A fake R500 note is circulating in Zimbabwe and a number of gullible people have fallen victim to conmen who are circulating it, Mirror has established.

The highest South African rand denomination is the R200 note.

The R500 note has, however, been circulating in Beit Bridge of late and some parts of that country, where several people are believed to have been ripped off.

The conmen are also said to have bought cattle from local villagers, using the fake note, after convincing them that the South African Reserve Bank had introduced the note, while some shops have also reportedly fallen prey.

Some local shops have warned their employees against accepting the note, as it does not exist.

At one of the local wholesalers, Kapp Jack Trading in Belmont, a notice was placed on a notice board, warning employees and customers against accepting the R500 note. “Please note the South African Reserve Bank did not or is not intending to issue a new R500 note. These notes are now circulating in Zimbabwe, so be on the lookout. They do not exist,” read the notice.

The note, which is brown and green in colour, has a map showing the northern tip of South Africa on one side while on the other side there are three zebras grazing in the background. The note has the head and neck of a zebra in the foreground.

According to the South African Reserve Bank, a R500 note does not exist. The last notes to be introduced into circulation in South Africa were with effect from February 1, 2005.

Police also confirmed the latest development and said they were now investigating in an effort to establish the source of the fake notes.