Egyptian Authorities Smash Counterfeiting Ring
Egyptian anti-corruption intelligence officers have arrested a counterfeiting gang led by a physician. The 10-member ring specialized in forging Egyptian 20 and 100-pound notes, according to the daily Al Akhbar.
Investigations carried out by detectives confirmed the credibility of tips received by the intelligence department that forged 20 and 100-pound banknotes had been circulated in Cairo and Alexandria.
The money was found “forged with extreme precision using a color laser printer,” said the paper.
“The concerned security agencies have arrested 10 suspects with two new PCs, two laser printers and large amounts of counterfeit amounting to half a million dollars, in addition to large amounts of photocopied [banknotes] ready to be cut out and circulated,” sources told the daily.
The director of anti-forgery department, Riyadh Basalah, said that 75 percent of the counterfeiting cases last year involved criminals using up-to-date software.
This is the second case in two weeks involving such state-of-the-art technology in the hands of Egyptians counterfeiting their national currency and US dollars at home.
A third case was revealed only days ago, in which the money was printed in Italy and circulated by Egyptians at home - Albawaba.com