Global News has obtained new details about Daixiong He, a Toronto-area man who was convicted in Canada’s biggest-ever fake toonies case. He was an affluent Chinese Canadian businessman who owned a major Chinese supermarket in Scarborough. The RCMP investigation report reveals that He deposited 90 boxes of 500 suspicious toonies into bank accounts across the Greater Toronto Area in 2021. He was not alone in distributing fake coins, suggesting a “distribution network” exists in Canada’s largest city.
Despite the Royal Canadian Mint downplaying the counterfeit $2 coin problem, the RCMP report indicates that a significant volume of counterfeit toonies were in circulation in the Toronto area. He quickly pleaded guilty to uttering and possessing counterfeit money and paid a $100,000 fine after his arrest in May 2022. The possession charge was stayed, and he spent no time in jail. Details about He, a businessman and supermarket owner, were released in a 43-page investigative RCMP report under the Access to Information Act.
He deposited large boxes of fake $2 coins into his personal and business accounts at three major banks in Toronto. Global News discovered that He was the president, treasurer, and owner of Field Fresh Supermarket Inc. He drove a new $82,000 Mercedes sedan and lived in a three-garage home in Richmond Hill. The supermarket is now owned by a numbered company, 1000575070 Ontario Inc. The RCMP heavily redacted its investigation report, raising questions about the involvement of others in the counterfeit coin network.
The RCMP began its investigation into He in July 2021, after the Royal Canadian Mint requested assistance in June 2021. The fake coins had been circulating in the Greater Toronto Area since 2020. Mint inspection programs were paused during the early months of the pandemic, allowing counterfeiters to profit. The RCMP probe identified He as a suspect through the mint’s sampling and inspection program. Almost a dozen investigators were involved, including surveillance and forensics experts.
He’s downfall came when he deposited a full box of fake coins at an HSBC branch in Toronto, which was later confirmed to be entirely counterfeit. Despite the RCMP report indicating that HSBC missed the fakes, a BMO teller in Richmond Hill caught a box of counterfeit toonies deposited by He. The bank manager filed a suspicious transaction report with FINTRAC, leading to He’s arrest. FINTRAC produced a broader disclosure report for the RCMP on He’s financial activities at Bank of Montreal.
After months of delay, the RCMP finally received information about BMO’s suspicious transaction report on He. It was revealed that He had deposited fake coins at various branches of HSBC across the GTA. The investigation report highlighted HSBC’s oversight in missing the counterfeit coins. He was arrested after attempting to deposit fake coins at a BMO branch in Richmond Hill. The coins were seized and confirmed to be counterfeit by the RCMP’s National Anti-Counterfeiting Bureau.
