Türkiye seizes $1 billion in counterfeit money

Turkish police raided a warehouse in Istanbul and discovered a billion dollars in counterfeit money packed to be smuggled to Africa.

Turkish security forces arrested six people, including a Ghanaian and three Swedes, the Istanbul governor’s office said on June 9. Gendarmes tracked the suspects to a warehouse in Istanbul’s Kagithane district and discovered boxes of counterfeit $100 bills that were destined for Africa.

Türkiye seizes $1 billion in counterfeit money — Counterfeit money in a warehouse in Istanbul on June 9. Video : *Reuters*

Authorities also searched the suspect's home and seized jewelry and cash. The Ghanaian and Swedish consulates were informed of the incident.

The Istanbul governor's office said it was the largest counterfeit money haul in Turkey's history. In 2019, Turkey busted a counterfeit money printing facility in Istanbul, seizing nearly $271 million in fake $100 bills. Police arrested five people, one of whom had been fired from the police force for being suspected of being part of the failed 2016 military coup network.

The International Criminal Police Organization (Interpol) says counterfeiting is a “lucrative business” that is often used to finance illegal activities such as human trafficking, drug trafficking and terrorism. Interpol warns that counterfeit money reduces the value of genuine currency, leading to inflation and potentially destabilizing the economic system. Criminal techniques for counterfeiting money are becoming more sophisticated as technology and equipment become more accessible.

Hong Hanh (According to Reuters )

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