Shocking revelation-Indian Stock Exchanges manipulated by Jihadistan terrorists

via published on February 14, 2007

Pak-backed outfits raising millions for strikes against India: NSA




New Delhi:Terror groups operating with the support of Pakistan have resorted to carefully charted manipulation of Indian stock exchanges through ghost companies to raise millions of dollars for planning and carrying out strikes against India.

The operation allows jehadi outfits like Lashkar-e-Taiba, Hizbul Mujahideen and Al-Badr to tap funds through an ostensibly legitimate route. The companies, which often exist only on paper with addresses in the Middle East, are fronts for Pakistani agencies.

The stunning disclosure, which marks the evolution of anti-India terrorism into a well-choreographed, sophisticated operation and points to the resolve to sustain the campaign against India, has come from national security adviser M K Narayanan.

Speaking at a conference on international security at Munich last week, Narayanan said: “Isolated instances of terrorist outfits manipulating the stock exchanges have been reported… stock exchanges in Mumbai and Chennai have, on occasion, reported that fictitious or notional companies were engaging in stock market operations.”

Narayanan also spoke of a conspiracy by “official agencies” in Pakistan, a euphemism for ISI, for the plot to carry out “economic subversion”. He gave his audience — an influential gathering of heads of governments, foreign ministers and other dignitaries — a detailed view of the unconventional threat posed by terrorists raising funds within India to strike against the country.

He outlined the complex mix of funding routes — through stock exchanges, banking channels, ordinary ATM withdrawals and hawala trails as well as operation of legitimate businesses like hotels and transport — used by modern terrorists to sustain and launch their operations. The challenge, he said, lay in forging cooperation between governments to choke terror funding.

This is the first time that the national security adviser, who had previously disclosed a jehadi plot against India’s atomic facilities, has revealed that stock exchange operations were being used to fund terror.

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