In Summary
  • The introduction of new notes was hoped to disrupt the multibillion currency counterfeits business, and a move by the fraudsters to quickly imitate the money is set to be a big blow to efforts to rid the country of dirty and fake money.
  • Small traders and those running M-Pesa shops have been the easy targets of the counterfeiters, who now have come up with the Sh100, Sh500 and the Sh1000 notes.

Fake new generation bank notes have hit the mainstream financial market three weeks to the September 30 deadline as imitators rush to beat the Central Bank at its own game.

Investigations by Nation reveal that the counterfeiters are getting better with every revision they have hurriedly come up with, and they are perfecting the art in under three months.

SHOCKED

The fake money syndicate, which started operating in Murang’a, has now spread its tentacles to Nairobi and Kiambu counties, taking advantage of naivety of traders who are yet to know how to differentiate the real from the fake.

The introduction of new notes was hoped to disrupt the multibillion currency counterfeits business, and a move by the fraudsters to quickly imitate the money is set to be a big blow to efforts to rid the country of dirty and fake money.

Small traders and those running M-Pesa shops have been the easy targets of the counterfeiters, who now have come up with the Sh100, Sh500 and the Sh1000 notes.

The Nation attempted to test various traders, shoeshiners and parking attendants in Nairobi and Kiambu counties with some of the fake notes that were shared with us by victims. The majority easily took the cash and transferred their goods and services without telling the fake money until we pointed out.

In one of the private parking spots on Muindi Mbingu Street, the attendants gave us a Sh200 change and receipt and was shocked when we told him the money was fake. On closer scrutiny, however, and with the benefit of hindsight, he was able to tell that the money was fake but admitted that he would just have taken it and gave it to the next person.

SYNDICATE

A shoeshiners next to Jamia Mall also failed the test, but a customer easily pointed out the fake note when we handed it to him.

The response was almost the same when we tried similar tests in Ruaka, Kikuyu, Gitaru and at Monday’s egg market at Wangige in Kiambu. From the eight traders we sampled, only three immediately pointed out there was something amiss with the notes.

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