Babil security forces arrest currency fraud gang

BABIL – Security forces in Babil have detained a gang accused of scamming citizens by selling obsolete foreign currency, according to a press release from the Ministry of Interior obtained by 964media. The Babil Police Command forces arrested the gang for circulating obsolete Belarusian rubles, specifically notes that are no longer in legal circulation and thus considered worthless.

The operation also resulted in the confiscation of a significant amount of this currency along with local cash found in possession of the gang members.

The gang’s activities were primarily concentrated in the southern part of the governorate, where they exchanged worthless foreign currency for substantial amounts of Iraqi dinars. Following intelligence reports, an immediate response team was deployed to track down and apprehend the gang members.

After comprehensive investigations and stakeouts at suspected locations, the authorities apprehended ‘all involved’. During interrogation, the suspects confessed to committing multiple counts of fraud against various citizens.

Belarus has not discontinued the Belarusian ruble as its national currency. Instead, the country has undergone a series of redenominations aimed at stabilizing its currency. The most recent redenomination occurred on July 1, 2016, introducing the new Belarusian ruble at a conversion rate of 10,000 old rubles to 1 new ruble.

This measure was part of broader efforts to simplify transactions and enhance the stability of the Belarusian economy as well as course correction for runaway inflation. Belarus had previously implemented redenominations in 1994 and 2000.

While older versions of the currency have been phased out, the Belarusian ruble continues to serve as the official currency of Belarus. It is between these redenomination rounds that scammers often operate.