207 million yuan in fake currency seized in China
By IANSFriday, June 11, 2010
BEIJING - A fake currency racket was busted in China’s Hunan province and counterfeit currency with a face value of 207 million yuan ($30 million) was seized, a media report said.
Four members of the gang were arrested in Guangdong province when they were using a truck to transport 67 million yuan ($9.8 million) from Hunan to Guangdong, Global Times said citing a report in Xiaoxiang Morning Herald.
The four suspects were printing fake currency since 2007 in a village in Changning in Hunan province, under the guise of a printing factory. The gang spent 280,000 yuan ($40,985) on printing equipment and they printed 207 million yuan in fake notes from September 2009 to April 2010, the report said.
Anyone found guilty of producing more than 30,000 yuan ($4,391) in fake currency notes face more than 10 years in prison, or even death penalty, according to the law.
China’s ministry of public security handled 3,688 fake currency cases in 2009 and seized about 1.2 billion yuan ($175 million) in fake notes, the China Police Daily reported.
