Nkhotakota Police have arrested Iwell Banda, 35, for being found in possession of fake K2 000 bank notes worth K80 000.
Spokesperson for Khunga Police Station in the district Laban Makalani said today, Banda from Ntupi Village in Traditional Authority (T/A) Kanyenda was arrested on December 31 2016 following a tip that he was in possession of fake bank notes.
“He is suspected to have obtained the forged notes amounting to K80 000 of the newly introduced K2 000 bank note from unidentified men in Lilongwe. He then started spending the money in his home village, gave some to his friend Boyson Chirwa  who in turn gave it to his farm labourers.
“But farm labourers realised that they had been duped after a trader recognised the notes as fake and refused to sell them his products,” explained Makalani.
He said consequently Chirwa was arrested and confessed to have obtained the notes from Banda.
Police have since seized 17 forged K2 000 notes which are to be presented as exhibits before court.
The notes, according to the spokesperson, have been examined by officials from the Reserve Bank of Malawi (RBM) and confirmed that they are counterfeits.
When found guilty, the charge of being found in possession of fake currency attracts a maximum sentence of seven years in prison.
Banda who appeared before Khunga Magistrate’s Court on Tuesday, pleaded guilty to the charges of importing or purchasing forged notes, which are contrary to Section 366 of the Penal Code levelled against him.
Makalani said the police are cautioning the general public to be watchful as some dishonest people may want to dupe them taking advantage that they may not be familiar with the newly introduced K2 000 bank note.