Turkish authorities investigate circulation of counterfeit US dollars

Istanbul (The Uttam Hindu): Turkish authorities launched an investigation on Thursday following reports that counterfeit US dollars, totaling 600 million, are circulating in the market.The Istanbul Chief Public Prosecutor's Office has initiated a probe into the production and distribution of these fake banknotes, according to the Hurriyet Daily.

In Istanbul, many currency exchange offices have stopped purchasing 50 and 100-dollar bills due to reports that counterfeit bills, reportedly printed abroad, are in circulation in the city, Xinhua news agency reported. In a statement released on Thursday, the Turkish Central Bank said, "As part of its efforts to combat counterfeit banknotes, the bank is working closely with relevant judicial authorities." The Banks Association of Turkey said that "necessary checks and updates are being carried out on currency counting machines, counterfeit money detection systems, and ATMs currently in use."

According to Hurriyet, in operations conducted across two districts on the European side of Istanbul, authorities have seized 3.6 million euros (approximately 3.8 million dollars) worth of counterfeit currency.