In Kyrgyzstan, counterfeit money was exchanged at a rate of 1 to 3

The State Committee for National Security of Kyrgyzstan has reported new developments in the case involving a transnational group that manufactured and distributed counterfeit currency.

Investigators found that the ringleaders used counterfeit bills to purchase mobile phones in Kyrgyzstan. They then resold these phones in Osh and shipped them to Uzbekistan. This is how they managed to convert counterfeit money into real currency.

It was also established that the counterfeit money was exchanged for real currency at an undervalued rate—for example, two or three counterfeit bills were given in exchange for one genuine bill. The group had well-established distribution channels.

The investigation is ongoing—law enforcement agencies are searching for all participants in the scheme and the channels used to produce and distribute the counterfeit money.