Wednesday, December 2, 2020
Home National BUSTED: ISO intercepts counterfeit dollars aimed at funding chaos in 2021

BUSTED: ISO intercepts counterfeit dollars aimed at funding chaos in 2021

KAMPALA- The Internal Security Organization (ISO) has bust a criminal gang which has been dealing in printing and has been planning to inject billions of counterfeit United States dollar notes into the Ugandan economy with an intention of funding criminal activities in the country.

According to the Director General of Internal Security Organisation (ISO), Col Kaka Frank Bagyenda, the aim of the dealers is to pump the fake dollars into the economy and getting the real money with the aim of funding chaos in the 2021 general elections.

Col Kaka told our reporter that the intelligence agency has already picked some suspects found with the counterfeit US notes worth billions of Uganda shillings.

According to security pundits, if left unchecked, the circulation of counterfeit currencies can undermine national economies, weaken financial institutions and jeopardize people’s livelihoods. 

“It fuels the underground economy and finances the activities of organized criminal networks and terrorists” Col Kaka said.

He said that apart from causing insecurity, fake currency poses huge socio-economic problem and its impact on general crime on society is serious as more and more educated unemployed youth are attracted towards the counterfeit racket. 

“This can better be described as a dangerous facet of economic terrorism,” He said. 

Pumping fake currencies is also one of the sub-conventional warfare strategies that can be pursued by enemies of Uganda and the objectives behind are to subvert Ugandan economy and to fund criminal networks most especially at the time when the country is going to the general elections in 2021 when tempers normally flare high. 

READ ALSO:

Patson Baraire Mushaija
Patson Baraire Mushaijahttps://theinformerug.com/
Patson Baraire Mushaija is a Seasoned Journalist. He has an experience of Field and Community reporting for over 20 years. He started his career at Daily Monitor in the 1990s and is known for breaking major stories that remain topical issues today like the Bwindi Massacre and Kibwetere Inferno. He also worked at New Vision before concentrating on Digital Media. He has worked as reporter and news editor for a number of Media Organisations. Baraire is a family man, practicing farmer, and public speaker, is passionate about community Journalism. He is currently a Co-Editor at the Informer Ug an Online Publication in Western Uganda. Patson is widely traveled in East and Central Africa where he has attended several media training and Election Monitoring. He is passionate about Environmental Issues and Health Reporting.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

NBS TV is Government Television – People Are Being Killed, is Busy Broadcasting Museveni Campaigns – Kizza Besigye

Four time presidential candidates Dr Kizza Besigye has condemned the media of turning a deaf ear in the wake of country wide...

Bobi Wine Detained at Nalufenya: Police Speaks Out About his Brutal Arrest

Kyagulanyi was arrested under the command of former Kampala Metropolitan Area Commander Frank Mwesigwa at a campaign venue in Luuka District.

Catherine Kusasira and Pastor Mondo Risk Arrest, Records Statement Over Fraud Case

Presidential advisor Catherine Kusasira and Pastor Mondo Franklin face detectives at the State House Anti Corruption Unit over allegations of defrauding pastors...

NBS TV Speaks Out About DJ Roja Testing Positive for Coronavirus

The internet has been washed by shocking news alleges that NBS Television celebrated DJ Kitaka Rogers alias DJ Roja has been exposed...

Recent Comments