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First life imprisonment conviction in a fake currency probe in India  5 Days ago

Source:   Times Of India  

NEW DELHI: In first ever such punishment in a fake currency probe in India, a NIA special court in Patna on Thursday convicted four persons to life imprisonment for smuggling and supplying in India high currency Fake Indian Currency Notes.

The court convicted Afroz Ansari, Sunny Kumar alias Kabir Khan, Ishraful Alam and Alomgir Sheikh for committing a terrorist act, damaging the monetary stability of India by way of smuggling and circulation of the high quality FICN under various sections of IPC and Unlawful Activities Prevention Act (UAPA).

NIA began a probe in the case after recovery of FICN worth Rs 5.94 lakh from Ansari, a native of Jharkhand, by Directorate of Revenue and Intelligence in 2014.

During investigation by NIA, it emerged that a syndicate of FICN smugglers was involved in procuring fake currency smuggled from Bangladesh for supplying it to Nepal and various parts of India.

In all, eight persons were arrested by the agency.

A chargesheet was filed in the case by NIA in July 2016.

According to a study commissioned by NIA, first reported by TOI, 250 in every 10 lakh notes in circulation in India were fake and Rs 400 crore worth of such fake currency was in circulation in the country before 2016.

The study had revealed that FICN worth Rs 70 crore was infused into the Indian market every year with agencies only being able to intercept one third of them.

It had added that fake 1,000 rupee notes constituted about 50% of the total value of FICN.

The government had demonetized Rs 500 and Rs 1,000 notes in November 2016 following which the FICN smuggling has come down drastically.
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