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Criminals flooding our banking system with fake toonies from China

May 13, 2022 by SouthEtobicokeNews

POLICE experts say bad criminal artwork in the Polar Bear’s ‘split toe’ gets the blame in intercepting fake toonies.

The RCMP got their man. And he was no artist.

A flawed ‘split-toe’ on the front paw of a famed Polar Bear that graces the Canadian toonie has led to an RCMP arrest and seizure of 10,000 of the counterfeit coins.

The Mounties said cheap, counterfeit toonies are being made in China and used to infiltrate the Canadian banking system, which can net a tidy profit for international criminals.

Officers of the RCMP Greater Toronto Area Trans-National Serious & Organized Crime Section (TSOC) identified the fake coins as part of a random sampling process.

Police seized some 10,000 fake toonies which were infiltrated in the nation’s banking system, according to an RCMP release.

“It is suspected that there are additional counterfeit coins in the currency system and that the coins originate from China,” according to police.

Police allege the criminals are not known for their tidy artwork.

“The seized counterfeit two-dollar coins can be distinguished by their primary characteristic flaw of having a “split-toe” on the right front paw of the Polar Bear which resembles a “claw,” police coin experts said.

“These criminal charges are a reflection of the RCMP’s resolve in preserving the integrity of the Canadian currency system,” said Supt. Ann Koenig, District Commander of TSOC. “The RCMP is committed to working with the Royal Canadian Mint, the Canada Border Services Agency, FINTRAC, banks, and police partners to combat illicit efforts that target Canada’s economic system

James Malizia, of the Canadian Mint, said our circulation coins are among the most secure in the world.

“The unique features on Canada’s circulation coins make them among the most secure in the world and allowed these counterfeit pieces to be identified and removed from circulation quickly,” Malizia said.

Daixiong He, 68, of Richmond Hill, Ontario, has been charged with uttering counterfeit money and  possession of counterfeit money, which is contrary to Section 450 of the Criminal Code.

The suspect was arrested and released on an undertaking.

He is slated to return of Ontario Court of Justice in Newmarket on June 2.

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