1-2-2024 (SINGAPORE) An Indonesian couple’s attempt to exchange S$10,000 notes for casino chips in Singapore has inadvertently exposed a counterfeit currency syndicate operating in Indonesia. The Singapore Police Force (SPF) announced on February 1 that four Indonesian men have been apprehended as a result of a joint investigation conducted by Singapore’s Commercial Affairs Department (CAD) and the Indonesian National Police.
The SPF was alerted to the incident on September 21, 2023. The couple’s encounter began when they were informed that one of their S$10,000 notes was counterfeit. In an effort to verify the authenticity of the second note, the man presented another S$10,000 note to the casino. Sensing something amiss, the casino withheld both notes and handed them over to the CAD for further examination. Subsequently, the CAD shared the findings with the Indonesian police.
Investigations revealed that the couple had traveled from Batam to Singapore on the same day, with the two notes received as payment for a business transaction from their associate in Batam. Their intention was to use the counterfeit notes for gambling purposes at the casino, according to the police. After consulting with the Attorney-General’s Chambers, it was decided that no further action would be taken against the couple due to insufficient evidence suggesting their awareness of the counterfeit nature of the notes.
The Indonesian authorities conducted three raids in the provinces of Riau and West Java between November 15 and 20, 2023. As a result, three Indonesian men, aged between 39 and 48, were arrested for their alleged involvement in the counterfeiting and distribution of banknotes. A total of 390 purportedly fake S$10,000 banknotes were confiscated during the raids. Subsequently, the fourth suspect, a 51-year-old Indonesian, was arrested by the Indonesian police in connection with the syndicate, as confirmed by the SPF.
In an effort to strengthen anti-money laundering controls, Singapore had previously announced in 2014 that it would cease issuing S$10,000 notes, which are among the world’s most valuable banknotes. In 2020, the issuance of S$1,000 notes was also halted as a preventive measure against money laundering and terrorism financing.
