Fake RM1 coins seized - The public assumption was correct all along....
THis news of Fake RM1 coins seized confirmed the public's assumption all these whiles.
BNM has made a blunder in allowing the RM1 coin to be able to be counterfeit so easy. What's next?
How about the losses of those companies who has vending machines exposed to the recall of the denomination? Or the amount lost due to fake monies all these whiles?
Bodoh punya kerja! Kerajaan bodoh, dan rakyat penuh dengan penyangak! Inilah malaysia dewasa ini..... :(
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The Star Online > North
Wednesday October 19, 2005
Fake RM1 coins seized
BY BERNARD SEE
PENANG: Counterfeit RM1 coins totalling more than RM29,000 were seized with the arrest of four men at three locations here.
One of the men was arrested when he tried to exchange RM5,000 worth of the counterfeit coins at the Bank Negara branch on Light Street at about 11am on Thursday.
A staff member became suspicious as the coins looked a bit shinier and he quickly conducted a thorough check. He called the security guard to apprehend the man when the coins were found to be counterfeit.
The man was subsequently handed over to the George Town commercial crime de-partment.
He then led the police to a car on Jalan Burma where two of his accomplices were nab-bed. Another 4,000 counter-feit coins were found in the vehicle.
After questioning, the three men took the police to a house in Telok Bahang where 20 sacks of such coins totalling RM20,000 were recovered. A fourth man was arrested at the house.
A two-week remand order for the four men had since been obtained from the magistrate's court pending investigations into the case.
The case had been classified as possession of counterfeit coins under Section 243 of the Penal Code which carries a jail term of up to seven years with a possible fine upon conviction.
Bank Negara and the police, which have described the seizure as one of the largest in the country, are presently trying to determine where the counterfeit coins were “minted”.
The suspects are believed to be the runners for a syndicate making such coins.
It is learnt that these syndicates are “running” out of time to cash in the RM1 coins which would be pulled out of circulation by the central bank on Dec 6.
The syndicates' runners are getting careless because of the impending deadline. They are taking their chances by trying to exchange these coins in large quantities.
Previously, syndicate members sold RM1,000 worth of these coins for only RM700.
Those who buy the coins would then mix them with genuine ones to purchase cigarettes or exchange them for ringgit notes in coffee shops.
© 1995-2005 Star Publications (Malaysia) Bhd (Co No 10894-D)
BNM has made a blunder in allowing the RM1 coin to be able to be counterfeit so easy. What's next?
How about the losses of those companies who has vending machines exposed to the recall of the denomination? Or the amount lost due to fake monies all these whiles?
Bodoh punya kerja! Kerajaan bodoh, dan rakyat penuh dengan penyangak! Inilah malaysia dewasa ini..... :(
*************************************************
The Star Online > North
Wednesday October 19, 2005
Fake RM1 coins seized
BY BERNARD SEE
PENANG: Counterfeit RM1 coins totalling more than RM29,000 were seized with the arrest of four men at three locations here.
One of the men was arrested when he tried to exchange RM5,000 worth of the counterfeit coins at the Bank Negara branch on Light Street at about 11am on Thursday.
A staff member became suspicious as the coins looked a bit shinier and he quickly conducted a thorough check. He called the security guard to apprehend the man when the coins were found to be counterfeit.
The man was subsequently handed over to the George Town commercial crime de-partment.
He then led the police to a car on Jalan Burma where two of his accomplices were nab-bed. Another 4,000 counter-feit coins were found in the vehicle.
After questioning, the three men took the police to a house in Telok Bahang where 20 sacks of such coins totalling RM20,000 were recovered. A fourth man was arrested at the house.
A two-week remand order for the four men had since been obtained from the magistrate's court pending investigations into the case.
The case had been classified as possession of counterfeit coins under Section 243 of the Penal Code which carries a jail term of up to seven years with a possible fine upon conviction.
Bank Negara and the police, which have described the seizure as one of the largest in the country, are presently trying to determine where the counterfeit coins were “minted”.
The suspects are believed to be the runners for a syndicate making such coins.
It is learnt that these syndicates are “running” out of time to cash in the RM1 coins which would be pulled out of circulation by the central bank on Dec 6.
The syndicates' runners are getting careless because of the impending deadline. They are taking their chances by trying to exchange these coins in large quantities.
Previously, syndicate members sold RM1,000 worth of these coins for only RM700.
Those who buy the coins would then mix them with genuine ones to purchase cigarettes or exchange them for ringgit notes in coffee shops.
© 1995-2005 Star Publications (Malaysia) Bhd (Co No 10894-D)
posted by mamat at 5:21 PM
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