Expatriate Arrested in Kuwait for Attempting to Exchange Counterfeit Currency
An Asian expatriate employed by Kuwait’s Central Bank was arrested for attempting to exchange KD19,000 in counterfeit banknotes, believing his job would facilitate the process. The case has led to further investigations and arrests of accomplices involved in the counterfeiting operation. The Central Bank has set an April 18 deadline for exchanging old currency notes, reinforcing the importance of compliance to avoid legal repercussions.
In a significant legal case, an Asian expatriate employed by the Central Bank of Kuwait has been arrested for attempting to exchange KD19,000 (approximately $61,594) in counterfeit banknotes. The denominations involved were the fifth issue of 10 and 20 Kuwaiti dinars, as reported by Al Anba newspaper.
The suspect believed that his position at the Central Bank would facilitate the exchange of counterfeit notes for legitimate sixth issue currency before the April 18 deadline imposed by the bank for replacing old notes. He thought his employment would lend credibility to his actions.
Investigations revealed that the suspect had fabricated the currency in anticipation of the old banknotes being decommissioned without access to the market. He erroneously assumed that he could successfully evade detection.
During the interrogation, the suspect divulged that he was not alone in this endeavor, indicating that accomplices assisted in the production of the counterfeit bills. Subsequent actions by law enforcement led to the arrest of his collaborators.
This case highlights the legal and ethical dilemmas surrounding currency exchange and the consequences of counterfeiting. The Central Bank’s deadline for old currency notes underscores the need for vigilance against fraud. The suspect’s misguided belief that his bank affiliation would protect him illustrates significant gaps in understanding legal accountability.
Original Source: gulfnews.com
