Expatriate Arrested for Counterfeiting KD19,000 in Kuwait

An expatriate at the Central Bank of Kuwait attempted to exchange KD19,000 in counterfeit banknotes, believing his position would aid in the act. Investigations revealed he sought to exploit the currency exchange deadline set for April 18. He and his accomplices have since been arrested by authorities.

An Asian expatriate employed at the Central Bank of Kuwait has been apprehended for attempting to exchange KD19,000 ($61,594) in counterfeit banknotes. According to a report by Al Anba newspaper, the suspect had sought to convert these counterfeit notes—denominated in 10 and 20 Kuwaiti dinars, known as the fifth issue—believing that his bank affiliation would facilitate the process.

The investigations revealed the suspect’s misguided belief that he could easily trade the counterfeit money for new sixth-issue bills, especially since the Central Bank of Kuwait has announced that the deadline for exchanging fifth-issue banknotes is April 18. Post this date, holders of the old notes will no longer have the right to exchange them.

Following an alert from the Central Bank’s administration to the Criminal Security Service, authorities discovered that the expatriate possessed only counterfeit banknotes. During his interrogation, he admitted to taking advantage of the currency replacement initiative by counterfeiting the seized amount with the intent to exchange it under the guise of his central bank employment.

Furthermore, the accused erroneously believed that due to the destruction policy of the old currency, his fraudulent activity would remain undetected. It was also revealed that he had accomplices involved in the counterfeit operation, who were subsequently arrested.

This incident highlights the serious consequences of attempting counterfeiting in Kuwait, especially in a country where regulations around currency exchange are stringently enforced.

In summary, an expatriate working at the Central Bank of Kuwait has been caught trying to exchange a substantial amount of counterfeit currency, mistakenly believing his position would shield him from detection. The incident underscores the strict laws regarding currency and the risks of counterfeiting, compounded by the forthcoming policy change regarding old banknotes.

Original Source: gulfnews.com