Turkish police have seized counterfeit foreign currencies worth approximately Ksh.14.8 billion (around $115 million) in a major operation in Istanbul, Interior Minister Ali Yerlikaya announced on Friday.
The crackdown, which resulted in the arrest of five foreign nationals, took place at an apartment in Istanbul where authorities discovered around 20 suitcases, several of which were filled with forged banknotes. A video shared by Minister Yerlikaya on social media platform X revealed piles of fake $100 bills, along with counterfeit 500 Saudi riyal and 100- and 200-pound Egyptian notes.
“The suspects were foreign nationals. All five were detained during the operation,” Yerlikaya confirmed, adding that Turkish gendarmes also seized equipment believed to have been used in the production of the counterfeit notes.
The bust comes amid heightened concerns over the circulation of high-quality forged currency in Turkey. In late 2024, currency exchange offices in Istanbul and several popular tourist destinations had temporarily halted acceptance of $50 and $100 bills due to a surge in undetected counterfeits passing through standard verification systems.
Authorities have not yet disclosed the nationalities of the suspects or whether they are linked to a larger international counterfeiting ring. Investigations are ongoing.
The seizure underscores Turkey’s increased vigilance against financial crimes and follows a series of coordinated efforts to clamp down on illicit economic activities in major urban centers.
Written By Rodney Mbua
