Police in Kigali have arrested four men suspected of dealing in counterfeit money.

The quartet was caught red-handed, on Tuesday, in Batsinda, Gisozi Sector of Gasabo District, with fake currency notes amounting to Rwf996,000, Police said.

Police identified the suspects as Jean Paul Nsengiyumva, 30, Pacifique Uwineza 27, Louis Bamutake 37 and Ernest Kalisa 34.

Police spokesperson Celestin Twahirwa said the successful operation was facilitated by "responsible residents, who tipped Police with the credible information on the criminal dealings of the four men.”

"Police officers masqueraded as the buyers of the fake money, so the suspects demanded Rwf400,000 genuine money in exchange for Rwf1 million fake one, and they were arrested red-handed as they brought the counterfeit notes for the anticipated sale,” Twahirwa said.

Of the 261 fake notes, 103 were in Rwf2000 denomination, while the rest were in Rwf5000 denomination.

"Whereas these are rare cases, every single currency note has its impact on the economy especially to those who are defrauded and can’t be compensated, and that’s why it should be fought by everyone by reporting anyone suspected of involvement,” Twahirwa said.

"The people and the business community in particular shouldn’t leave room for such individuals to do their criminal businesses.

"By verifying and making sure the money you get is real and informing Police about anyone making or circulating fake monies, you will be making it hard for the dealers to go on with their criminal acts,” he added.

According to police records counterfeiters target agents of mobile money dealers , banks and micro-finance institutions to achieve their illegal objectives.

Experts say currency counterfeiting is a source of financial loss to citizens and reduces the value of real money, as well as causing inflation.

editorial@newtimes.co.rw