(Yicai Global) Dec. 8 -- Chinese media report that, on Tuesday, police in Yantai, a coastal city in eastern China's Shandong province, broke a case of forging and selling counterfeit money, notching up the highest value ever recorded for such activities. Six suspects have been handed over to investigation and prosecution authorities in Yantai per law for counterfeiting currency. The coiners in this case only dealt in CNY20-denominated notes, and sold these by the kilogram for a total face amount of over CNY10 million (USD1.45 million).
Police said the secondary process for minting 15-kilograms of bogus bills had already been completed, and these were ready for delivery to various areas nationwide. The forgers took just one hour to complete the procedures for minting almost CNY300,000 in counterfeit currency, including taking delivery of materials, processing, and selling the finished product.
CNY20-denomination counterfeit notes seized by police.
Counterfeiters produced CNY20-face value counterfeit bills en masse in a rental house in Yantai, using such devices as computers and printers, and then sold these notes by weight (kg.) over the internet.
Police arresting suspects.