The Monetary Authority warns consumers to beware of fraudulent website "www.unionchina.net", which is operated by an alleged "Union Bank of China".

The bank claims it offers banking services to people in Hong Kong. However it is not authorised under the Banking Ordinance to carry on banking business or the business of taking deposits in Hong Kong, nor does it have the approval to establish a local representative office.

The case has been referred to the Police for further investigation.