A fake bank in Nanjing complete with LED screens and people dressed like bank staff obtained almost 200 million yuan in deposits over a year, Xinhua reports. About 200 people were duped by its promises of impossibly high interest rates. A businessman from Hangzhou deposited 12 million dollars from his company, but he stopped receiving interest after four months. He went to Nanjing to demand his money, but was rebuffed. Police discovered the bank had no permits to operate as a financial institution. The bank branded itself as a “cooperative”.
Source: South China Morning Post