Economy, Business And Markets

Counterfeiters Nabbed

Counterfeiters NabbedCounterfeiters Nabbed

Police have arrested a gang of forgers with over a thousand counterfeit notes near the Turkish border on Monday, Banker News reported. The raid took place in Khoy in the northern province of West Azerbaijan, near the border with Turkey. In the raid, police officers nabbed one gang member and confiscated 999 counterfeit cash checks with a nominal value of 500,000 rials ($14.3) along with 64 counterfeit bank checks from an undisclosed bank, according to local police chief colonel Ghassem Alidoust. The gang member “has confessed that they had forged the money abroad” and were planning to distribute the notes in Urmia – the capital of West Azerbaijan Province, Alidoust said. This is the second time this year that the police have nabbed a gang of forgers. A few months ago, members of a counterfeit ring were caught during an undercover police operation in the capital Tehran. Those men had also plotted to flood the country with 500,000-rial cash checks.