RWANDA: HOW FRAUDSTERS DISTRIBUTE FAKE CURRENCY | AfriTV Online

Police operations against syndicates that print and distribute fake currency in different parts of the country recovered counterfeit money amounting to more than Rwf13.9 million, in the month of October, reports indicate.   The cases which mainly emerg...

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RWANDA: HOW FRAUDSTERS DISTRIBUTE FAKE CURRENCY

Published by: A. Odean
11/04/2020 10:26 AM

Police operations against syndicates that print and distribute fake currency in different parts of the country recovered counterfeit money amounting to more than Rwf13.9 million, in the month of October, reports indicate.

 

The cases which mainly emerged in the Western region involved fake notes in both the local currency and foreign currency. According to the Central Bank, one of the top tricks used by fraudsters during the shady practice is to mix genuine banknotes and counterfeit money.

 

"They normally make payments in large sums of money (bundle of 100 or 1000 banknotes) but they mix genuine banknotes and counterfeiting money," said the Central Bank adding, that it's the reason every bill must pass through a counting machine or be manually verified.

 

However, the Central Bank pointed out that counterfeiters will in most cases not take their money to financial institutions including banks, because they have got money detection machines.

 

"Counterfeiters avoid to bring these fake money at banks, because they know the counting machines will detect them. Most of the time they sell the fake notes at places where no one will bother with verification," the regulator said.

 

The common places according to the Central Bank include public markets, bars, supermarkets and night clubs. According to the National Bank of Rwanda, there is need for increased awareness as well as vigilance in order to curb the practice.

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