Tuesday, June 18, 2019

Fake Bond Notes Hit Harare Streets

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In an alarming development, it has been reported that fake bond notes are flooding the streets of Harare.

According to the state-owned broadcaster, ZBC News, there is a syndicate which is behind the fake currency which is taking advantage of the parallel market for foreign currency to dupe unsuspecting people into taking the money.

In the report, ZBC claims

It’s a syndicate well-orchestrated by the suspected fraudsters prowling the Eastgate area in Harare’s central business district.

They have become notorious for fake bond notes and US dollars extorting huge amounts of dollars as high as $10 000 on a daily basis.

The fake bond notes in $5 and $2 denominations are hard to detect especially for those who sell their foreign currency on the illegal foreign exchange market.

However, the report seems to be an attempt to blame the parallel market for the increase in the rates of foreign currency as it contains contradictory information. The report goes on to claim that the fraudsters take back the fake money and pay for their victims’ grocery using electronic money, defeating the purpose of the scam in the first place.

The report goes on to say,

The victims only realise their plight when attempting a purchase.

Even then this investigation also found out that the alleged fraudsters follow their victims to nearby supermarkets and offer to buy their groceries using point of sale machines.

In this way they retain the fake currency and await their next victim.

The fear now is that the fake currency rackets are triggering inflation and further weakening the bond note which is now trading at to 1:9 on the parallel market