The Chinese police has announced that counterfeit notes with a face value of 422 million yuan ($59 million) has been seized in the largest haul since the founding of the People’s Republic of China in 1949.
Sixteen members of a counterfeiting ring all the way from southern Guangdong province to Heilongjiang province in China’s far northeast were apprehended in a joint police operation, the Ministry of Public Security revealed in a statement Thursday.
According to the Ministry, none of the six tonnes of counterfeit currency found their way into circulation.
Other Items seized from operation by the Chinese Police were counterfeiting equipment and raw materials.
Physical currency is becoming obsolete throughout China as more and more consumers use mobile payment systems such as WeChat Pay and Alipay in everyday life.
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