Phony Chinese Bank Cheated Depositors out of $32 Million

January 23, 2015 11:17 AM

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Chinese police say they have arrested five people in connection with a phony bank that used bogus offices and tellers to bilk depositors out of $32 million.

Police in the eastern city of Nanjing said Friday more than 200 customers were caught up in the scam. Most were business owners from the surrounding province of Jiangsu attracted by promises of high interest rates on deposits.

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