This brings a new meaning to "coffee money".
Is MAS aware of this?
Has this got anything to do with the current surge in property
investment from South Asian buyers?
http://timesofindia.indiatimes.com/news/city/lucknow/Now-counterfeit-dollars-flood-Indian-market/articleshow/4969502.cms
The Times Of India, 4
Sep 2009
BAHRAICH: Pakistan government
printing press print counterfeit Indian currency (CFIC) besides US,
Singaporean and Australian dollars and sell them at half the face
value in Indian and Nepalese markets and other
countries.
This sensitive disclosure has been made by Pakistani agent Vikki
Manihar, son of Majid Manihar, to police. Vikki, who is on police
remand after his arrest on Sunday, also said that Indian customs
and police officers deployed along the Indo-Nepal border are
involved in the counterfeit dollar racket.
Counterfeit Indian currency is sold using codes like `chappal'
(sleeper), while Singaporean dollar goes as `kafi'
(coffee), Australian dollar as `machchli' (fish)
and American dollar as `achar' (pickle), Vikki reportedly told his
interrogators.
"There is a big demand for counterfeit dollars in Mumbai, Kolkata,
Chennai, Banglore and New Delhi besides Chandigarh, which is met by
Pakistani agents operating from Nepal. The demand in fake currency
has also overtaken the illegal weapons trade which has seen a slump
following decline in Maoist activities,'' a senior police officer
told TOI preferring anonymity.
Moreover, due to strict measures initiated by the Indian government
and increase in awareness among the public, the demand for Indian
counterfeit currency (ICFC) too has shown a decline. However,
counterfeit dollar is selling like hot cake with markets
flourishing in places like Shrawasti, Agra and Varanasi of Uttar
Pradesh.
Influential persons operating from Nepal are behind the entire
trade in counterfeit currency, Vikki reportedly told his
interrogators. Security agencies deployed on the porous Indo-Nepal
border say that though these persons have direct link with the
ISI-backed Dawood Ibrahim cartel, there is no concrete proof about
their involvement. This, despite the fact that 90 percent of the
CFIC printed in Pakistani government presses reaches India via
Nepal.
Indian security agencies maintain that they have details of the
routes used for channelling the CFIC and the operators, but any
effective action could only be taken after their backers in Nepal
are neutralised.
The greatest problem Indian security agencies are facing is the
involvement of petty smugglers and couriers operating along the
Indo-Nepal border. "Though we have been able to apprehend a number
of small-time smugglers, not much could be achieved as big
operators and their backers are sitting pretty across the border,''
a senior police official told TOI.
Uttar Pradesh additional director general (ADG) Anti-Terrorist
Squad (ATS) A K Jain told TOI that Vikki has confessed that his
father Majid Manihar was involved in smuggling of fake currency
since long. He was a trusted lieutenant of Dawood and used to get
CFIC consignments from him directly.
----------------------
Latest update @
Singaporenewsalternative.blogspot.com
1. Report: Pakistan Counterfeiting Singapore Dollars and Other
Currencies
2. GIC eyes US and European investments
3. Annan to take up teaching post in Singapore
4. Singapore Airlines takes measure to weather financial
storm
5. Southeast Asia May Remove Monetary Stimulus in 2010, UBS
Says
.
