Police warn of syndicate distributing counterfeit money

POLICE in Nelson Mandela Bay are warning businesses to be on the lookout for counterfeit banknotes after thousands of rands’ worth of fake notes were used in an attempted money transfer last week.

The discovery came after a man was caught attempting to transfer R3 100 through a supermarket money market in Despatch.

Police suspect the money is being printed by a syndicate trying to trick businesses into accepting fake notes in an attempt to walk away with authentic ones.

Police spokeswoman Captain Gerda Swart said the bust came after a teller caught a man, 38, attempting to do a money transfer at a supermarket.

“On accepting the notes, the teller used a counterfeit detector machine which showed the money to be fake.

“Police were alerted and the man arrested. He had another R100 note in his trouser pocket,” Swart said.

“Due to the quantity of money in his possession, he was detained for detectives to follow up leads.”

Yesterday, the man was released after the National Prosecuting Authority requested further investigation into how the money was being printed and distributed.

“Investigations are continuing and we are looking for all the counterfeit cash and also aim to seize the machine used to print it,” she said.

Swart said the money was very realistic and cautioned businesses to be extra vigilant.

“We appeal to the community, vendors and businesses to be vigilant as they may fall prey.

“We urge people to scrutinise all bank notes, from R10 to R200 bills, and to be on the lookout for anything suspicious.

“The money looks genuine, but one must pay more attention to the various security features.”

Police said one way such syndicates tried to authenticate their fake notes was by purchasing items from businesses or transferring the money through various money market outlets – not through the bank.

“Once they purchase something, the change they get will by authentic and the business will be sitting with the counterfeit note – the same as once a money transfer is done with fake money.

“All these are tactics used by syndicates that distribute these counterfeit notes.

“The businesses will lose, as the bank will refuse to accept those notes.”

Swart said the fake notes had the reflective bank strip as well as watermarks and other markings.

“These counterfeit notes are extremely well done. The only way to tell the difference is with a testing machine.”

These counterfeit notes are extremely well done