A 23-year-old man Yesaya Qoto has been arrested in Nkhotakota for being found in possession of fake K5000 banknotes. 

He was arrested on Monday at Dwangwa Trading Centre when he was trying to transact the money into his Airtel Money wallet.

Police have seized 115 suspected K5000 notes bearing one serial number AA7915614 amounting to K575,000.

Meanwhile, Police are investigating into the matter to establish the source where the counterfeit banknotes were printed and how far the counterfeit banknotes have been distributed.

The fake banknotes will be taken to Reserve Bank of Malawi for authentication by experts before the suspect is taken to court.