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Euro Coin Fraud Ring Busted In Conjunction With China

Friday, 01 April 2011 08:11

 

Euro coin fraud

A gang profiting from broken euro coins worth about €6m has been nabbed by German police in Frankfurt.

The invalid coins are believed to have been sold to buyers in China for scrap. But some appear to have been welded together and then flown back to Germany where they could be exchanged at face value for banknotes at Germany’s central bank, the Bundesbank, the only bank in Europe to accept euro coins at face value.

Six people were arrested, including four ethnic Chinese, while about three tonnes of broken coins and a coin-welding machine were also found. The whole operation, dating from 2007, is believed to have involved 29 tonnes of coins and to have been assisted by four flight assistants who smuggled the coins into Germany.

 

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