Kuwait Expat Arrested for Attempting to Exchange Counterfeit Currency

An Asian expatriate, employed at the Central Bank of Kuwait, was arrested for attempting to exchange KD19,000 in counterfeit banknotes. The currency, part of the fifth issue, was deemed illegal to trade after a set deadline by the Central Bank. Investigations revealed he thought his bank connections would aid in passing the counterfeit money, indicating a critical oversight on his part regarding legal repercussions.

In Kuwait, an Asian expatriate employed at the Central Bank has been apprehended for attempting to exchange KD19,000 (approximately $61,594) in counterfeit banknotes. This incident has prompted legal action and the suspect has been referred to the public prosecution, according to a report by Al Anba newspaper. The counterfeit notes, primarily in denominations of 10 and 20 Kuwaiti dinars, are identified as being part of the fifth issue.

Investigations revealed that the suspect believed his position at the Central Bank would facilitate the exchange of these counterfeit banknotes for legitimate sixth-issue currency. The Central Bank has established April 18 as the cut-off date for exchanging fifth-issue notes, after which holders will be unable to convert them into new bills.

According to security updates, the Central Bank promptly alerted the Criminal Security Service regarding the expatriate in possession of counterfeit banknotes. During investigations, the accused admitted to capitalizing on the currency exchange initiative to pass off the counterfeit currency, mistakenly thinking his employment would shield him from detection.

The suspect was under the false impression that the old currency would not re-enter circulation and would instead be destroyed. Furthermore, he confessed to collaborating with accomplices, who assisted in the production of the counterfeit notes. These associates have also been arrested a part of the ongoing investigation.

This incident underscores the legal implications of counterfeiting, particularly involving individuals with positions in financial institutions. The arrest serves as a warning about the stringent measures enforced by the Central Bank of Kuwait regarding currency exchange. Moreover, it highlights the collaborative nature of such fraudulent activities and the significant consequences for those involved.

Original Source: gulfnews.com