Turkish police have seized counterfeit currencies valued at approximately Ksh.14.8 billion (USD 115 million) in a coordinated operation in Istanbul. Interior Minister Ali Yerlikaya confirmed the bust on Friday, revealing that five foreign nationals were arrested in connection with the operation.
The arrests were made following intelligence-led investigations targeting a suspected international counterfeiting syndicate. Authorities raided a residential apartment in Istanbul, where they discovered around 20 suitcases stuffed with fake banknotes. A video shared by Yerlikaya on social media platform X showed the shocking extent of the operation counterfeit U.S. dollar bills, particularly in $100 denominations, were found alongside forged Saudi riyals in 500 denominations and Egyptian pounds in 100 and 200 denominations.
Also recovered in the raid was high-tech printing equipment believed to have been used to produce the fake notes. Turkish gendarmes seized the machines, which experts say could have enabled the suspects to replicate highly convincing forgeries, difficult to detect through conventional means.
The suspects, whose nationalities have not yet been disclosed, are believed to have been plotting to circulate the counterfeit currencies both within Turkey and abroad. This seizure comes amid growing concerns in Turkey over the proliferation of fake foreign currency.
In late 2024, currency exchange offices in Istanbul and other major tourist destinations, including Antalya and Izmir, temporarily stopped accepting $50 and $100 notes. The move followed an influx of sophisticated counterfeit bills that managed to bypass even advanced detection machines, raising alarm among financial institutions and the public alike.
Minister Yerlikaya praised the security forces for their vigilance and reiterated the government’s commitment to cracking down on financial fraud. “Our fight against crime, particularly those that threaten the integrity of our financial system, will continue with determination,” he said.
The suspects are currently in custody as investigations continue. Authorities are working to determine the full scope of the counterfeiting network and whether additional accomplices or operations exist within or outside Turkish borders.
