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Wednesday, January 11, 2012

Fake notes: NIA arrests 14 from 7 states

New Delhi: In a nationwide crackdown spanning seven states, the National Investigation Agency (NIA) has arrested 14 people and seized Fake Indian Currency Notes (FICN) worth several lakhs, alleged to be pumped into India using the borders of Bangladesh and Nepal. The investigations so far have pointed out that the high-quality FICN were being sent from Pakistan. This is the first-ever case registered by the NIA, which is mandated to curtail the circulation of FICN.

Tracking the roots of these FICN, the NIA said notes of the denominations of Rs 1,000, Rs 500 and Rs 100 printed in Pakistan were smuggled to Bangladesh using the air route and then sent to India via Bangladesh border (fencing). Bundles of FICN were thrown into the Indian villages bordering Bangladesh. The arrested kingpin of the racket, Morgen Husain, and his aides used to collect the notes and then distribute them among agents spread all over the country.

“They transport the FICN through trains and other modes of transport to all the states for circulation. The local agents collect 60 per cent of the value of the circulated FICN in genuine notes, which is then remitted to the bank accounts of the key persons,” said an NIA official.

The raids were carried out in West Bengal, Bihar, Jharkhand, Tamil Nadu, Karnataka, Andhra Pradesh, UP, Delhi and Haryana.

Source: Financial Express


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