UAE | Crime

Man held allegedly with 'fake' $1m bank notes

Confiscated bills were used by US multi-millionaires club for decorative purposes and sold as collectors' item

  • Staff Report
  • Published: 00:00 August 29, 2010
  • Gulf News

Abu Dhabi: Abu Dhabi Police have arrested a man for trying to exchange two $1-million bills at the UAE Central Bank.

Abu Dhabi Police said the confiscated $1-million bills were not real currency notes but had been used for decorative purposes by a group called the "International club for multi-millionaires" in the US.

Police said the 45-year-old African suspect convinced a European woman that the $1 million bills were genuine and could be exchanged at the UAE Central Bank. He also allegedly offered her 30 per cent commission on the two notes, for acting on his behalf, the police said.

When the woman approached the Central Bank, the department dealing with the counterfeit currency at the bank informed Abu Dhabi Police.

Police said the woman agreed to co-operate with the joint bank and police operation, in a bid to arrest the man.

She then convinced the suspect that the bills had already been exchanged, and arranged to meet him on the pretext of handing the money to him at a hotel in Abu Dhabi.
Abu Dhabi Police said they arrested the suspect during the meeting and that when interrogated he said he got the bills from a gold and diamond merchant in Belgium who had offered him 154 similar bills.

Colonel Hammad Al Hammadi of Abu Dhabi Police said the suspect arranged with the Belgian merchant to take two bills for trading. Colonel Al Hammadi said there was no $1-million currency note.

The international club for multi-millionaires in the US had used one of the bills for decorative purposes only. However, some club members could sell the bill to collectors outside the club for between $50,000 (Dh183,630) and $150,000, he said.

Gulf News
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