China: Around The Nation

Chinese vocational school graduate arrested for printing 10m yuan of fake banknotes

PUBLISHED : Friday, 19 August, 2016, 1:54pm
UPDATED : Friday, 19 August, 2016, 1:54pm

A vocational school graduate in eastern China has been arrested for counterfeiting money with a total nominal amount of more than 10 million yuan (HK$11.7 million) with a technique he invented himself, local media reports.

The 23-year-old man, who studied in Yantai, Shandong province, designed a fake 20 yuan template using the Photoshop graphics editing software and produced more than 500,000 notes using 20 printers, the news portal of the Qilu Evening News reported.

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The counterfeit money, which looks realistic, would be sold for 800 yuan per kilogram, with a nominal amount of 20,000 yuan.

The fake notes had been sold to 15 provinces and 27 cities when the man, identified only by his surname Li, was arrested in late May.

Some of his distributors, including one in Yongzhou, Hunan province, three in Zhongshan, Guangdong province, and two in Yantai, were also arrested in the following police operations.

The man told police he started to counterfeit money in February in order to make quick money and buy a house.

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He used QQ, a popular instant messaging software service to promote his “products” to clients, the report said.

He made a profit of more than 300,000 yuan in three months and was making templates for 50 yuan and 100 yuan notes.

Over 20 colour printers and two computers were seized from his apartment, police said.

The police are further investigating the case.