KBZ Employee Arrested for Forging Banknotes

By Moe Myint & Hintharnee 15 May 2017

RANGOON and MOULMEIN – A junior clerk from a branch of Burma’s largest private bank, KBZ, in Karen State’s Hpa-An Township was arrested for possession of forged bank notes in Thaton Township of Mon State on Friday, according to Thaton Township police.

Police arrested the 22-year-old junior clerk Chit Ko Ko Lin in a guesthouse in Thaton and discovered a bag with 48 forged bank notes as well as templates and printing machines. He remains in police custody.

The senior managing director of KBZ U Nyo Myint confirmed that the staff member, who very recently joined the Hpa-an branch, had been arrested.

He claimed that as the incident happened outside of office hours and in a neighboring township, KBZ had no responsibility or connection to the issue.

He acknowledged that police opened the case against Chit Ko Ko Lin under Articles 105 and 106 of the Central Bank of Myanmar Law—enacted during former president Thein Sein’s administration.

The company would not file a separate lawsuit as Chit Ko Ko Lin had already been expelled for misconduct, he added.

Article 105 states that those using counterfeit currency can be imprisoned for a maximum of three years, or a fine, or both. Article 106 issues a punishment of between 10 and 20 years in prison for issuing counterfeit currency.

U Nyo Myint said it was the first such arrest of staff in decades.

He was a little concerned that the case would damage KBZ’s reputation and reiterated that the crime could not have been committed at the bank as they use counterfeit currency detecting machines.

“There is certainly no reason this should damage our image,” he said, adding, “I would like to encourage our customers to absolutely believe us and move forward as normal.”