Society

16 prosecuted for fake money worth $24 million

By Zhao Chenyan (chinadaily.com.cn)
Updated: 2010-12-16 14:55

Sixteen men were prosecuted in Dongguan, South China's Guangdong province for making counterfeit RMB notes worth more than 160 million yuan ($24 million), according to the People's Procuratorate of Dongguan, Guangzhou Daily reported Thursday.

It was the largest single amount ever confiscated in Dongguan, said the People's Procuratorate of Dongguan.

Led by a 41-year-old man surnamed Xiao, the group forged the large amount of fake notes in four months late last year and has sold 56 million yuan ($8.4 million), reaping a staggering profit of 1.8 million yuan ($271,000).

So far, the police haven't yet identified the whereabouts of the sold counterfeit money.