Economic terrorism is allegedly Pakistan’s new designs on India. The neighbouring country’s embassies in Sri Lanka, Nepal, Malaysia, Thailand and Bangladesh are involved in striking at the financial nerve of India by pumping in Fake Indian Currency Notes (FICN), reveals an intelligence dossier which exposes Pakistan’s planned conspiracy.

The probe by the security and intelligence agencies reveals that diplomatic channel is used as launch pads to clandestinely circulate the FICN to underworld conduits and further to the open market. According to the dossier, Pakistan is printing and circulating FICN worth an estimated Rs 10,000 crore every year to destabilise India’s financial system. This estimate, agencies pointed out, is based on the reports collected through various probe and seizures in India and abroad.

“Interestingly, there has so far not been any case of FICN detection within Pakistan till now despite seizures abroad have clearly established the identity of Pakistani couriers and all flights they have used originated from Pakistan or Dubai,” the intelligence dossier stated. Exposing the modus operandi, the report suggested that actors involved in the FICN racket are also using the Pakistan ISI-underworld deep penetration in Dubai to smuggle high quality FICN produced in Pakistan. The dossier, however, doesn’t mention Samjhauta Express which was earlier used by underworld.

Four Pakistani nationals, recently arrested with FICN worth Rs 47 lakh, are undergoing trial in a Dubai Criminal Court and as per initial report, the money was handed over to them by an ISI network in Dubai. The investigators have mentioned that currency notes were accurately faked and it was difficult for a layman to discover whether they were counterfeit.

“FICN being produced in Pakistan contains some elements identical to the Pakistan currency, and through highly specialised and exclusive technology, which is known to have been provided by international companies to Pakistan,” the dossier said.

A senior intelligence official, who has been examining Pakistan’s role in this economic terrorism since 2004, told The Sunday Standard that the Pakistani establishment is adopting new routes, and since Samjhauta Express came under the agencies’ radar in 2012, they are now using diplomatic channels and third country routes to avoid detection.

“Pakistan has always denied the evidences provided to it by Indian government despite complicity of diplomatic staff in such terrorist activities,” the intelligence official added.

Intelligence agencies also pointed out that the Pakistan ISI has also reduced its profit margin in the FICN smuggling racket to further enhance its nefarious activities and attract more smugglers, middleman and retailers to threaten economic security of India. The dossier suggested that the Pak agencies have reduced price of FICN bringing it to nearly 10 per cent which means around Rs 900 neat profit for players for circulating Rs 1,000 FICN in the system.

“Pakistan agencies have made the FICN smuggling more lucrative than drugs and other contraband. The money is used in funding terrorism and producing more FICN making it a huge illegal business in Pakistan,” an intelligence official added.  The National Investigation Agency (NIA) which had earlier arrested six FICN transporters in July had revealed that Iqbal Kana, a Dawood Ibrahim aide, is also operating through Dubai route. NIA had arrested Kana’s courier Ekramul Ansari from Delhi airport in July with FICN worth Rs 49 lakh. NIA is also looking for two ISI modules—Mallick and Perara—who, according to the agency sources, are operating from Colombo.

Sources said the issue was also raised in a recent Regional Economic Intelligence Council meeting where all the stakeholders discussed the smuggling of FICN. Minutes of the meeting reviewed by The Sunday Standard reveals that a suggestion to drastically reduce cash transactions to prevent circulation of FICN was also taken up but it was dismissed considering the country’s unique economic dynamics where most people do not normally use banking channels for transactions in India. – The New Indian Express