my clothes, hanging my laundry out to dry instead. I hung up, rushed to the bank and transferred the $43,000. Panic shifted to anger and then hate, which smoldered inside me.