New | Farmers pass off Korean banknotes as US currency in scam targeting elderly

Four farmers in Henan province passed off South Korean banknotes as US dollars in a currency exchange swindle that targeted elderly people, local state media have reported.

Three were each sentenced to more than a year in jail and fined 20,000 (HK$25,260) on fraud charges, while the case of the other suspect would be handled separately, news website Dahe.cn reported.

One of the criminals bought 10 South Korean banknotes, in 1,000 won denomination, at an antique coin market earlier this year. He and three other farmers would then approach elderly women as they were leaving banks in different parts of Qinyang. One of the men would strike up a conversation, while another said he needed to exchange “US dollars”.

If the victim agreed, they handed over a South Korean banknote, the report said. At current exchange rates, 1,000 won is worth about 5.8 yuan, while US$1 is worth 6.1 yuan. They managed to dupe one victim out of 17,000 yuan and another of 1,000 yuan and a necklace.

The four drove off and divided the money in the car.