Man Faces Charges for Counterfeiting S$10,000 Note
SINGAPORE: A 36-year-old man is set to face charges on Thursday for his alleged role in delivering a fake S$10,000 Singapore note. According to the police news release on Wednesday, the incident took place at a bank along Upper Cross Street around 12pm on Dec 23, 2024.
Counterfeit Note Uncovered
The man reportedly handed over the counterfeit S$10,000 note to a bank staff member for deposit into his account. However, the bank employee suspected the authenticity of the note and promptly informed the bank manager. Subsequently, the police were contacted and the man was arrested. The fake note was confiscated for further investigation.
Legal Ramifications and Warning from Authorities
While the Monetary Authority of Singapore (MAS) ceased issuing S$10,000 notes on Oct 1, 2014, existing notes remain legal tender. Passing off counterfeit currency as genuine can lead to a maximum jail term of 20 years and a substantial fine. The police emphasized the gravity of involvement in counterfeit activities and urged the public to exercise caution when approached by individuals offering to exchange large denomination counterfeit notes for genuine currency of smaller denominations.
Stay Informed and Vigilant
It is crucial for individuals to be aware of the security features of authentic Singapore currency to avoid falling victim to counterfeit schemes. The MAS website provides detailed information on these security features to help the public stay informed and vigilant against fraudulent activities.
This incident serves as a stark reminder of the importance of verifying the legitimacy of currency transactions and remaining cautious when dealing with large sums of money. As we navigate through a world where financial crimes continue to evolve, it is essential to stay informed and educated to protect ourselves and our assets. Remember, the next time you handle cash, take a moment to ensure its authenticity and safeguard yourself from potential risks. Stay safe, stay informed, and stay vigilant.