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Tragedy of the genius coin counterfeiter
By Jane Chen |
March 16, 2010, Tuesday
|
Print Edition
Print Edition
A GENIUS technician desperate to raise cash for his terminally ill father made a machine to press 1.53 million fake 1-yuan coins in east China's Zhejiang Province, prosecutors allege.
He also wired a cell phone to the machine, enabling it to instantly report any malfunction while he was away, Wenzhou City People's Procuratorate Office said, according to today's Qianjiang Evening News.
The automation engineer graduate surnamed Jiang, 30, has been charged with making and selling fake currency, allegedly gaining him more than 500,000 yuan (US$73,250). He may face life in jail or the death sentence considering the huge face value of the cash involved, the newspaper reported.
In 2007, his father was diagnosed with liver cancer and needed a liver transplant costing around 200,000 yuan, far beyond his monthly income of 4,000 yuan, Jiang allegedly told police.
He borrowed money from friends and loan sharks but was unable to cover the cost. In December that year, he made a matrix of a 1-yuan coin and converted a second-hand hydraulic press to a coin-making machine.
From April 2008 to September last year, the machine produced 1.53 million coins which Jiang sold online to buyers for 0.5 yuan a coin in Liaoning, Jiangsu and Fujian Provinces as well as Guangxi Zhuang Autonomous Region.
He was caught by Wenzhou police in November last year.
He also wired a cell phone to the machine, enabling it to instantly report any malfunction while he was away, Wenzhou City People's Procuratorate Office said, according to today's Qianjiang Evening News.
The automation engineer graduate surnamed Jiang, 30, has been charged with making and selling fake currency, allegedly gaining him more than 500,000 yuan (US$73,250). He may face life in jail or the death sentence considering the huge face value of the cash involved, the newspaper reported.
In 2007, his father was diagnosed with liver cancer and needed a liver transplant costing around 200,000 yuan, far beyond his monthly income of 4,000 yuan, Jiang allegedly told police.
He borrowed money from friends and loan sharks but was unable to cover the cost. In December that year, he made a matrix of a 1-yuan coin and converted a second-hand hydraulic press to a coin-making machine.
From April 2008 to September last year, the machine produced 1.53 million coins which Jiang sold online to buyers for 0.5 yuan a coin in Liaoning, Jiangsu and Fujian Provinces as well as Guangxi Zhuang Autonomous Region.
He was caught by Wenzhou police in November last year.
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