Non-existent bank adds to long list of Chinese fakery

In a China awash with fake iPhones, pirated DVDs and knock-off Louis Vuitton bags, rice trader Lin Chunping has taken fakery to a whole new level: He invented a US bank and claimed he bought it.

The little-known businessman shot to fame in January when state media reported he had taken over Delaware-based Atlantic Bank. The unprecedented acquisition brought him praise: His hometown gave him a prestigious political appointment and state media called his business experience “legendary”.

The only thing that may have been legendary is Lin’s audacity. Not only did he not buy Atlantic Bank in Delaware for $60 million (€47.5m) as he claimed, but there is no Atlantic Bank in that state.