Reserve Bank issues warning about counterfeit notes after Pretoria bust
This follows a counterfeit money bust on Tuesday when undercover police arrested three men at a Lyttelton shopping centre in Pretoria. The operation uncovered a stash of fake banknotes and a printing machine believed to have been used to produce counterfeit rand and US dollar notes.
Police said they became suspicious after spotting a man loitering near ATMs. A search revealed counterfeit banknotes hidden among blank sheets of paper in his bag. More investigations led officers to a nearby house believed to be the base of operations, where two more suspects were arrested. They are expected to appear in the Pretoria magistrate's court next Thursday.
According to the SARB, KwaZulu-Natal remains the No 1 province where fake and illicit banknotes are found, followed by Gauteng. Despite these hotspots, the Reserve Bank reports currency counterfeiting in South Africa has declined significantly in recent years.
The R100 note is the most counterfeited banknote, largely because it is also the most circulated denomination.
SARB currency management department head Pearl Kgalegi said the Bank works closely with law enforcement to crack down on counterfeit operations and remove fake notes from circulation. In 2023 the Bank launched a new series of banknotes, introducing updated designs and improved security features for the first time in a decade.
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