A stack of RMB banknotes. File photo

Fake Chinese bank scams people out of $32m

Unsuspecting customers were fleeced $32 million yuan after conmen set up a fake bank in China.

Some 200 people deposited their cash at what had been made to look like a state-owned money house near the eastern city of Nanjing, reports the BBC. One high-roller handed over $1.9 million.

But customers soon grew suspicious after they didn't receive the promised 2 per cent interest on their investments.

The police were alerted and an investigation revealed that the conmen did not have the proper permission to operate as a bank. Five people were arrested over the alleged scam, according to the BBC.

That's all for today's trending, be sure to check back tomorrow for more interesting tidbits from around China!