Saturday, 31. January 2015
09. 06. 14. - 16:45
A Chinese man has been jailed for two years after he made a mint by taking coins imported from abroad that were due to be recycled and cleaning them up before selling them back to the country or region.
Across the world damage coins are routinely taken out of circulation and then sold on to scrap metal dealers but although these are supposed to be shredded before being sold on, in many cases they are simply handed over whole to Chinese scrap metal dealers.
Once in China, instead of being melted down these coins were cleaned up and then sold back to the country of origin at a vast profit.
Chinese officials have refused to say which countries the coins were taken from but have confirmed they were cleaned up and sold back by Wang Chuwei, 57, at the Ruohen Township in the city of Wenling in eastern China's Zhejiang Province. They said that the total value of the coinage was well over 700,000 GBP, but that Wang had not realised what he was doing was illegal.
Police spokesman Guo Kao said: "In total he purchased 10 tons of old foreign coins but instead of melting down he simply cleaned them up and sold them on.
"Business for him was so good that even took on other members of his family including his brother-in-law Liang Enmei, an antique dealer in Shanghai, to help recycle the coins and send them back to the coins' original countries. Liang, who was well aware that what he was doing was illegal, was sentenced to six years in jail.
The pair were found guilty of "illegally buying and selling foreign currency", although Wang was not directly involved in the selling.
The problem however of recycling coins which are supposed to be scrapped is bigger than just this operation. Also in Zhejiang province, a group of three people involved in a similar business were earlier variously sentenced to nine years, eight years and nine months, and seven years and nine months in jail, for recycling and selling foreign coins worth 130 million yuan (12 million GBP).
And in another case, one and two euro coins in bi-metal designs that were just separated into an inner core and an outer ring and then sold to Chinese scrap metal dealers were put back together by the Chinese gang, and sold back to a German bank at face value.
Skier Survived Almost Two Hours Buried Alive
A skier had a miracle escape after being buried under two metres of snow for nearly two hours during an avalanche in Austria, it was revealed last night.
Puppies Found Stuffed Inside Suitcase In Back Of Van
A litter of puppies destined for a dog farm was rescued after being found stuffed inside suitcases in the back of a van.
Kangaroo That Hopped It Spotted In Garden
Austrian police investigating reports of an escaped kangaroo have been given concrete proof after a local woman managed to photograph the animal in her back garden.
First Images Of Eurovision Stage
These are the first images of the design for the Eurovision Song Contest stage unveiled in the Austrian capital Vienna which is the home of last year's winner Conchita Wurst.
Russian Mafia Boss Nabbed At Vienna Railway Station
A Russian mobster wanted for a string of brutal murders was arrested in the gentile Austrian capital Vienna when commandos swooped as he went to buy a train ticket.
Teen Girls Arrested After Offering Themselves To IS Fighters
Austrian officials who recently cracked down on terrorism by arresting several people believed to be recruiting and fundraising for ISIS have revealed two more teenage girls tried to leave the country to marry terrorist fighters.
Ebola's deadly reach impacts Vienna student
Austria has yet to record its first case of Ebola, but the feared virus has already had a severe impact on the lives of Africans living in Vienna.
Grigorij Sokolov Works His Magic At Vienna Konzerthaus
Whilst the world-famous Wizard of Oz played at the Volksoper, there was another Wizard in the Konzerthaus giving his 16th performance in Vienna!
Penelope Cruz To Play The Ice Cream Killer
The memoirs of the woman dubbed the Ice Cream Killer after she shot dead two ex-lovers before hacking the bodies up with a chainsaw and telling neighbours the noise was a new ice cream machine are due to be turned into a blockbuster with Penelope Cruz playing the lead role.
Kid Left In Coma After Beaten By Teacher For Talking
This is the shocking image of a little Chinese girl before and after she was punished by her teacher - for talking in class.
The most popular stories –
last 7 days
|Kangaroo That Hopped It Spotted In Garden|
|Death On Holiday Woman Dumps Hubby After Plastic Surgery|
|Six Year Old McDonalds Burger That Has Stayed The Same|
|Ice Bucket Extreme Challenge In China|
|Ukrainian Soldiers Made To Eat Uniforms By Pro-Russians|
Why suffer in silence. Let off steam by letting our readers share your troubles. File your complaints about anything and everything here.
Our ombudsman David Rogers will try and help solve some of the problems from lazy civil servants through to incompetent companies – and at the very least the worst transgressors will end up in our weekly special report.