A man in northeastern China who stole 6 million yuan ($874,000) after hijacking an armored bank truck he was driving said he carried out the heist to pay off his debts.

Li Xuyi took four security guards hostage on Sept 7 using a "gunlike object" and then fled with the truck, according to a statement by the Yingkou Intermediate People's Court in Liaoning province.

The defendant, who confessed to the crime, was hired by a security company in July and was transporting 35 million yuan in cash from the Agricultural Bank of China's Yingkou branch to a cash storage center.

He was arrested at his home eight hours after the robbery. Police recovered 6 million yuan from the home of one of Li's relatives, while the rest of the cash was left in the truck, which was abandoned in a residential parking area.

China Central Television reported that a guard in the truck said Li diverted the vehicle from its normal route and disarmed the guard in the passenger seat by threatening him with a "black gun", which it was later discovered was not a real firearm.

Li then produced duct tape and ordered the guard and two other unarmed guards to tie themselves up. According to police, he took three bags of cash, which he intended to use to pay off his debts to a bank.

A news website owned by NetEase reported that Li, who was tried on Jan 24, used to be a construction contractor and once had a car wash business.

The Yingkou court will sentence Li at a later date.