On March 24, 2022, the police charged two males, ages 66 and 39, for their alleged involvement in a conspiracy to possess and use five counterfeit Singapore $10,000 notes as genuine notes.
The two men were at the DBS Bank at Plaza Singapura, No. 68 Orchard Road #B1-25, Singapore, on March 22, 2022, about 11 a.m., when the 66-year-old man reportedly submitted three Singapore $10,000 notes and one Singapore $1,000 note to the bank teller for deposit into his business bank account. The bank teller believed the $10,000 notes were counterfeit upon receiving them and only credited the $1,000 note to the company account.
After preliminary investigations, police were notified and both guys were arrested.
Penalties
The Police take a serious view of any person found criminally involved in counterfeit currency. Below are the punishments for the more common offences related to counterfeit currency:
- Forging or counterfeiting currency or bank notes under Section 489A of the Penal Code 1871 – punishable with an imprisonment term of up to 20 years, and a fine.
- Using as genuine counterfeit currency notes under Section 489B of the Penal Code 1871 – punishable with an imprisonment term of up to 20 years, and a fine.
- Possession of forged or counterfeit currency or bank notes under Section 489C of the Penal Code 1871 – punishable with an imprisonment term of up to 15 years, and a fine.
- Making or possessing instruments or materials for forging or counterfeiting currency or bank notes under Section 489D of the Penal Code 1871 – punishable with an imprisonment of up to 20 years, and a fine.