Equipment used to produce fake money was confiscated by police in HCM City, following the recent arrest of two men allegedly involved in the ring. —- VNA/NS Photo

HCM CITY — HCM City police have busted a large-scale counterfeit money ring and arrested two men allegedly involved in the group, police said on Thursday.

The Department of Economic Security under the city police worked with Gò Vấp District police on Tuesday to find and arrest Nguyễn Quang Bình (born in 1990) and Vũ Duy Phương (1994). Police said the men, who are residents in the district, were involved in the counterfeit ring, which produced and transported fake money, and conducted transactions.

Following an inspection, police confiscated VNĐ500,000 counterfeit notes totaling VNĐ14.5 million (US$625), as well as equipment and materials, such as laptops, scanners, printers, fast-drying spray paint, stationery and paper, used to produce the fake money.

After an initial investigation, Bình was identified as the leader of the counterfeit group, which used the money to purchase narcotics.

According to HCM City police, the production of counterfeit money in the city is a new phenomenon since fake money is usually produced abroad and then sent to Việt Nam.

The HCM City Police Security Investigation Department is continuing its investigation. VNS