Police seized fake bank notes with a total face value of more than 214 million yuan (S$44 million) late last year, after cracking the biggest counterfeiting case in China's modern history, asenior police official said.

Fourteen suspects, allegedly from a criminal gang, were detained and a large number of semi-finished counterfeit bills as well as printing equipment were seized after a production site andwarehouse were raided, said deputy director-general Lin Weixiong of the Guangdong Provincial Department of Public Security.

"The case is regarded by the Ministry of Public Security as the country's largest counterfeiting case since the founding of New China in 1949," Mr Lin said at a news conference onTuesday in Guangzhou.

A fake bank note with a face value of 100 yuan now sells for six yuan, compared with only two to three yuan about three years ago, according to the officer in charge of the case.

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Fake yuan notes with record $44m in face value seized(http://www.straitstimes.com/asia/fake-yuan-notes-with-record-44m-in-face-value-seized)