The suspects, Jude Oka and Evans Tiku, appeared in the Pretoria Magistrate’s Court last week to face counterfeiting charges under the country's Currency Act and the Reserve Bank Act.
According to authorities, the arrest followed an operation by the Hawks Organised Crime Investigation team, the South African Police Service (SAPS) K9 unit and the South African Reserve Bank (SARB).
Intelligence led investigators to Silver Lakes, a luxury residential estate located in the capital city Pretoria, where Oka and Tiku were allegedly storing and producing the counterfeit currency.
Police said they discovered black plastic bags being loaded into a nearby vehicle by the suspects. Upon searching the bags, officers uncovered a significant amount of counterfeit South African Rands and U.S. Dollars.
Further investigation revealed the equipment used to produce the counterfeit notes, including a high-quality printer allegedly employed by the suspects to forge currency.
Lloyd Ramovha of the Directorate for Priority Crime Investigation, also known as the Hawks which investigates organized crime, economic crime and corruption told OCCRP that the discovery of sophisticated equipment suggests that “the operation was part of a larger, well-planned counterfeiting ring aimed at producing large volumes of fake currency.”
He added that the investigation is ongoing, with law enforcement officials working to determine if there are any other individuals or locations involved in the scheme.
The case underscores the growing problem of counterfeit currency in South Africa, which has been on the rise in recent years. The SARB has consistently warned the public about the dangers of counterfeit money, urging people to be vigilant when handling cash.