Police in Mangochi have arrested a 21-year-old man, Panganani William, for allegedly being found in possession of fake banknotes totaling K300,000.

According to the Mangochi Police Spokesperson Amina Daudi, the suspect was spotted by members of the community as he was buying some commodities using the fake notes.

When informed, law enforcers rushed to the location and apprehended the suspect. Upon searching him, he was found with K300,000 worth of fake K5,000 notes in his pocket.

The incident has caused concern among the community, as many fear the circulation of counterfeit money could further weaken the country’s struggling economy.

In a statement to the media, Daudi said the suspect has been charged with possession of papers imitating Malawian currency, which contravenes section 54 of the Reserve Bank of Malawi Act.

The law states that any person who is found guilty of this offence can be punished with a fine or imprisonment, or both.

William, who comes from Katumbu Village, Traditional Authority Kachenga in Balaka District, is now in police custody, awaiting trial.