Home Bank & Finance Fake note getting reckless
ahead of Ramadan, Eid
Bank & Finance - March 31, 2022

Fake note getting reckless
ahead of Ramadan, Eid

BB issues circular asking for monitoring

Golam Mostafa Jibon: Members of fake note traders’ syndicate have become active again across the country ahead of holy Ramadan and Eid-ul-Fitr. Meanwhile, they have got down in the field with a view to spread the fake notes through their recruited agents. Such sensational information has come out during the interrogation after arrest of some members of the syndicate by law enforcers.
Quoting the arrested, the law enforcers said, fake notes amounting over 2 crorehave already supplied to the hands of recruited agents, who basically work at root levels for spreading of the notes.
Law enforcers also assured that they have beefed up their surveillance with the aim to nab the syndicate members, who have remained absconding. AKM Hafeez Akter, Additional Commissioner of DMP’s Intelligence Branch said, “Fake note traders take various tactics at different times to carry their business. Sometime, they rent house for temporary period and carry the production and distribution activities. After a few days, they shift their location and rent new residents for living and carrying the illicit business. As a result, tracking them by the law enforcers becomes very difficult. However, the law enforcement agencies are working hard to trace their location and nab them with red handed.” He further said, earlier the gang used to forge notes of Tk 1000 and Tk 500.
But now,theyforge note of Tk 50 asthose small notes are less verified by the users. So, they can exchange those easily. They used to print fake money through special apps.
Meanwhile, Bangladesh Bank (BB) warns all of the banks about it and asks to gear up the surveillance to avert spread of fake notes. BBin a directive has asked all the banks to display video through TV monitor for the full time of banking. To make aware and introduce the original notes, scheduled banks have been directed to display video footage of original notes in which people can trace the fake notes. If people are aware about it, they will be able to avoid it. Otherwise, the spread of fake notes will not be stopped, BB seems.
Sirajul Islam, Spokesperson of Bangladesh Bank told The Daily Industry that, a circular from central bank’s head office has been issued yesterday to the managing directors and CEOs of scheduled banks in this regard.
In the circular, it was said that, illicit activities of fake note traders are increased ahead of several festivals especially in the Ramadan and two Eids. Besides, the concerned officers have been asked to check the money through counterfeit note detector machine before feeding or inserting in ATM machine.
To prevent such malpractice, surveillance should beef up at the border areas by the law enforcers in order to none can push any fake notes into the country using the vulnerable points.
A reliable source said, some of the syndicate members, who went absconding during the drives of law enforcers, have already tracked down. Efforts to arrest them are going on. Not only that, their cohorts will be brought to the book soon.
Commander Khandaker-Al-Moin, director of the RAB’s law and media wing said, they are keeping an eye on those, who were arrested earlier and are now on bail.

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