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Bangladesh - June 28, 2022

Fake note syndicate active ahead of Eid

Golam Mostafa Jibon: The syndicate of native and foreign fake note producers and traders has become reckless again centering the upcoming Eid-ul-Azha. Billions of counterfeit notes are entering the market every day. As a result, counterfeit money is now scattered all over the country. Fake note producing factories have sprung up on the border. Hundreds of fraudsters, including Pakistani and African nationals, are now making and marketing fake notes. In the border areas, fake note producers make counterfeit money and sell it in crowded market stalls, including cattle markets. Their main goal is to sacrifice animal market. Such information was gathered from the relevant sources of the Ministry of Home Affairs.
According to the concerned sources, fake notes worth crores of Taka are entering into the country every day through different borders. Counterfeit money is also being made in the capital. Citizens of several countries, including Pakistan, Africa and India, are also involved in the fraud. Counterfeit note dealers are active around Eid al-Azha. Counterfeit note traders are trying to be active ahead of Eid-ul-Azha. Meanwhile, the law enforcers including police and RAB have also increased their activities. Detective Branch of police recently arrested three people with fake notes worth Tk 35 lakh.
Intelligence surveillance had been going on for several days to catch the syndicate members. Law enforcers carried out a drive in Bangshal of Old Dhaka. Three traders were arrested with counterfeit notes. Based on their information, a team of Lalbagh Division of DMP Detective Branch conducted raids in several places. They also recovered fake note producing equipments from different places during the drive.
This cycle used to sell 1 lakh counterfeit notes atoriginal Tk 7000. Those who used to sell to them have been caught by the police before. According to the police, counterfeit money dealers are active before Eid-ul-Azha. But they are also alert.
Police are working to nab several more syndicate members.
In the upcoming Eid-ul-Azha, cattle markets are sitting in different places of the both City Corporation areas. About Tk 8000 crore can be traded in these markets. However, the intelligence agencies have already beefed-up surveillance to prevent the fraudsters from releasing counterfeit money in the market.
According to the source, the police found about 50 syndicates of fake note traders in the capital but it is believed that there are several more rings in the capital. Of them, some are counterfeit note makers, while some are supervisors, coordinators and distributors. Counterfeit notes are also being spread to village levels mainly through distributors. There they sell counterfeit notes against60 percent commission. In other words, a counterfeit note of Tk 100 is sold from the factory for Tk 40, a counterfeit notes of Tk 500 for Tk 200 and a counterfeit note of Tk 1,000 for Tk 300. These counterfeit notes are being made through modern technology. Fraudsters work in densely populated areas of the capital including Narayanganj, Savar, Gazipur, Tongi, Keraniganj and Kamrangirchar. Counterfeit notes are distributed all over the country from these places. Sources further said that, for a long time, various groups have been spreading fake notes through different cattle marketsbefore the Eid-ul-Azha.
Allsyndicate members are professional. On the one hand, they make counterfeit money notes, on the other hand, they also trade in counterfeit money. Many members of these groups have been involved in this business for many years. They make fake money by renting houses in different areas of the capital. They do not stay in one house for long for fear of being caught. After a few months, they moved from one area to another. At one time there was no female member in the counterfeit money syndicate. Now many female members have joined the syndicate. There are female members of that syndicate at every level. Sometimes pretending to be housewives, sometimes college students, they are carrying counterfeit money to certain places. Again, counterfeit money is spread in the market by buying goods through them. That is why, they are given a hefty commission. The members of the syndicate also gave them legal assistance even if they were caught. On the other hand, Mufti Mahmud Khan, Commander, RAB’s Legal and Media Wing, said that as the amount of money transactions increased on Eid-ul-Azha, counterfeit note suppliers also became active. However, the number of counterfeit notes can’t be specified. All the battalions of RAB have already been instructed to arrest the counterfeit note fraudsters. Some of them have been caught. There will be note identification machines at each of the animal stalls so that the counterfeiters cannot cheat. Intelligence surveillance inside the hats will also be strengthened.
Police said, multiple domestic and foreign gangs had been running counterfeit money business for a long time. Basically, they get ahead of Eid. At other times of the year, the activities of the members of the clique were not seen much, but they became active again ahead of Eid especially before of Eid-ul-Azha.
For that reason, those who were involved in such crimes in the past have already been brought under surveillance. The movement is being noticed. If anything like that is found, the drive will be conducted. Throughout the year, several counterfeit note making cycles remain active across the country. Counterfeit notes of almost all the currencies prevalent in the country are made and released in the market by various techniques. Even if they counterfeit all types of notes, they are more inclined towards Tk 1000 and Tk 500 notes due to higher profits. These cycles become active during several other festivals.

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