According to South African media reports, the police swooped on the two suspects in a luxury rented property in Atholl, north of Johannesburg on Monday, following a tip-off from a yet-to- be identified source.
The Nigerians, aged 40 and 41, were caught unawares as the police barged into the house, breaking tiles, overturning couches and ransacking rooms to uncover the booty.
South African police believe the suspects might be part of a larger counterfeit dollar syndicate since no printing equipment was found in the home.
“Preliminary investigations indicate that the five trunks have been transported and brought to these premises from an unknown destination,” said police spokesman, Tshisikhawe Ndou.
Apart from the steel containers, the police also confiscated seven luxury watches worth over $150,000, computer hard drives, 18 mobile phones and a Kia Cerato.
The police said the bust was one of the biggest in recent times.
“It is believable that more arrests can be made on this particular bust because we do believe that a bigger syndicate is involved,” Ndou said.
Meanwhile, the police are questioning the owner of the property, who said he had no idea of the counterfeiting operation that existed on the property.
One of the media reports say: “Nigerians are infamous for email scams and credit card fraud, but arrests for producing counterfeit money are not common.
“U.S currency is commonly used in Nigeria and elsewhere in Africa. In highbrow Victoria Island or Ikoyi in Lagos, for example, many restaurants and hotels accept U.S Dollars. Apart from that, one can easily walk into any Bureau De Change and convert dollars into Nigerian naira or South African rand.”
The suspects are expected to appear before the Commercial Crimes Court in Johannesburg today.
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