A fake bank in Nanjing that cheated nearly 200 residents out of RMB200 million was finally shut down today after more than a year in operation.
Mr. Wang, doubtless one of the scam's most tragic victims, described how he was introduced to the "Nanjing Mengxin Rural Economic Cooperative" through a middleman who promised him an unheard-of weekly return of 2 percent on his cash deposit. Tempted by the prospect of raking in hundreds of thousands every week, Wang gave the "bank" RMB12 million of his savings - all of which has since vanished.
When police caught wind of the scheme and went to investigate, they found a startlingly professional operation: from the counters to the lighting and the staff uniforms, this fake bank had mimicked the look of a state-owned institution to a tee. No detail was overlooked.
Four "directors" of the bogus bank have since been detained by police in the Jiangsu capital. Head honcho Liu has said that he knew what he was doing wasn't legal but hey, he wanted to make some moola. Spare a thought for the many victims who, according to reports, are still unaware that they've been hoodwinked.
[Images via iFeng, Oriental Daily, CNGold]
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