Police in the Central district of Nkhotakota have arrested a 35 year-old man for allegedly being found in possession of counterfeit K2000 banknotes.

According to Nkhotakota Police spokesperson, Laban Makalani, the suspect, identified as Iwell Banda, is believed to have obtained the forged K2000 banknotes amounting to K80,000 from unidentified people in Lilongwe.

Banda then started spending the money and gave some to one of his close associates, Boyson Chirwa, who in turn gave the money to his farm workers.

The workers realized that they were given fake notes after a trader in the area recognized the notes as counterfeit and refused to sell them his products.

Reserve Bank of Malawi officials have confirmed of the development in an interview, saying money seized from the suspect is indeed fake.

Meanwhile the suspect will appear in Court soon.