Bhatkal, conduit for fake currency

BANGALORE:  According to investigators, a majority of the fake Indian currency notes (FICN) are being printed in Dubai, while only on a small scale fake notes are being printed within the

Published: 10th March 2012 02:18 AM  |   Last Updated: 16th May 2012 06:32 PM   |  A+A-

BANGALORE:  According to investigators, a majority of the fake Indian currency notes (FICN) are being printed in Dubai, while only on a small scale fake notes are being printed within the country.

Earlier, when Gulf (Dubai) was the transit route, expatriates were being used to bring fake notes of both 500 and 1000 rupee denominations through selected conduits to  Hyderabad and other cities in the country.

However, when the transit routes changed, even the modus operandi changed with evolution of new types of concealment, keeping the investigation agencies on their toes.

“There are many local Indian organisations with links and conduits to Dubai in  regions like northern Kerala, Bhatkal (Karnataka) and Hyderabad. Most of the gangs which operate here do not believe in borders, find safe places depending on their links and also keep on changing their hideouts, once alerted. Even the involvement of local underworld gangs in metros in such activities cannot be ruled out,” Intelligence sources say.

They add that Bhatkal is another region which has shown some links and its close ‘proximity’ to Dubai has thrown a new challenge to investigators.

Enforcement Agencies have been successful in making 6-7 “major seizures” of counterfeit notes with a face value of more than two crore rupees in the last two years, while 8-9 persons have been arrested in some districts of south Kerala, Bangalore and Mangalore.

In the recent months, even the state police have caught many conduits with counterfeit notes, albeit in small quantities, in Bellary, Bijapur, Karwar and Bangalore.

According to International reports, 10-20 per cent of the circulated money in India is fake.

 A recent Finance Ministry report says there has been a 400 per cent increase in FICN circulation with the 500 rupee denomination note bearing the brunt of counterfeiting.

Stay up to date on all the latest Karnataka news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp