Police raid politician's house & seize fake cash

Wash wash money seized

Fake foreign cash totalling Ksh1 billion that was recovered in Kenya

Police have raided a house alleged to belong to a politician and seized fake cash.

Reports indicate that officers in Eldoret seized an unknown amount of fake money, in local and foreign currency, at a house in Elgon View Estate believed to be fake.

K24 claimed that the house is suspected to belong to a politician who unsuccessfully vied for a parliamentary seat in the 2017 General Election.

In recent months police have raised concerns on whether Nairobi could be turning into a base for transnational fake cash cartels.

Fake currency worry

For instance, police discovered a cache of largely fake foreign cash amounting to Sh32 billion in a residential house in Ruiru town.

This was followed by a series of similar cases in the past few months.

Inadequate information on the number of fake banknotes in circulation in Kenya, analysts say, makes it difficult to establish the impact it is having on the economy.

Counterfeit banknotes remain a top form of fraud for the increasingly growing mobile money and bank agents in Kenya.

A survey by the CBK in June 2017 suggested 97 per cent of the fraud faced by mobile cash agents involved fake notes, especially the Sh1,000 and Sh500 notes.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke