Turkish police seize fake currencies worth Ksh.15 billion in Istanbul

Turkish police have seized a cache of counterfeit foreign currencies worth around $115 million (Ksh.14.8 billion) in Istanbul and arrested five foreign nationals suspected of planning to circulate the fake banknotes, the interior minister said Friday.

"Five foreign suspects were detained," Turkish Interior Minister Ali Yerlikaya said on X, sharing a video showing around 20 suitcases inside an apartment, including one filled with counterfeit $100 notes.

Bundles of fake 500-denomination Saudi riyal notes and 100- and 200-pound Egyptian bills were also visible in the footage.

Equipment used to produce the forged notes was also seized by Turkish gendarmes, Yerlikaya said.

In late 2024, currency exchange offices in Istanbul and several Turkish tourist cities temporarily stopped accepting $50 and $100 bills, warning that large numbers of sophisticated counterfeits were slipping past detection machines.