Man arrested over counterfeit money

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Police in Gasabo District have arrested a man identified as Egide Bigirimana, who was found circulating counterfeit notes amounting to Rwf236, 000.

According to the central region police spokesperson, Superintendent of Police (SP) Emmanuel Hitayezu, the suspect was arrested on December 20 in Rusororo Sector.

SP Hitayezu said that a resident of Rusororo suspected Bigirimana of possessing fake money and immediately called police.

“We intervened, arrested the suspect who indeed was found with 236 fake notes in Rwf1, 000 denominations. We have since started investigations to identify the origin of the counterfeit money and to arrest anyone behind it,” he said.

 SP Hitayezu thanks the residents for their cooperation and sharing information that led to the arrest of the suspect.

“Currency counterfeiting is a crime that continuously poses a threat to a country’s economy and is a source of financial loss to its citizens.”

Some of the ill-effects that counterfeit money has on society include reduction in the value of real money increase in prices (inflation) due to more money getting circulated in the economy – an unauthorized artificial increase in the money supply; a decrease in the acceptability of paper money; and losses, when traders are not reimbursed for counterfeit money detected by banks, even if it is confiscated.

Articles 601 to 604 of the Rwandan penal code criminalize and punish those who falsify or alter coins and bills which are legal tender.

The articles also punish those, who knowingly circulates fake monies and those who acquires fake currencies unknowingly, but circulates them after discovering they are counterfeit.

“It should, therefore, be a collective responsibility by everyone to report those individuals involved in falsifying and circulating currencies,” he said.

 

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