ADDIS ABABA – Twelve suspects accused of making and circulating counterfeit currencies appeared in court on Monday.
Police in Addis Ababa busted the racket allegedly running foreign currency counterfeit and supply operations last week.
The suspects were described as nine foreign nationals and three Ethiopians. According to an FBC report, the CEO of Tsehay Real Estate Plc, Kia Xiong, is among the suspects.
The twelve suspects appeared in the first instance federal court Arada bench on Monday morning.
According to the indictment, they are facing charges of making and circulating fake foreign banknotes.
Police said the investigation has continued following the arrest of twelve suspects. The ongoing probe led to the seizure of a variety of fake bank notes including US Dollars and Euros, police told the court.
Dyes and printers used to make fake banknotes were also found, said the police, requesting 14 more days for further investigation into the case.
All except the fourth defendant denied the charges and pleaded for their release on bail.
The CEO of the Real Estate company meanwhile admitted that the fake bank notes and printers were seized from his home and office. The other suspects are not involved in the alleged crime and, therefore, should be freed, he told the court.
The court refused the bail request but told the police to bring their investigation report showing each suspect’s alleged involvement in the case.
The matter was adjourned to Sept 12 for further investigation.