Expatriate Employee Caught Attempting to Exchange Counterfeit KD19,000

A Central Bank employee was caught trying to exchange KD19,000 in counterfeit banknotes. He believed his position would facilitate this illegal act, but has since been directed to public prosecution. The incident emphasizes the strict measures in place against counterfeiting and the impending deadline for exchanging old currency notes.

An Asian expatriate, employed by the Central Bank of Kuwait, has been apprehended for attempting to exchange KD19,000 ($61,594) in counterfeit banknotes. This incident has been reported by Al Anba newspaper, with the individual now directed to public prosecution for his actions. The counterfeit notes, which were in the denominations of 10 and 20 Kuwaiti dinars, belong to the fifth issue of the currency.

Investigations revealed that the suspect believed his position at the central bank would facilitate the replacement of the counterfeit currency with legitimate sixth-issue banknotes. The Central Bank of Kuwait has indicated that holders of the fifth-issue notes must exchange them by April 18, as they will no longer be valid after this date.

The central bank’s administration informed the Criminal Security Service about the discovery of the counterfeit notes with the expatriate. During interrogation, the suspect acknowledged exploiting the currency exchange process, believing his employment would allow him to evade detection. He mistakenly thought that the old currency would not re-enter circulation but would be destroyed instead.

Furthermore, the source noted that the accused admitted to collaborating with others to produce the counterfeit currency, resulting in the arrest of his accomplices. This case highlights the risks associated with counterfeiting and the scrutiny placed on banking operations by authorities.

The apprehension of an expatriate at the Central Bank of Kuwait demonstrates the serious consequences of attempting to engage in counterfeiting. Despite believing that his employment would shield him from scrutiny, his actions underscore the banks’ vigilance in maintaining currency integrity. The incident serves as a reminder of the importance of compliance with currency exchange deadlines and the legal ramifications of fraudulent activities.

Original Source: gulfnews.com