Fake note racket has links to Pakistan-IB

published on March 23, 2007

IB after fake note racket

KOCHI: In an effort to bust the alleged counterfeit currency racket operating in the city, intelligence agencies in Kochi have stepped in to investigate.

Sources said that investigating officials of the Intelligence Bureau (IB) on Wednesday interrogated the three people arrested in the counterfeit currency case on March 14.

Last Wednesday, Kochi police zeroed in on a huge network dealing with counterfeit currency running into lakhs of rupees, with roots all over the state and outside. They also arrested three people, Siyas, Sunil Dutt and Jibinlal, from whom the currency was seized.

Following this, investigation was extended to other parts of the state to identify the kingpins of the racket. It’s learnt that the officials of the Intelligence Bureau collected information from the local police. The arrested three, who were in judicial custody, were taken to police custody for further interrogation on Wednesday.

Later, they were sent back to jail. It’s learnt that the agency has some vital information on the operation of the racket in the state. ‘‘Earlier the huge quantity of money pumped into the state was channelled to the real estate sector and banks.

As this has become difficult now, they are aiming at the local markets,’’ said a city police official. The police had earlier found that the racket was operating with backing from the overseas base of Dubai.

It’s suspected that the racket has links to Pakistan too. ‘‘Interrogation is on to find out whether the currency was printed in Pakistan,’’ the police official said.

Meanwhile, the police investigation into the appearance of bits of currency on the roadside at Mattanchery on Wednesday revealed that they were genuine. ‘‘They were pieces of notes of lower denominations. Usually counterfeit currency is of higher denominations,’’ said City Police Commissioner Manoj Abraham on Thursday.

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