The Delhi High Court has observed that fake currency has propensity to have a disastrous effect on the economy and noted the process of making the notes has reached a level of immaculate sophistication due to which they are indistinguishable from real notes.
“Circulation of fake currency notes is severely detrimental to the economy and hampers the financial regulation of the country,” Justice Subramonium Prasad said while rejecting the bail plea of a man who was a part of a well-organised syndicate involved in printing, procuring, circulating fake Indian currency notes.
“The production of counterfeit currency notes often stems from dissatisfaction with a country’s growth, and is therefore, aimed at financially disintegrating and destabilising the steady equilibrium of liquidity in the economy,” Justice Prasad said.
“Counterfeiting of currency notes breeds drug smuggling, purchase of illegal arms and ammunition, funding of undesirable terrorist outfits, cross-border money laundering, human trafficking and various other phenomena. It has a disastrous effect on the economy.”
The court rejected the bail plea of one Tabrej Ahmed noting that he was a part of a “well-oiled machinery/syndicate dealing in printing and circulation of fake currency notes and it has the propensity of having a disastrous effect on the economy.
“The nature of the activity, the chances of the petitioner [Ahmed] absconding/jumping bail or continuing to indulge in the same activity on release cannot be ruled out at this juncture”.
The maximum punishment for offence under Section 489D (making or possessing instruments or materials for forging or counterfeiting currency) is imprisonment for life.
On December 19, 2019, the Delhi police special cell received information that a Dubai-based Pakistani national was trying to bring fake notes into the country.
On the basis of investigation, the syndicate and the name of Ahmed have surfaced along with a few other people.
A raid was conducted here the following day. Ahmed was nabbed by the team with ₹44,000 worth of fake currency along with a laptop. Investigation revealed that one Danish Malik used to design the notes in Ahmed’s laptop.
The printers used for printing the notes were recovered from a house here. The police said the ink was being procured from Hong Kong.
