The city of Wuhan, China, is hitting the headlines again – this time as the place of origin for what could be one of the largest gold counterfeiting scams in recent times.
According to multiple industry reports published this week, the Wuhan-based, NASDAQ-listed Kingold Jewelry issued 83 tonnes of alleged gold -- valued at $4.2 billion and the equivalent to 22 percent of the country's gold -- as collateral to obtain loans from at least 14 Chinese money lenders and trust banks.
Except the "gold" in the bars is suspected of being gilded copper.
"This is hardly surprising; most of the fakes we see in our business are coming out of China," Michael Wittmeyer, a gold expert for JMBullion.com. "There are replica products of what we sell online, and while people pay good money, they are essentially worthless."
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The city of Wuhan, China, is hitting the headlines again – this...
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