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Friday , 18 August 2017
Breaking News

83 held in China over fake auction of antiques

A gang of 83 Chinese nationals has been arrested for faking the auction of precious antiques worth over Yuan 6 million. Their modus operandi involved contacting owners of antiquites who would be interested in getting their goods sold. The gang would then charge an obscene amount of money Yuan 15,000 to Yuan 30,000 to authenticate these goods and issue fake reports of antique authentication. They would then claim to hold a fake auction and inform the owners that their products were unsold as the price set by them was too high.

Chinese authorities had arrested over 100 but believe that only 83 may finally face criminal charges. The investigation of the case began in July of 2016 as there were 3 such fake auctions that were reported in the district of Putoto.

 

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