Major Counterfeit Currency Circulation Uncovered by NSS

The National Security Service (NSS) of Armenia has uncovered a case of illegal circulation of counterfeit money in significant amounts as a result of operational and investigation measures carried out by its economic security and anti-corruption departments.

The NSS reported that during urgent investigative actions, it was found that brothers G. A. and Q. A., along with their relative H. I., in unclear circumstances, acquired and stored a total of 10,050 USD composed of 201 counterfeit banknotes of 50 USD nominal value. This amount is equivalent to 5,250,000 Armenian drams for the purpose of sale.

Following an initial division of responsibilities during their actions, and in line with agreements made through covert phone conversations and meetings, the mentioned counterfeit money was sold on May 10, 2021, through Q. A. at an ATM of one of the commercial banks, where it was exchanged for the equivalent in Armenian drams. Furthermore, during May 2021, 1,000 USD composed of 20 counterfeit banknotes of 50 USD nominal value was handed over to L. K. through G. A. in Yerevan, disrupting the normal functioning of Armenia's financial system.

G. A., Q. A., and H. I. have been detained on suspicion of possessing and selling counterfeit money. They have been taken to the investigative department of the NSS, where they have been arrested on direct suspicion of committing a crime. The court has accepted requests to remand two of them in custody.

Evidence in the form of the 181 counterfeit banknotes of 50 USD nominal value has been seized and sent for examination. Necessary procedural and operational-intelligence measures are underway to clarify all circumstances surrounding the case and to determine the full scope of individuals involved in the illegal circulation of counterfeit money.