Expat Arrested in Kuwait for Attempting to Exchange KD19,000 in Counterfeit Currency
An Asian expatriate employee of the Central Bank of Kuwait was arrested for attempting to exchange KD19,000 in counterfeit notes. He believed his position would allow him to circumvent detection while exploiting the currency transition. The Central Bank has set a deadline for replacing old notes, intensifying scrutiny in financial exchanges.
In Kuwait, an Asian expatriate employed by the Central Bank has been apprehended for attempting to exchange KD19,000 (approximately $61,594) in counterfeit currency. Reports indicate that the counterfeit notes, categorized under the fifth issue, were in denominations of 20 and 10 Kuwaiti dinars. The individual believed that his affiliation with the central bank would facilitate the laundering of the counterfeit bills for legitimate currency from the newer sixth issue, as per the Al Anba newspaper report.
In light of the impending deadline of April 18 set by the Central Bank for exchanging older notes, the management alerted the Criminal Security Service upon discovering that the expatriate possessed a significant amount of counterfeit currency. Investigations revealed that he had planned to take advantage of the currency transition to circulate his counterfeit notes, under the false assumption that his position would shield him from detection.
The accused admitted to being misled by the belief that the old currency would not re-enter circulation but would instead be destroyed. He further confessed to having assistance in the production of the counterfeit notes, leading to the arrest of his accomplices following the investigation. This case highlights issues surrounding currency exchange and financial deception during the transition period.
This incident underscores the crucial need for vigilance and strict enforcement in financial transactions, particularly during a currency transition. The actions of the expatriate not only reflect a grave misjudgment based on his employment but also raise concerns about organized counterfeiting activities involving multiple individuals.
Original Source: gulfnews.com
