China Minsheng Banking responded to a fraud case at one of its branches in Beijing, involving 1.65 billion yuan (240 million US dollars) and 150 clients. In a meeting facing investors on Thursday, Shi Jie, the bank's vice president, vowed to handle the case correctly and clear out the problems.

Minsheng Bank posted a statement itself, saying Zhang Ying, the head of its Hangtianqiao branch, had violated laws, leading to the bank notifying the police. Zhang is now in police custody.

However, Minsheng said it will return initial payments to investors no later than July, not including interest, despite some investors requiring interest, according to reports by Xinhua News Agency. Shi said that Minsheng Bank is a "responsible" bank. 

The fraud case is related to financial products. According to the bank's statement, Zhang "found or instructed individual employees of the sub-branch to find target customers for the fake investment or wealth management products and the relevant transfer products fabricated by her."

Related bank employees have also been put under investigation. 

According to Xinhua, China's valuation of its financial products is close to 30 trillion yuan (4.35 trillion US dollars). The country has recently been cracking down on financial risks. Zong Liang, chief researcher of China's central bank said during this year's Two Sessions that strengthening the prevention of risk management would be the direction of this year's financial reform. 

On Tuesday, Chinese President Xi Jinping said that financial security is an important part of national security and a key foundation for the stable and healthy development of the economy. 

President Xi vowed to deepen reforms to improve the financial sector's competitiveness and capacity for risk resistance and sustainable development.