A rural cooperative in China’s Anhui province took in more than 2.9 billion yuan ($420 million) in deposits by posing as a bank, highlighting the persistent risks within the country’s shadow financial system.
In Depth: How a Rural Co-Op Took in $420 Million Posing as a Bank
2026年02月27日 17:07
Backed by a state-linked entity, Liting Cooperative lured 19,000 depositors by blurring the line between a government-encouraged ‘mutual aid’ group and a conventional lender
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- Backed by a state-linked entity, Liting Cooperative lured 19,000 depositors by blurring the line between a government-encouraged “mutual aid” group and a conventional lender.
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