LONDON (Reuters) - Gold bars fraudulently stamped with the logos of major refineries are being inserted into the global market to launder smuggled or illegal gold, refining and banking executives tell Reuters. The fakes are hard to detect, making them an ideal fund-runner for narcotics dealers or warlords.

In the last three years, bars worth at least $50 million stamped with Swiss refinery logos, but not actually produced by those facilities, have been identified by all four of Switzerland’s leading gold refiners and found in the vaults of JPMorgan Chase & Co., one of the major banks at the heart of the market in bullion, said senior executives at gold refineries, banks and other industry sources.

Four of the executives said at least 1,000 of the bars, of a standard size known as a kilobar for their weight, have been found. 

Read more and watch the video on Reuters.

Member Login

All information presented on FakeBullion.com is for entertainment purposes only.  FakeBullion.com LLC assumes absolutely no liability for the use of any content of the FakeBullion.com website or any information generated by FakeBullion.com LLC and distributed elsewhere and does not guarantee accuracy.  Donations, advertising, or any other payments do not grant insurance or recourse of any kind.  All brand names and designs remain trademarks of their respective owners.  All original information, graphics, and photographs are copyrighted and may not be redistributed (including but not limited to: other websites, forums, print media, broadcast media, etc.) without express written permission from FakeBullion.com LLC.  FakeBullion.com LLC makes no guarantees about advertisers and is not responsible for any third party transactions. 

Click here for the full site Terms and Conditions.

Newsletter