FICN: Counterfeit Currency, Criminal Cartel, and Terror Financing in India and South Asia
ABSTRACT : Historically, counterfeit currency notes or fake banknotes have been broadly associated with organised crime and money laundering activities worldwide, aimed at subverting the economic sovereignty of nation states. More recently, the world has witnessed rampant use of fake currency for funding terrorist activities, especially in the Indian subcontinent. India perhaps formally recognised the fake Indian currency conspiracy as one of the critical non-military challenges to national security in 1998 through an annual report of the Ministry of Defence. It is well established that fake currency trafficking is a major source of anti-Indian activities and generates large chunks of funds to finance terrorist acts against India. The notorious international crime syndicate D-Company, led by underworld kingpin Dawood Ibrahim of Pakistan, is actively involved in counterfeiting Indian currency along with other criminal business activities. Two of his associates, identified as Aftab Bhakti of Mumbai and Babu Gaithan of Hyderabad, were in charge of the FICN operation from Dubai.
Scott N Romaniuk, Christian Kaunert, Amparo Pamela H Babe (Ed), "Countering Terrorist and Criminal Financing:Theory and Practice", CRC Press, Boca Raton, 2023.
DOI https://doi.org/10.4324/9781003092216 / eBook ISBN 9781003092216/