The Bank of Zambia has launched investigations against Barclays Bank Zambia for dispensing counterfeit Zambian Kwacha.

Central Bank contacts have disclosed to the media. ” Yes our security department has launched investigations into the matter. We asked the concerned party to avail all the documentation relating to the matter and they have been availed’”the source said.

The source said the Central Bank may conduct joint investigations together with other investigating agencies like the Drug Enforcement Commission, the Zambia Police Service and the Financial Intelligence Centre.

” It is too early to tell but we may work with these other investigative agencies like The Police, DEC and FIC. What is important is to establish how that counterfeit currency ended up in the ATM Machine,” the source said.

Barclay Bank Automated Teller Machine in July this year dispensed a fake K100 note at its Manda Hill Branch in Lusaka.

The Bank management admitted to Mr. Malcom Harrington that indeed its ATM machine did dispense the counterfeit note.

Late Last month, The Zambia Police in Northwestern Province arrested a Kansanshi Mining employee who was found with K2.5 million counterfeit notes that he was about to exchange with real money at the Zanaco Branch in Solwezi. According to preliminary investigations, crooks are now conniving with bank employees to exchange fake money with real money. The fake money is mixed with real money and put into ATM’s which unsuspecting customers withdraw. Editor’s note. Warning to our readers during this festive season especially those clients with the named banks, try to withdraw your money inside the bank. Avoid ATM’s.

Zambian Watchdog