Four mobile phone dealers in Zhejiang province have lost a combined three million yuan (US$471,349) after hundreds of iPhone 6 Plus they ordered from a supplier turned out to be dummies.
The dealers in the provincial capital Hangzhou had wanted to take advantage of falling prices for the iPhone 6 and iPhone 6 Plus.
Apple unveiled the new iPhone 6s and iPhone 6s Plus last week.
Since then, prices for older models of the big-screen smartphones have fallen 15-20 percent, according to Apple Daily.
One dealer, surnamed Yuan, said he bought 1 million yuan worth iPhone 6 from a Wenzhou franchised store on Wednesday.
When the order arrived on Friday, he found the phones were dummies.
The four dealers bought 700 units of iPhone 6 Plus at 5,500 yuan each.
Yuan said he has been doing business with the Wenzhou company for more than a year and has had nor problems with it.
Police have not stepped into the case while the dealers continue their own investigation.
– Contact us at [email protected]