BEIJING–Chinese police said they've arrested five people in connection with a phony bank that used bogus offices and tellers to bilk depositors out of US$32 million.More than 200 customers were caught up in the scam based in the eastern city of Nanjing, according to a statement on the local police's microblog.Most were business owners from the surrounding province of Jiangsu attracted by promises of high interest rates on deposits, the statement said.
Police said the scammers filled their offices with all the accoutrements of a real state-owned bank, including uniformed staff.The scam's mastermind, identified by his surname Liu, and four assistants were in custody, including one woman who had fled to the gambling enclave of Macau with the depositors' funds, the statement said.
The scam was uncovered after an investor who had deposited US$2 million complained to police when he was unable to collect interest or withdraw his funds.
AP