Ras Al-Khaimah Police have seized AED27.5 million ($7.5 million) in counterfeit currency after receiving a tip-off that it was going to be distributed into circulation.
The General Command of Ras Al-Khaimah Police, in cooperation with the General Directorate of Criminal Security, arrested three people of Arab nationality, on the charge of possession of a counterfeit foreign currency with the intention of promoting and circulating it.
A criminal investigations department team, with the help of secret sources, was formed to investigate the premises where the fraudulent notes were seized. More bogus bank notes were subsequently.
Ras Al-Khaimah Police confirmed that engaging in the counterfeiting of currency in all its forms is a serious crime punishable by law as it touches the national economy, disturbs financial confidence in internal and external financial markets.
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