By Karim Were
IGANGA** — Police in Iganga District have arrested a 35-year-old man after he was allegedly found in possession of 98 suspected counterfeit US$100 notes** while attempting to deposit the money at a Finance Trust Bank branch.
According to preliminary police reports, the suspect visited the bank intending to deposit the cash when bank officials became suspicious of the notes and alerted security authorities.
Police responded to the scene and arrested the suspect before recovering the suspected counterfeit currency for further examination.
The recovered notes have been forwarded for forensic analysis to establish their authenticity as investigations into the matter continue.
Authorities said detectives are also investigating the source of the suspected fake currency and whether the suspect was acting alone or as part of a wider counterfeiting network.
The suspect remains in police custody and is expected to be charged upon completion of investigations.
Police have urged members of the public and financial institutions to remain vigilant when handling foreign currency and to promptly report any suspected counterfeit notes to the nearest police station.
The offence of possessing or circulating counterfeit currency carries stiff penalties under Uganda’s laws due to its potential impact on the country’s financial system and public confidence in commercial transactions.
