Conmen deceived around 200 people into handing over their money by setting up a fake bank near the eastern city of Nanjing, according to BBC report.
The bank staff included phony clerks in uniform running an operation with realistic-looking building.
One high net worth individual handed over $1.9 million. Costomer grew suspicious when they did not recieve the interest as promised and when they tried to move the money, but were denied.
After the investigation, it was reported that the bosses were not having required licenses to operate as bank. The business which was running was only under rural cooperative.
Five people are arrested on the scam, according to BBC.