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October 22, 2010

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Counterfeit cash gang smashed by officers

A GANG of four men has been arrested under the approval of the prosecutor's office for dealing in counterfeit banknotes, local police said.

The amount of confiscated forged notes was about 2.16 million yuan (US$324,729), and the bills "closely resembled real ones," said the Jinshan District police.

Officers said the gang had participated in fake money dealing in several provinces and the police spent more than 10 months tracking them down and cracking the operation.

"The fake bills closely resembled real ones and ordinary people wouldn't know the difference," said an officer Yang Tao.

Two of the suspects, one surnamed Chen and the other surnamed Yang, were spotted by officers last September selling fake notes in Jinshan District.

In order to track down the entire gang, police did not arrest the two immediately but instead spent months collecting evidence against them, officers said.

On July 24, Chen and Yang were arrested in Fufeng City of southern China's Guangdong Province while carrying nearly 2.08 million yuan in counterfeit banknotes to Shanghai.

On the next day, police caught the other two suspects, surnamed Diao and Ye, with 868,000 yuan of forged notes captured in Shanghai's suburban Qingpu District.

The four suspects confessed to the crime saying the counterfeit money had been bought from another dealer for 140,000 yuan.

Local police are still investigating the case.


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