JOIN USThe National Investigation Agency (NIA), which is probing several cases related to smuggling of fake Indian currency notes (FICN), has learnt that dealers in counterfeit notes are moving around with bags full of cash at Malda district of West Bengal. The arrest of FICN kingpin Tahir Sheikh has led them to believe that fake notes with crores in street value have already been destroyed in Bangladesh by FICN dealers.
According to NIA officials, FICN suppliers faced massive losses after notes of 500 and 1,000 were rendered illegal since November 9. “Since these notes were scrapped, around 25-30 FICN dealers from Kaliachawk and Baishnabnagar of Malda district are stuck with huge amount of real cash they earned from FICN, along with smuggling of cattle and narcotics. This amount is estimated to be between Rs 100 crore and Rs 200 crore,” an official said.
Most of these dealers operate in Mohabbatpur, Daulatpur, Gopalnagar and Mohanpur, areas of Malda notorious as entry points for FICN through the porous Indo-Bangladesh border. NIA officials said that a report has been sent to the home ministry on how these FICN dealers tried to have their money legalised by forcing people to park money in their Jan Dhan accounts.
Earlier this week, bank officials brought it to government’s notice that disproportionate amounts were being deposited into accounts of daily wage workers and housewives at places like Kaliachawk, Baishnabnagar, Sujapur and Englishbazar, all places with links to FICN.
Notes circulation takes a hit
Fake Indian currency notes (FICN) with a face value of Rs 70 crore are pumped into India every year and around Rs 400 crore are in circulation at any given point of time, the government said on Friday, DHNS reports from New Delhi.
It is claimed that the recent demonetisation of high value notes of Rs 500 and Rs 1,000 has plugged the entry of such notes from Pakistan, Bangladesh and Nepal.