Yangon man arrested for using fake banknotes

He is facing charges of counterfeiting, just when some residents in the city have complained about the widespread of fake banknotes.

According to Tamwe Township Police Station, eight Ks 10,000 banknotes were seized from Kyi Htay, 28. After investigation by anti-narcotic drug police force, a colour printer was seized. 

“He denied it at first but confessed later,” said Myint Lwin Oo, a police inspector from Insein CID. “Further investigation showed us the printing machine and he confessed that he just produced fake banknotes from the machine. Then, he used the notes to buy things.” 

Kyi Htay was arrested after he bought betel nut and cigarettes with a fake banknote. Suspicious, the shop owner thoroughly inspected the note. The young man then ran off. 

According to the police, Kyit Htay is originally from Rakhine State. 

In the previous week, several Yangon residents have complained on the widespread of fake Ks 5,000 and Ks 10,000 banknotes. 

Win Myint, secretary of the Lower House banks and financial development committee, said central bank officials previously warned people in border areas about counterfeit notes after cattle had been sold to foreigners for fake notes. He said the central bank has also acquired machinery to detect counterfeit bills.

Myanmar did not have a major problem with counterfeit notes when Western countries imposed sanctions because these led to a shortage of machinery and ink needed to produce counterfeit notes. The easing of sanctions has allowed forgers to upgrade their techniques.

Ks 5,000 bills were introduced on October 1, 2009, and Ks 10,000 notes first hit the streets on June 15, 2012. The fakes were quick to follow the introduction of the new notes, Win Myint said. 

More than Ks 2.8 trillion worth of Ks 5,000 banknotes is in circulation. Guilty of counterfeiting, the person could face stiff penalties, including a life sentence.