Expatriate Arrested in Kuwait for Counterfeiting KD19,000 in Banknotes

An Asian expatriate working at the Central Bank of Kuwait has been arrested for attempting to exchange KD19,000 in counterfeit banknotes. He believed that his employment would aid in the exchange process. The Central Bank has set a strict deadline for replacing old currency, emphasizing the consequences of such fraudulent activities.
In Kuwait, an Asian expatriate employed by the Central Bank has been apprehended for attempting to exchange KD19,000 (approximately $61,594) in counterfeit banknotes. According to reports from Al Anba, the counterfeit notes were in denominations of 10 and 20 Kuwaiti dinars, categorized under the fifth issue of currency.
The investigation revealed that the suspect believed his position at the central bank would facilitate a seamless exchange of the counterfeit notes for newly issued ones from the sixth series. The Central Bank of Kuwait has set a deadline of April 18 for the replacement of fifth-issue banknotes, after which they will no longer be exchangeable.
The Central Bank informed the Criminal Security Service about the expatriate’s possession of the counterfeit banknotes. During interrogation, the suspect admitted to leveraging the currency exchange announcement to commit fraud, hoping his employment at the bank would shield him from consequences. He also claimed that he was not worried about being caught because the old currency would be destroyed and not returned to circulation.
Furthermore, the suspect confessed that he had collaborators who assisted him in producing the counterfeit bills. Law enforcement officials subsequently detained these accomplices as part of the investigation into this counterfeit operation.
This case highlights the serious repercussions of counterfeiting within the banking sector, particularly as it pertains to the Central Bank’s efforts to modernize its currency. The swift actions of the authorities demonstrated their commitment to upholding financial integrity and preventing fraudulent activities. As the deadline for replacing old currency approaches, such incidents serve as a reminder of the vigilance needed in currency exchange operations.
Original Source: gulfnews.com