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Oman has no report of counterfeit currency, but fraudulent schemes persist

12 Oct 2024 Oman says no reports of counterfeit currency, but fraudulent schemes persist By OUR CORRESPONDENT

Muscat – Oman has not recorded any case of counterfeit currency operation this year, but authorities are warning the public about fraudulent schemes promoting counterfeit foreign currencies through deceptive advertisements.

These scams often lure victims with offers to exchange fake foreign currencies for Omani riyals at enticing rates, according to the Royal Oman Police’s Inquiries and Criminal Investigations Department.

Brigadier Jamal Habib al Quraishi,
Brigadier Jamal Habib al Quraishi, Director General of Inquiries and Criminal Investigations

Oman has ramped up efforts to combat currency counterfeiting by strengthening security measures and increasing public awareness. Brigadier Jamal Habib al Quraishi, Director General of Inquiries and Criminal Investigations, stressed that counterfeiting is a serious crime that harms the national economy. “It undermines confidence in the financial system, contributes to inflation, and is often linked to other crimes such as fraud and money laundering,” he said.

While ROP has successfully curbed such crimes, and the overall situation remains under control, Brig Quraishi stressed on the importance of public vigilance. “Although this type of crime is not a widespread issue in Oman, awareness is key in preventing its spread and protecting individuals and the economy.”

He noted that during the first half of this year, no counterfeit currency operation was detected in Oman. However, fraudulent methods, such as fake advertisements offering to exchange counterfeit foreign currencies, remain a concern. These schemes often target people seeking quick wealth, who later realise they have been scammed.

Another tactic identified by the police involves promoting foreign currencies that are no longer in circulation. Victims are tricked into believing they are exchanging valuable currency, only to find out later that the money is worthless.

ROP’s forensic laboratory plays a crucial role in detecting counterfeit currencies. Using advanced technology and specialised experts, the laboratory can identify fake national and foreign currencies with precision.

Brig Quraishi also highlighted the importance of international cooperation in tackling counterfeiting. ROP works closely with Interpol to monitor criminal activities, exchange information, and pursue offenders.

“This collaboration helps law enforcement agencies improve their methods for detecting and investigating counterfeit currency, while providing officers with specialised training to stay ahead of emerging threats,” he added.

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