The National Investigation Agency (NIA) has busted a country-wide network that distributed large quantities of fake Indian currency printed in Pakistan and routed to India via Bangladesh. The NIA was assisted by the Border Security Force in West Bengal in this operation.
The bizarre element of the case is that the network sent unemployed youth from Malda in West Bengal to different parts of India as construction workers to change the fake currency. These agents ship the currency by trains.
The high quality notes, in denominations of 1,000, 500 and 100, were printed in Pakistan and shipped to Bangladesh by air. From Bangladesh, they are physically thrown across the border, which are collected by the agents of the network. The agents then dispatch it to different parts of the country.
The kingpin of the network is 23-year-old Morgen Hossain from Malda in West Bengal, who was among the arrested today.
Describing the modus operandi of the network, the NIA, in a press release issued in Hyderabad, said that the currency was exchanged at a ratio of 1:3. The agents remitted the genuine currency obtained by exchanging the fake currency to Hossain’s bank account.
Hossain withdrew the remittances using his ATM in Malda. He in turn shared a part of the money with his suppliers in Bangladesh and Pakistan. NIA believes that several crores of rupees have been pumped into the country in the last few months.
The NIA said that the network has links with terrorists and its aim was to destabilise the country. Investigations are on to locate other links across the country and abroad.
Ten persons were arrested by NIA; four in Hyderabad, one in Delhi, three in Chennai and two in Malda, West Bengal. All the persons arrested are from Malda.
Meanwhile, reports from Kerala said raids were conducted by NIA in two places in the state in connection with the fake currency racket.
Updated Date: Jan 09, 2012 21:26 PM