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.