Chinese firm said to have used tungsten to manufacture fake gold bars

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Published : February 21st, 2017
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By Leng Cheng
Shanghai Daily
Tuesday, February 21, 2017

The Shanghai Gold Exchange today denied a media report that it was connected with a supplier that has allegedly cheated loans with fake gold bars.

A Caijing magazine report on Monday accused Boyuan Mining Co., a metal producer based in Lingshan, Henan Province, which used to produce gold-plated tungsten bars, has caused loss of more than 10 billion yuan (US$1.45 billion) during the past decade through fraud.

The report referred the producer as one of the suppliers of Shanghai Gold Exchange since 2010 due to its expansion on assembly lines of gold production.

"Boyuan Mining Co. is not on the list of licensed suppliers," said an announcement made by the exchange. "Gold ingots, gold bars, and silver ingots traded on the Shanghai Gold Exchange have gone through strict inspections." ...

The Caijing report said that Boyuan Mining Co. managed to produce a type of gold-plated tungsten bars weighing five kilograms with 62 percent tungsten and 38 percent gold since 2005. The bullion price surged more than 30 percent in 2007, marking its biggest rise since 1979.

Caijing said the company used those fake gold bars as collateral to obtain loans from several credit unions in both Henan Province and Shaanxi Province. Main suspects were detained by the police in May 2016, the report added. ...

... For the remainder of the report:

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