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Police crack fake notes scam

POLICE in a southern China city have cracked down on a fake banknote scam and seized more than 3,000 yuan (US$440) of counterfeit banknotes that used real watermarks.

Forgers in Foshan City, Guangdong Province, reportedly cut the watermarks from real 100-yuan banknotes and pasted them onto fake ones distributing them among migrant workers who usually assessed banknotes by the watermarks.

Then fake watermarks would be replaced on the original banknotes which would be laundered through ATMs. ATMs read banknotes from the metal strip lines buried in 100 yuan notes.

Foshan police received reports of fake banknotes being received from ATMs in early April and later seized two people and 3,000 yuan in fake banknotes.

Police said the forgers mainly used 100 yuan banknotes printed in 2005.

Ling Guoyao, the deputy chief of Foshan police's business crime department, said they were discussing fake banknotes with banks. Banks would not confiscate fake banknotes but listed fakes with a face value of less than 500 yuan or called the police if more than 500 yuan was involved.

Banks will only compensate innocent citizens who find they have fake banknotes if they can tell the bank the source of the fakes. Any information leading to the arrest of people involved in fake banknotes can lead to a reward of 200,000 yuan, Ling said.


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