4 detained for running fake credit co-op
Print Edition
FOUR people have been detained on suspicion of running a counterfeit rural credit cooperative in Nanjing, capital of east China’s Jiangsu Province, that cheated almost 200 people out of nearly 200 million yuan (US$32.1 million).
The business was in operation for about a year, Xinhua news agency quoted local police as saying, though they did not give specific dates.
Credit cooperatives provide people living in rural areas with easy access to loans and savings facilities.
Police said the fake outlet was designed to resemble a branch of a well known financial institution, right down to its teller windows, queueing system and uniformed staff.
Its operators even fabricated a financial business operating permit, they said.
One of the people claiming to have been cheated is a man surnamed Wang, who said he deposited 12 million yuan at the branch in May last year on the promise of high interest rates. When he tried to withdraw his money, however, he was told he could not, Xinhua said.
The four people detained are the cooperative’s legal representative, surnamed Liu, and three managers.
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