NIA busts fake currency racket with Pak link

National Investigation Agency claimed to have busted a gang which circulated Pakistan-made fake Indian currency notes.

Hyderabad: National Investigation Agency on Saturday claimed to have busted a gang which circulated
Pakistan-made fake Indian currency notes (FICN) worth crores
of rupees, with the arrest of 11 persons.

Sleuths of NIA Hyderabad branch, along with BSF and
West Bengal Police, arrested 23-year-old Morgen Hossain from
Malda district of West Bengal today and seized FICN with a
face value of Rs 27,000 from him.

The leads provided by Hossain, the alleged kingpin, led
to raids in Chennai, Malda and Hyderabad and the arrest of ten
gang-members. The gang acted at the behest of terrorist
organisations who wanted to destabilise the country through
the circulation of fake currency, said NIA`s Additional
Superintendent of Police, IRS Murthy, in a release here.

According to NIA, the arrested persons had a nation-wide
network. Huge quantities of high-quality FICN, in
denominations of Rs 1,000, Rs 500 and Rs 100, printed in
Pakistan, were smuggled to Bangladesh by air route and then
from Bangladesh, they were thrown into Indian villages along
the border.

Hossain and his gang collected the counterfeit currency
from the border area and distributed it to agents across the
country by railway.

Young unemployed youth from Malda were sent as
construction labourers to major cities and towns to distribute
the fake notes.

The local agents, who exchanged the fake notes for
genuine ones, took a 40 per cent cut. Rest of the money was
remitted to Hossain`s bank accounts, who in turn passed on
some percentage to Bangladeshi and Pakistani suppliers, Murthy

The fake notes were exchanged in the ratio of 1:3 of the
face value.

A maximum of Rs 49,000 were deposited in Hossain`s
accounts at a time, to avoid PAN and Income Tax-related
paperwork and to circumvent scrutiny.

FICN worth crores of ruppes of face value was circulated
by this 11-member gang in the last few months across India,
Murthy said.

The NIA was trying to unearth the entire network and
apprehend the remaining members of the network, Murthy added.


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