Law enforcement has sent to court a case concerning the distribution of counterfeit hryvnias. The fraudster, who was involved in selling fake banknotes in Vinnytsia region, received 65% of the market value of real money for each counterfeit sold. For example, for 1,000 counterfeit hryvnias, he received 650 genuine hryvnias.
This is reported by Finway
According to the Bureau of Economic Security (BEB), the counterfeit hryvnias were of high quality, and the fraudster found clients through personal connections.
“During the pre-trial investigation, BEB detectives documented the illegal activities of the suspect. In addition, a forensic examination confirmed that the seized money is counterfeit”
, the statement reads.
As of today, the fraudster has been notified of suspicion of committing a criminal offense under Part 2 of Article 199 of the Criminal Code of Ukraine, which pertains to the storage, acquisition, transportation, and sale of illegally manufactured national currency, committed by an organized group. He faces imprisonment for a term of 5 to 10 years.
Increase in the Number of Counterfeit Banknotes
According to the National Bank of Ukraine, the results of 2024 show an increase in the number of counterfeit hryvnia banknotes. For every 1 million genuine banknotes, there were about 5.1 counterfeits, which is a higher figure than the previous year.
Fraudsters predominantly counterfeited old-style banknotes issued before 2015. In particular, 500 hryvnias accounted for 78% of the total number of seized counterfeits, while 200 hryvnias made up 18%. Banknotes with denominations of 1, 5, 10, 20, 50, 100, and 1000 hryvnias together accounted for only 4%.