Photo for illustrative purposes only. Image Credit: Bloomberg

Dubai: Dubai police have arrested two men who were trying to exchange counterfeit American dollars on the black market, an official said.

The two Arab nationals were caught while trying to exchange fake currency — purpotedly worth Dh30,000 — away from the verified exchange offices in the city.

Colonel Omar Mohammad Bin Hamad, deputy director of the Anti-Economic Crime Department, said they were tipped-off about the two men trying illegally sell the fake dollars.

“We set a trap for the pair by sending an undercover police officer to meet them. He told them that he would buy the dollars and we arrested them when they met,” Col Bin Hamad said.

The suspects handed over the fake dollars to the police officer who inspected them quickly before giving a signal to other policemen to raid the place and arrest the suspects.

“They confessed to possessing fake dollars and trying to exchange them into dirhams,” he added.

The two suspects were referred to Dubai Public Prosecution to finish the investigation.

Col Bin Hamad warned the public of exchanging currency outside verified exchange offices in the country.

“It is dangerous to exchange money outside verified companies. Scammers take advantage from people willing to buy currency with different exchange rates,” he said.