Fake currency likely to touch new highs in 2012

Last Updated: Sunday, January 15, 2012 - 15:38

New Delhi: Delhi Police has seized fake
currency with a face value of Rs 3.06 crore in the past five
years but a recent single haul of counterfeit notes having a
face value of crores of rupees is likely to take the
recoveries this year to a new high.

City police`s Special Cell had seized fake currency with a
face value of Rs 2.24 crore from south-west Delhi`s Dabri on
Thursday, arrested two persons and claimed it was part of
an ISI strategy to destabilise the Indian economy.

Investigators have seized Rs 3.06 crore in the past five
years in 210 cases and senior police officials say the seizure
in Dabri is one of the biggest hauls.

Police believe that Pakistan`s ISI is pumping in fake
currency through various channels into India and some
estimates say counterfeit notes with a face value of Rs 1,600
crore has already been circulated by the intelligence agency
so far.

In the past five years, police have seized fake currency
with a face value of Rs 3,06,36,790, USD 5,800 and 2,000 euro
with 2007 topping the list with counterfeit notes with a face
value of Rs 1.01 crore seized in 45 cases.

Last year saw the least recovery in the past five years
with fake notes with a face value of Rs 28.20 lakh being
recovered in 44 cases.

According to Delhi Police statistics, 2009 saw the second
highest seizure with fake notes with a face value of Rs 88.39
lakh in 47 cases followed by 2008 (fake notes with a face
value of Rs 59.19 lakh) and 2010 (fake notes of Rs 28.84 lakh
in 33 cases).

An analysis shows that notes in the denomination of Rs 100
appear to be the favourite among counterfeiters as it is the
most seized currency in the past five years.

Though 41,710 counterfeit notes of Rs 10 denomination
were seized in 2010, police officials say it was an aberration
and the Rs 100 denomination notes is the most counterfeited.
Police figures show that 34,606 fake notes of Rs 100
denomination, 28,536 notes of Rs 500 and 12,167 counterfeit
notes of Rs 1,000 denomination were seized in the past five
years.

For Rs 50 denomination, the number was 6,492, for Rs 20
it was 257, while not a single fake five rupee note was
recovered during the same period.

In the first week of this year, the Crime Branch recovered
fake currency with a face value of Rs 91,000 and arrested two
persons.

Fake note suppliers in Delhi and other places used to buy
fake notes at a rate of 50-60 per cent of the face value of
the counterfeit notes and used to sell it for 70-80 per cent
of the face value, the officials said.

"Seized counterfeit Indian currency notes have most of
the security features of genuine currency notes and for a man
on the street it would be difficult to spot the difference,"
they said.

PTI

First Published: Sunday, January 15, 2012 - 15:38
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