SYNDICATES making fake currency note have become active again in the country targeting brisk animal market during the forthcoming Eid festival. According to news reports, there are at least 50 groups only in Dhaka city who are involved in fake note production and supply and many of them are operating under political shelter. As per Bangladesh Financial Intelligence Unit (BFIU) sources, these groups have become desperate expanding their criminal activities from Divisional Headquarters to district and upazila levels.
The disclosure said an agent forking for the syndicate get between 50 and 100 taka as commission for distribution of a thousand taka note. Report said they have already activated their network around most big cattle market to be set up in the city and all over the country. But law enforcers are supplying fake note detecting machine at all places to thwart the move. Banks and financial institutions are already using such machines, but the chance of cheating in overheated Eid market can’t be ruled out.
It may be noted that they have even their secret agents in the banking channel who make sure transfer of fake notes to ATM booths. This is highly critical time that can only be overcome with high degree of vigilance and by destroying their network so that they can’t play foul with unguarded traders and buyers of animals and other marketing outlets. We know that even foreign nationals are active in Bangladesh and many of them were also arrested few weeks back. But such syndicates are dreadfully active to take advantage of the booming Eid market.
We know that law enforcers like RAB and other intelligence agencies are working on their plan to foil the fraud. But the presence of quite a good number of fake notes often detected in the market proves that anti-crime drive in this sector could not earn much success. Bangladesh Bank’s disclosure that they had detected around one and a half crore taka fake notes in the past nine months strengthens the fear.
More than six thousand cases were filed till July of this year with complaints of printing, spreading and carrying fake notes. More than one thousand persons were arrested. But most of them got bail from the court and join the syndicate again suggesting weak investigation report and charge sheet. It also suggests that they are protected by certain powerful quarters.
In our view fake currency syndicates must be treated as the biggest threat to the country’s financial system and their members be treated with severe punishment. If some powerful quarters are having their hands behind it, they must be similarly identified and punished.
