Over 200 people were duped into depositing their money into a fake bank in Nanjing, BBC reports.
The building was kitted out to look exactly like a real bank, with cubicles for staff and uniformed cashiers. The bank promised an interest rate of 2 percent a week, which no doubt was the motivation for many customers to part with their cash.
The bank collected over 200 million RMB over the course of a year, but customers began to get suspicious when they weren’t getting any interest on their accounts.
One man who had deposited over 12 million RMB called the police after he tried to remove his savings from the bank and was refused.
It turned out that in fact a rural cooperative that had absolutely no license to run as a bank.
Five have been arrested over the scam, including one woman who did a runner to Macau with a sizable portion of the money.
Source: BBC
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Keywords: Fake Bank Swindles Customers Out of 200 Million RMB
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For this kind of thing to still go on in China in this day and age is a disgrace and a total embarrassment to the Chinese government. Just goes to show how useless government regulations are here. It seems anyone can just construct a building willy nilly and nobody will even question it. What about building licences and registrations? How on earth can you just build a fake bank? One thing is certain, they obviously weren't foreigners! The shit we have to go through to open a business is absolutely mind boggling. Some of the local government officials must have been involved for this to go unnoticed.
Jan 28, 2015 01:27 Report Abuse
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