2 January 2013

Zambia: Inspector General Warns Against Fraud On Rebased Bank Notes

INSPECTOR General of Police Stella Libongani says officers are on the alert for any fraudsters swindling unsuspecting members of the public through the exchange of the old K100 note with the rebased one.

Ms Libongani said law enforcement urgencies had put in place 'well-calculated' means of investigating those intending to engage in illegal exchange of old K100 notes with the rebased one on equal basis.

"The Zambia police would want to assure the nation that we are well equipped for anyone with such intentions. We have put in place well calculated means of investigating such crimes," she said in a statement yesterday.

The Bank of Zambia (BoZ) has cautioned the public that there could be some unscrupulous people that might want to confuse people about the old K100 and new K100 banknotes.

The old K100 banknote is a low value banknote and is now equivalent to 10 Ngwee in the redenominated banknotes while the new K100 banknote is equivalent to K100, 000 in the current family of banknotes.

Ms Libongani said her office had joined hands with the BoZ and Drug Enforcement Commission (DEC).

Measures were already in place to prevent any financial crime activities after the rebasing of the new K100 notes.

She said her office was aware about some people who were keeping K100 notes with intention to exchange them with the rebased K100 currency.

"May I therefore, warn any person with intentions to commit such crimes to desist from doing do as they risk facing the wrath of the Law," she said.

Ms Libongani urged all members of the public to report anyone suspected to be involved in illegal transactions.

The Inspector General also reminded the public to protect the integrity of the currency because the rebasing exercise had been done at a very huge cost.

"We look forward to a successful and peaceful transition from the existing to the rebased currency as we stand ready to deal with all transgressions," she said.

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