Suspect Arrested For Counterfeiting

Police have arrested a Russian citizen on suspicion of trying to sell two counterfeit bank promissory notes worth one billion rubles ($38.3 million), the Moscow police's directorate for fighting economic crime said Tuesday, RIA-Novosti reported.

The suspect, whose name was not released, was arrested in a sting operation in cooperation with the Federal Security Service at the offices of a company where the man came to exchange one of the 500 million ruble notes for 25 million rubles, the directorate said.

Police found a second counterfeit 500 million ruble promissory note and 42 million rubles in counterfeit bills in a safety deposit bank the man rented in a Moscow bank.

"The promissory notes were of ideal quality and only chemical analysis revealed that they were fake," directorate spokesman Filip Zolotnitsky said.

The man faces charges of counterfeiting and fraud, which would bring a prison sentence of up to 18 years if he is convicted, RIA-Novosti reported.