“The members would buy components, some of them genuine, on the black market and assemble the phones in rented Shanghai apartments,” Hodgkins reports. “The police seized about 200 iPhones in the raid. Each iPhone had an estimated build cost of 2,000 yuan (US$313 as of this writing) and sold for almost twice that on the black market.”
Read more in the full article here.
[Thanks to MacDailyNews Readers "Fred Mertz" and "Lynn Weiler" for the heads up.]