Police have issued a warning for those purchasing Chinese currency over social media.

The warnings stem from a rash of assaults and robberies of people seeking to exchange Canadian for Chinese currency on the social media platform WeChat for what they believe would be cheaper rate than offered by legitimate financial institutions, police said.

York Regional Police in a statement said when potential customers arrive at a meeting location, “they were assaulted or threatened and robbed of the money they brought with them to exchange.”

“Victims have lost thousands of dollars and in some cases they have suffered physical injuries,” officers of the force’s #5 District Criminal Investigations Bureau said in a release.

Police have a list of documented thefts. They include one on February 1, in which a victim met with a suspect to exchange $20,000 into Chinese currency when another man arrived and they both pointed guns at the victim and took off with his money and cell phone.

On February 28 two victims met with two Asian males to exchange $1,000. A third suspect arrive with a firearm and took the money.

And on March 5 some $18,000 was stolen from another victim who had arrived to obtain Chinese currency. The victim was assaulted and robbed, police said.

In most cases, the Chinese currency are to be sent back to China to help their families.

Police said if something is appears too good to be true, it probably is.

“Use caution when communicating with people you do not know online and avoid using unknown contacts or businesses for currency exchange,” police warn.
An investigation is underway.

Anyone with information is asked to contact the York Regional Police #5 District Criminal Investigations Bureau at 1-866-876-5423, ext. 7541, or call Crime Stoppers at 1-800-222-TIPS, or leave an anonymous tip online at www.1800222tips.com.