Chinese police seize 422-million-yuan counterfeit money

BEIJING - Chinese police have busted a currency forgery case and seized counterfeit money with a face value of 422 million yuan ($59.5 million), according to the Ministry of Public Security (MPS) on Thursday.

The case represented the largest face value of fake renminbi (RMB) seized in a single case since the founding of the People's Republic of China in 1949.

Police from Heilongjiang and Guangdong provinces captured 16 suspects and seized equipment and raw materials for money counterfeiting in a joint operation.

All counterfeit money involved in the case has been confiscated on the site without leaking into the market, according to the MPS.

Police in Guangdong province found clues of currency forgery activities in late 2019 and reported the case to the MPS. After a three-month investigation, the MPS located their whereabouts before arresting the suspects.