20 Kenyan MPs linked to fake currency cartels
Details have emerged of how close to 20 Members of Parliament are making millions of shillings from dealings in fake currency.
The MPs are said to be in a part of local and international cartels which are conning gullible individuals and investors.
In a new investigation, The Standard has reported that the local and international racketeers are involved in the lucrative yet illegal business, raking in millions of shillings from counterfeit money and gold.
The criminal ring also includes corrupt police officers, fast-talking wheeler-dealers, immigration officers, bankers, high-end hotels and judicial officers.
According to the report by The Standard, these cartels send scouts to popular tourist destinations,where they check into presidential suites in five-star hotels, posing as rich businessmen and interact with the rich and famous.
Just like in the case of Barclays Bank Queensway branch, where fake currency equivalent to Sh 2 billion was recovered last week after a raid by police, they rent out secure safe boxes in banks and conceal the fake currency and gold.
On March 19, 2019, a raid at Barclays Bank Queensway branch saw police net more than Sh 2 billion in fake currency and a consignment of fake gold stashed in a safe belonging to certain Mr Eric Otieno Adede.
On February 27, 2019, Sh32 billion in fake foreign currency was recovered at a residential house in Ruiru town, 26km north-east of Nairobi,
In October 2018, a male Chadian national, his son and their Kenyan accomplice were arrest and prosecuted for being in possession of about Sh1 billion in counterfeit Dollars and Euros.
In June 2018, the High Court in Nairobi sentenced a Niger and Cameroonian nationals to 10 years in jail for being in possession of an estimated Sh110 billion in counterfeit currency.
Two other suspects were arrested at the Jomo Kenyatta International Airport (JKIA) in October 2016 with fake Sh267 million Euro notes in 500 bills on their way to Dubai.
According to The Standard, there are printers in Luthuli, Khoja and Kirinyaga roads, whose specialty is bulk printing of counterfeit currency.
The houses are equipped with the printers, and supplies of vitamin C, iodine liquid, paper cutting machines and rims of white papers.
Two chief inspectors of police have also been linked to the counterfeit syndicate, who have now moved from downtown Nairobi to residential estates.
The counterfeiters said to operate in Parklands, Kilimani, Lavington and Eastleigh.