Operating A Fake Chinese Bank

Meanwhile, in China…. a fake bank operates for over a year, steals US$~32mil in deposits.

It ran for over a year but, after not delivering on its promised 2% per week interest rates, a bank in Nanjing is shutting down because authorities have determined it’s not actually a bank.

£21 million (~US$32mil) later, authorities have allegedly caught up with one of the “bank’s” operators in Macau

To customers in the eastern city of Nanjing the interior looked like any other state-owned bank, with uniformed clerks working behind the counters, the Southern Metropolis Daily website reports. Almost 200 people deposited their cash, including a businessman who handed over 12m yuan ($1.9m; £1.3m) in 2014. But he grew suspicious when he wasn’t paid the promised interest on his money, and went to the police after the bank refused to return his savings. A police investigation found that it was actually a rural cooperative, which had none of the accreditations required to operate as a bank.