ISI backed syndicate pumping FICN into India via Bangladesh: NIA

NIA is collaborating with Bangladesh authorities to crack down on the FICN racket run by the ISI to push FICN into India.

New Delhi: NIA is coordinating with the security agencies in Bangladesh to dismantle the syndicate run by Pakistan's Inter-Service Intelligence (ISI) to pump Fake Indian Currency Notes (FICN) into the country. An investigation carried out by India's premier anti-terror organization has revealed that ISI-supported syndicates have been using the Bangladesh route to pump FICN into India.

"The syndicate with active connivance with their aides living along the bordering State like West Bengal and Assam have been making inroads for FICN to enter into India," a senior NIA official privy to the investigation process told ETV Bharat in New Delhi on Saturday.

The people involved in this illegal business also made Assam, West Bengal, Jharkhand, Chhattisgarh and Uttar Pradesh as the centre point from where they distribute FICN in different States. On Friday, the NIA special court in Lucknow convicted and sentenced two persons involved in the FICN racket.

Earlier on Thursday, NIA special court at Bilaspur in Chhattisgarh also convicted and sentenced seven persons for their involvement in FICN business. FICN amounting to Rs 7,39,000, stamp papers and other materials were recovered from the accused person in Chhatriagarh in 2019.

Recently, NIA also carried out search operations in two locations in West Bengal-Golabgunj and Sultangunj- in connection with the running of FICN racket. The case was related to the recovery of high-quality FICN having a face value of Rs 3,46,000 from the possession of two persons.

"Interrogation of the accused has revealed that the syndicate involved with FICN business use the porus India-Bangladesh border to pump-in fake Indian currency into India," the official said. The investigation further revealed that apart from ISI, a few transnational criminal gangs are also involved in carrying out the smuggling of FICN into India.

Authorities in Bangladesh, in November last year, arrested two Bangladeshi nationals Fatema Akter and Sheikh Md. Abu Talab for smuggling FICN into India. During the search operation, the security agencies also recovered a huge consignment of FICN worth Rs 7.35 crores.

Syndicate's normal route to smuggle FICN

ISI and its affiliated agencies import FICN into India after getting it printed in Pakistan. The syndicates use the route to inject such fake currency through the border with Bangladesh and Nepal and some other routes linking Dubai, Bangkok, Hong Kong and Colombo.

The circulation of fake Indian currency has become a major cause of concern for Indian authorities as the illegal FICN racket still happening even after the demonetization process of 2016 which aimed to stop the circulation of black money and FICN in the Indian market.

According to the Reserve Bank of India's (RBI) annual report, during 2021-22, out of the total FICN detected in the banking sector, 6.9 per cent were detected at the RBI and 93.1 per cent at other banks. As per the report, counterfeit notes recorded a 10.7 per cent rise in 2021-22 from the previous year with the Rs 500 denomination (fake notes) rising by 102 per cent.