Global News has uncovered fresh information about a Toronto-based man who was subtly convicted in the largest counterfeit toonie case in Canada. The man, Daixiong He, is a wealthy Chinese Canadian businessman who was the owner of a significant Chinese supermarket in Toronto’s Scarborough area when he was arrested.
A recent report by the RCMP discloses that He deposited 90 crates containing 500 suspicious toonies each into various business and personal accounts at three major banks across the Greater Toronto Area in 2021. He was arrested in May 2022, with the police confiscating nine of these crates or 4,500 coins, before they infiltrated Canada’s financial system.
The RCMP report suggests that He was not the only individual involved in distributing counterfeit coins in Toronto, inferring the existence of a “distribution network”. Despite this, He managed to avoid public and media scrutiny by quickly pleading guilty to owning and circulating counterfeit money, paying a $100,000 fine, and avoiding jail time.
The Royal Canadian Mint has consistently downplayed the counterfeit $2 coin issue, but the RCMP report indicates that the mint admitted to the RCMP in June 2021 that a significant amount of counterfeit two-dollar coins were in circulation in the Toronto area.
While He’s case was kept under wraps, Global News was able to access a 43-page investigative RCMP report about him under the Access to Information Act. The report, prepared by the RCMP’s GTA serious and transnational organized crime unit, revealed He was a businessman and supermarket owner at the time of his arrest.
He made large deposits of fake $2 coins into his personal and business bank accounts at three Toronto banks, including HSBC, Royal Bank, and Bank of Montreal. He was listed as the president, treasurer, and owner of a large Asian supermarket in Scarborough, Field Fresh Supermarket Inc., at the time of his arrest.
Despite He’s guilty plea, significant portions of the RCMP’s investigative report were redacted, creating speculation about the involvement of other individuals in the counterfeit distribution network. The report also highlights issues with the coordination between the RCMP and Canada’s financial intelligence agency, FINTRAC, during the pandemic.
