Singapore police are investigating 18 moneychangers who they believe are involved in possessing fake Myanmar currency, the police said in a media release on Thursday according to Channel News Asia.

This comes after two Singaporeans were arrested in Yangon last week for allegedly using fake Myanmar currency, which they said was obtained from moneychangers in Singapore.

The two Singaporeans are currently receiving consular help from the Singapore Embassy in Myanmar.

The police raided 18 moneychangers and confiscated two batches of kyat containing notes with the same serial numbers starting with "AG" and "AE" the report said.