Indian Rupee favorite currency of choice for counterfeiters
Indian rupee is the hot favorite of counterfeiters who smuggle it into the UAE. It is followed by the US dollar, according to a top Dubai Police official.These fake notes are of such high quality that the public finds it difficult to identify them.
In fact, some staff in financial establishments cannot tell the difference between fake and original notes. The Indian rupee makes about 80 per cent of the total fake currencies that are smuggled into the Emirates through different entry points.
Major Rashid Mohammed Saleh, Deputy Director of Anti-Economic Crime Department at Dubai Police, said Africans topped the list of suspects involved in fake money cases, followed by Asians and Arabs. “Majority of Asians who smuggle and sell fake Indian rupee notes are Pakistanis,” he said.
80% of total fake notes smuggled into the UAE are Indian rupees.
“The number of cases has increased noticeably of late due to the increase in the number of police raids,” he said.
Majority of the fake money here is smuggled from abroad. “However, there are a few cases where the suspects make and print fake currencies here, but these are very few. In one incident, police arrested an Asian suspect who was trying to sell about Rs5 million (Dh0.39m) for Dh10,000.”
The police have secret agents who provide them with information about people involved in the fake currency racket, he said. “However, this is not enough. We urge the public to come forward and inform us of any such case. We have many agents, but still we need public help to be able to combat the illegal practices. Those who know about any such case can call us on our hotline 04 203 6341.”
He added fake currency is offloaded in the market by paying for things in shops and malls. “In one case, an African suspect paid $100 for a dress that he bought for only
Dh100. The shopkeeper was happy to get the extra money and accepted the dollar. It was only later that he found out he was a victim. Some also take fake notes to their
countries and offload them there.”
Well, besides population, atleast we are trying to be first in something else.