18.6 tons of counterfeit gold discovered in China

Copper instead of gold

A company was uncovered in China that had probably stored counterfeit gold for years as security for loans. However, no particular effort was made to deceive the creditors. The fictitious gold of the Wuhan-based company Kingold Jewelry Inc. was gold-plated copper bars, according to the Chinese intelligence service Caixin. These counterfeits stand out only when weighing.  Fine gold envelopes with a tungsten core are much more difficult to identify. However, such counterfeits will also be discovered if they are checked closely.

 

Counterfeit gold as security

Kingold has borrowed the equivalent of around $ 2.8 billion from more than a dozen lenders in recent years. The company is also listed on the Nasdaq US stock exchange. The false gold was discovered last February after a loan from the financial group China Minsheng Trust Co. Ltd was threatened in 2019 and a court granted an examination of the deposited gold. It is unclear whether there was never anything other than the copper bars in the safes, or whether gold bars were later exchanged for counterfeits.

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