The phrase “making money” can be interpreted in two ways.
According to statistics I just made up, 96% of people define “making money” as earning cash from a job, whether self-employed or employed by a company.
But for the remaining 4%, they take the phrase a little too literally and actually manufacture fake cash.
The business of counterfeiting money is almost as old as money itself, but so are the laws that prohibit it.
So, if you get into the counterfeit cash business, be prepared to face the consequences.
2 Men Arrested for Making Counterfeit Notes; 1 Man Arrested for Using the Note to Buy Lottery Ticket
The police have arrested three men for allegedly conspiring to use counterfeit notes.
According to a statement yesterday (6 July), two of the men – aged 27 and 44 – were apprehended on Sunday for their suspected involvement in making counterfeit notes.
Officers seized counterfeit $100 “portrait series” notes amounting to $17,500 from them.
The portrait series, the fourth set of currency notes to be issued here, is the one currently in circulation. It was first introduced on 9 September 1999.
The 44-year-old will be charged in court today (7 July) with forging bank notes, while the younger man is assisting with police investigations.
As for the third man, aged 63, he made a crucial mistake that led to his arrest: using a counterfeit $100 note to buy a lottery ticket.
Counterfeiting cash is practised worldwide, but this must be the most Singaporean way to spend it.
The 63-year-old purchased the lottery ticket at Ubi Road, and was soon arrested by officers from the Commercial Affairs Department.
The officers found a counterfeit $100 note and drug-related paraphernalia in the man’s possession.
It’s unclear if the three men knew one another or acted together.
Why Counterfeit Cash is Bad
Contrary to what some think, counterfeiting is not a victimless crime.
For one, it undermines the value of the currency which it imitates, meaning people become wealthy without adding any real value to the economy.
This, in turn, will increase the price of goods, and soon cause people to lose confidence in the value of cash.
With enough time, money would become worthless.
In some countries, counterfeit cash is also often manufactured by criminal gangs and the proceeds are used to fund their illicit activities.
If you suspect you have received fake currency notes, you should make a report at the nearest neighbourhood police centre.
You could also delay the person who gave you the suspected fake note and call the police immediately.
Those found guilty of counterfeiting bank notes or using them face up to 20 years in prison.
Also, to know more about bank notes, watch this video to the end:
Featured Image: Singapore Police Force
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