A first look at the entrance, message board detailing opening and closing hours or the banking hall would never give out any hint that the bank was a scam. The planning and execution of the fraud was really impressive.
The “bank” only offered deposit services, China News Service said.
According to Tencent News, the story came to light after a depositor, who put in RMB40,000 (about $6,500) last month, called the police after he could not take money out from his account.
In a similar development, back in January this year, a fake bank in Nanjing, Jiangsu fooled almost 200 people who gave away RMB200 million in deposits.
It was shut down after operating for more than a year. Four “executives” of the non-existent “Nanjing Xinmeng Rural Economic Cooperative” were held.