from Sovereign Man:
Last May, Mr. Wang from Hangzhou, China walked into a bank on Jiangpu Street in Nanjing, opened an account, and made a 12 million yuan deposit. The bank was new, but it didn’t look different from any other bank that Mr. Wang had been to. It had a giant vault, counters for the tellers, exchange and interest rates posted on the wall. And above all, it was very elegant. But after a few weeks, Mr. Wang stopped receiving the interest he’d been promised.
When he tried to withdraw his money, the bank froze his deposit. So he went straight to the police.
Turns out that even though it had been operating for over a year, it wasn’t actually a licensed bank. Apparently some people had simply renovated a building to give customers the impression that they were a real bank. But it was a total scam.
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