RCMP in Richmond, B.C. seized more than $1 million in fake Canadian $100 bills yesterday breaking up one of the largest counterfeit rings ever in the province.
The bogus bills were being produced in an apartment mostly with an inkjet printer. When the RCMP arrived to raid the apartment, the process of manufacturing the bills was not yet completed, said Sgt. Tony Farahbakhchian or the E Division Federal Commercial Crime Section.
“He didn’t quite have the finished product yet,” he said.
According to The Province, the bills had been printed three to a sheet on one side only and a watermark and puzzle number were missing. Security features such as security threads, foil strips and holographic stickers had also not been added.
Farahbakhchian told The Province that the quality of the notes varied, but overall they were average reproductions.
He also urged the public to pay close attention to their banknotes and to be aware of the security features, especially during the holiday season when counterfeit money can be easier to spread due to busy stores and the amount of money being exchanged.
Though the Bank of Canada introduced a new, more secure, polymer $100 bill in November, these fakes were modeled after the old series, which is still in active circulation.
Trevor Frers, from the Bank of Canada, applauded the raid.
“For the RCMP to seize over $1 million in counterfeit notes before they enter circulation, that’s a huge victory against counterfeiting,” Frers said.
According to RCMP, The Province reports, the overall passing of counterfeit bank notes has decreased since 2004 due to upgraded security features. The new polymer $100 note is expected to reduce counterfeiting even more and increase durability.