Eight arrested while trying to exchange counterfeit cash

Dubai: Police arrested eight people who tried to exchange large amounts of counterfeit money totalling $800,600 (Dh2.93 million)

The Dubai Police Department of Combating Econ-omic Crimes received a tip-off about an Asian man who possessed counterfeit money of $100 in addition to Indian rupees and was looking for a buyer to exchange the counterfeit money with original money.

Investigations revealed there were two men, a Gulf national and an Arab, who had obtained counterfeit currency from the Asian man. The Asian had also asked two other Asians to look for buyers of counterfeit money.

Police search teams drew up a plan to trap the suspects.

Negotiations took place with A.M. who led the search operation, related to receiving and handing over counterfeit money.

Investigations also revealed that two African men possessed $300,000 in counterfeit cash for sale for Dh600,000.

A policeman was prepared to buy the counterfeit money and four suspects were arrested while handing over $300,000 in counterfeit money. Previous information indicated that the money belonged to a European man staying at a Dubai hotel.

Police arrested the European at his residence along with a woman of the same nationality and seized counterfeit currency worth $507,600 stored in a closet at his residence.

It was also revealed that A.A., an Arab man was directly linked to the operation and was also arrested the same night.

Dubai Police referred the eight suspects to the Public Prosecution for further investigations.