Around the World – Counterfeiting Update

In this periodic series summarising counterfeit currency around the world, we focus on the latest news from Hong Kong, Libya, Scotland and Ukraine.

Fake Banknotes Used in Cryptocurrency Sting

In Hong Kong, police have busted a crypto fraud ring that was using counterfeit banknotes as part of the scam. The latest arrests bring to 14 the total number of people detained in similar cases since last October, with losses amounting to HK$14 million.

The suspects were arrested on charges of conspiracy charges to defraud, possession, and the use of 5,000 counterfeit banknotes. The masterminds behind the scheme sourced the counterfeit notes and identified potential victims online, posing as reputable cryptocurrency investors. They offered enticing deals above the cryptocurrency market rate, drawing unsuspecting individuals to the bogus cryptocurrency exchange shops they had set up.

Once lured into the shops, their victims were shown stacks of counterfeit HK$1,000 banknotes, only the top and bottom of which were authentic. This display was intended to convince them of the transaction’s legitimacy.