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Counterfeit Israeli Currency Made in Egypt Reaches Italian Banks

Counterfeit Israeli currency given to Egyptian Jews expelled in late 1956 and early 1957 by the Nasser regime in return for confiscated property has resulted in the arrest here of an Egyptian Jewish refugee.

The refugee, Moise Choueka, 40-year-old Cairo-born Jew, was picked up by the local police when he tried to turn in the counterfeit bills to several Milan banks. He was found to possess a considerable quantity of currency which he said had been given him in Cairo in exchange for property he was forced to sell before leaving Egypt. He said he had no idea that the money was counterfeit.

Meanwhile, the Italian police have reported the case to Interpol, the international police agency, and the United Arab Republic authorities have been asked to cooperate in tracking down the counterfeiters. Observers here believe that Israel economy might suffer if large sums of counterfeit Israeli currency make their way into the international market.

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