Fake currency value in West Bengal shoots up

The going rate for fake currency in Malda, West Bengal is Rs 18,000 for Rs 1 lakh worth of fake currency.

When compared to last year there is a jump of Rs 8,000 in the market value of fake currency thus indicating the high demand. The NIA was able to reveal these details following the arrest of a key operative known as Alam Shaikh.

Shaikh who is just 24 was a key player in the racket. He was purchasing fake currency at Rs 18,000 per Rs 1 lakh from Bangladesh and then circulating it in India, the NIA has also stated. His arrest is an important one says the NIA.

Value of fake currency goes up:

The NIA has found that the racket is so immense that the value of the fake currency has shot up. Last year the rate was Rs 10,000 per one lakh.

However, there is a desperate attempt to continue pushing Pakistan sponsored fake currency into India through Bangladesh and the demand too has shot up.

Shaikh a key player according to the NIA is a resident of Malda, West Bengal. He was arrested from the Sealdah railway station.

The arrested Alam Shaikh, as revealed during investigation, was a key player along with another arrested accused Jahirul Sk, who used to collect FICN from smugglers from Bangladesh, at the rate of Rs. 18,000/- (genuine Indian Currency) for Fake Indian Currency Notes (FICN) of 1(one) lac face value.

He also used to forward it to one Amerul Sk, already arrested by NIA, who acted as carrier for another FICN dealer who is absconding, for further circulation in different states of India. Alam had been absconding to avoid arrest since last 4-5 months.