An Asian expatriate employed by the Central Bank of Kuwait was arrested for attempting to exchange KD19,000 in counterfeit banknotes. The suspect believed his position would allow him to evade detection. The Central Bank will not allow exchanges of the fifth issue after April 18, emphasizing the seriousness of counterfeiting in the financial sector.
An Asian expatriate employed by the Central Bank of Kuwait has been apprehended for attempting to exchange KD19,000 ($61,594) in counterfeit banknotes for legitimate currency. According to reports from Al Anba newspaper, the counterfeit notes were in the denominations of 20 and 10 Kuwaiti dinars, categorized as the fifth issue.
Investigations revealed that the individual believed his position at the central bank would facilitate the exchange of these counterfeit notes for new bills from the sixth issue of the currency. The Central Bank of Kuwait had announced that the deadline for exchanging fifth-issue banknotes would be April 18, after which holders of the old notes could no longer exchange them.
The Central Bank administration informed the Criminal Security Service about the apprehension of the expatriate with the counterfeit currency. During interrogations, the suspect admitted to exploiting the currency transition to counterfeit a significant amount and intended to exchange it, believing his employment would protect him from scrutiny.
The suspect mistakenly believed that the old currency would be destroyed and thus not re-enter circulation, allowing him to evade detection. The investigation also led to the arrest of accomplices who assisted him in producing the counterfeit currency.
This incident underscores the importance of vigilance in financial institutions and the potential consequences of fraud. The Central Bank of Kuwait remains firm on its policies regarding currency exchange deadlines, ensuring that strict actions are taken against counterfeiting. The case serves as a reminder of the legal repercussions involved in fraudulent activities.
Original Source: gulfnews.com
