Date
23 July 2017
Vendors claim the bank notes were made of 999.9 gold, although they are actually made of gold-colored plastic. Photo: Xinhua
Vendors claim the bank notes were made of 999.9 gold, although they are actually made of gold-colored plastic. Photo: Xinhua

Shenzhen authorities seize fake gold bank note products

Shenzhen law enforcement authorities seized bundles of 100 yuan notes which vendors falsely claimed to be made of 999.9 gold.

The fake gold bank notes have recently swamped jewelry markets in Shenzhen as well as shops on the Taobao e-commerce platform, Southern Metropolis Daily reported Wednesday.

Each of the fake notes came with a “certificate of authenticity” and was touted as the perfect “lai see” (red packets) to be given away during the Lunar New Year festivities.

The manufacturer claimed that each bank note contains 2.39 grams of 999.9 fine gold and was inspected by the Ministry of Land and Resources before they were rolled out to the market.

In reality, the so-called gold foil is only a thin layer of gold-colored plastic that is worth two yuan each and the authenticity certificates were forged, the report said.

Shenzhen authorities said the manufacturers will be charged with laws against the forgery of the renminbi as the design of the product resembles that of a genuine bank note.

According to the merchants, the gold bank notes were being sold at the wholesale price of two yuan a piece and 19 to 60 yuan per set at retail.

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