Fake Money Factory Busted
Richmond, B.C.- Four men have been arrested and over $1 million in counterfeit cash seized after the RCMP Federal Commercial Crime Section dismantled a large counterfeit currency factory in Richmond.
The seizure of $1.15 million, one of the largest seizures in British Columbia’s history, comes after RCMP Federal Investigators executed a search warrant at an apartment in Richmond, earlier this month. The specialized Integrated Counterfeit Enforcement Team was assisted by the Richmond RCMP and the RCMP Emergency Response Team on the successful raid.
“The economic integrity of Canada is a National Strategic priority for the RCMP,” says Inspector Ian Lawson, Operations Officer, Federal Commercial Crime Section. “This seizure is a particular success because the RCMP took enforcement action prior to any of the counterfeit currency reaching circulation preventing the proceeds from being used to fund other criminal activity.”
This investigation led to the factory where the RCMP seized sheets of uncut fake Canadian $100 Canadian Journey Series Bank notes, blank credit cards, computers and equipment used in the production of counterfeit banknotes and credit cards.
“Counterfeit cash directly impacts Canadians. By passing this fake money to retailers and consumers, the criminals are stealing from businesses and individuals and leaving all legitimate consumers responsible for the cost,” explains Insp. Lawson.
Four males in their early twenties have been arrested. Recommended charges will include Making and Possessing Counterfeit Banknotes and for Possessing Instruments for Making Counterfeit Banknotes.
The Bank of Canada encourages retailers and the general public to check their bank notes. It only takes a few seconds to verify if a note is real or fake. Training materials on counterfeit detection can be obtained by calling the Bank of Canada’s toll-free number at 1-888-513-8212. They can also be downloaded from the Bank’s website at www.bankofcanada.ca/en/banknotes.
Comments
“Fake Money Factory Busted..
– Ahh crap i thought this article would be about an audit of the federal reserve or the bank of canada…
Just when our economy needs jobs, they shut down another factory.
Yep, I am sure the shady characters are trying to get as much out of the old money as they can now. The new $100’s look pretty cool.
I just wonder how much of what they didn’t find, has been put into circulation? Very nice work by the RCMP though.
I think it would be very appropriate to change our currency every 10 years or so. Those who hold lots of dirty cash would have difficulty explaining where they got it from when it came time to exchange it to the new currency.
“New money” is created any time any Bank lends or spends, for any purpose. It’s created by simply crediting a customer’s deposit account ~ simple bookkeeping.
All the Federal Reserve in the USA, or the Bank of Canada here does, is put some of that “new money” into a tangible form (banknotes).
Most of it will never have any equivalency in actual currency.
It will be born, exist, and finally disappear simply as accounting debits and credits. If counterfeit notes were never detected as counterfeit, all they’d do is add to what’s insufficient in the whole economy anyways, since money, in its totality, is currently always less than prices expressed in money are, taken collectively.
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