Economy

Chinese police seize counterfeit money worth 2b yuan

(Xinhua)
Updated: 2010-11-29 16:39

BEIJING - Chinese police have seized counterfeit money worth 2 billion yuan ($294 million) in a nationwide campaign since 2008, the Ministry of Public Security announced Monday.

During the campaign, the police dealt with about 7,000 cases, said a statement issued by the ministry.
From January to November last year police handled 3,688 cases, detained about 6,000 people  and seized counterfeit cash worth 1.17 billion yuan, the statement said.

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The ministry did not reveal the total number of suspects detained since 2008.

Due to the crackdown, the number of counterfeit money cases fell by 63 percent year on year in the first 10 months of this year, the statement said.

Banks nationwide also reported a year-on-year reduction of 44 percent in the amount of counterfeit cash seized in the first 10 months, it said.