83 tons of counterfeit gold bars discovered in…Wuhan, China

A dozen Chinese financial institutions, mainly shadow banks loaned 20 billion yuan (US$2.8 billion) over the past five years to a company named Wuhan Kingold Jewelry which used pure gold as collateral. The “gold” turned out to be gold-plated copper. Lenders are now left with 16 billion yuan vacuum in collateral because of the fake bars.

Dongguan Trust set out to sell the fake bars to cover defaulted Kingold debts but soon discovered that it had been hoodwinked.

Turns out the scam went even deeper – all the way to real estate…the full story here.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s