17 January 2018
visit www.avoka.com

Chinese man sets up fake bank branch

18 August 2015  |  8099 views  |  0 China Construction Bank

China is well known for its fakes, with 20% of consumer products in the Chinese market counterfeit. But it's not just Apple phones and designer handbags that are being copied, bank branches appear fair game too as one of the country's biggest banks sees its brand hijacked by a bogus high street outlet.

A Chinese farmer, bearing the same surname as the recently departed president of China Construction Bank, Jianguo Zhang, decided to set up his own branch of the bank after having an application to open an account turned down.

He ran the fake bank - complete with card readers, passbooks and three tellers -  for one month before a woman who deposited $6,200 was unable to withdraw funds from a real branch.

According to Lanling County police spokesman Mr Song, the man employed his teenage daughter and two of her classmates as tellers.

In a televised interview Mr Zhang said that he applied to join CCB but he wasn't approved. He explains,"'I just wanted to open a bank... I didn't think that much about it."

Mr Zhang's bank wasn't as successful as the Nanjing fake last year, which scammed its customers out of $32 million. The rural cooperative appeared to customers to be state-owned with uniformed clerks, yet it had no accreditations to operate as a bank.

Mr Zhang says he has returned the deposits that his bank had taken.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Fake bankers and police officers jailed for vishing frauds

Fake bankers and police officers jailed for vishing frauds

05 February 2015  |  5977 views  |  0 comments | 6 tweets | 4 linkedin
Fraudsters don fake uniforms to con wealthy bank customers

Fraudsters don fake uniforms to con wealthy bank customers

24 March 2014  |  4479 views  |  1 comments | 5 tweets | 3 linkedin
Chinese man gets 10 years for fake ATM scam

Chinese man gets 10 years for fake ATM scam

28 January 2011  |  9381 views  |  0 comments
New Yorkers hand over personal details to Microsoft's fake bank

New Yorkers hand over personal details to Microsoft's fake bank

13 July 2010  |  13590 views  |  1 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.thomsonreuters.infovisit www.niceactimize.comvisit www.fivedegrees.nl

Who is commenting?

Top topics

Most viewed Most shared
Buffett rubbishes cryptocurrencies; South Korea preps exchange crackdownBuffett rubbishes cryptocurrencies; South...
11752 views comments | 16 tweets | 17 linkedin
Europe begins Open Banking era in subdued styleEurope begins Open Banking era in subdued...
9905 views comments | 32 tweets | 35 linkedin
Crypto mining threatened by power capacity concernsCrypto mining threatened by power capacity...
9676 views comments | 17 tweets | 18 linkedin
Exchanges call for global fintech standardsExchanges call for global fintech standard...
9382 views comments | 17 tweets | 13 linkedin
Wells Fargo to close 900 branchesWells Fargo to close 900 branches
9257 views comments | 14 tweets | 16 linkedin

Featured job

Competitive base + commission + benefits
UK or Germany

Find your next job