Chinese police seize 'record' haul of counterfeit banknotes

Fake cash found after suspected gang of counterfeiters arrested in Guangdong province, newspaper reports

Police have made the largest seizure of fake banknotes found in China after arresting a suspected counterfeiting gang, according to a newspaper report.

Police in southern Guangdong province seized fake notes with a face value of 214 million yuan (US$33.2 million), the Southern Metropolis News reported. Fourteen suspects were also arrested.

The investigation began in March last year when officers looked into suspected counterfeiting in cities including Shanwei, Jieyang and Shenzhen, the newspaper reported.

Eight suspects were arrested in a raid in Shanwei for allegedly trading fake banknotes with a value of 24 million yuan. Counterfeit notes with a face value of 170 million yuan were later found in storage.

Two days later police in Zhongshan arrested six suspects in a flat and seized equipment along with semi-finished counterfeit banknotes worth 20.25 million yuan.

Police said all of the gang's fake notes had been removed from circulation but they would continue to crack down on counterfeit notes. Officers urged the public to report cases of suspect currency, the report said.

One internet user commenting on the news complained about losses created by counterfeiters.

"I received fake notes twice in a month when I was a vendor at a night market. I had to work hard to make up the losses," the person wrote.

Source: SCMP