Demand for fake currencies rises
Demand for counterfeit currency has increased across Bangladesh with profit margins increasing from Tk. 10,000 to Tk. 30,000 per lakh of false notes produced.
Concern among banks, businesses and the general public has risen, as well, say sources at the Bangladesh Bank.According to the Deputy Commissioner of the Detective Branch in Dhaka’s police force, Mahbubur Rahman, at least 10 major networks are actively distributing counterfeits of various currencies, including the Euro, the Dollar and the Rupee, as well as Bangladeshi Taka in denominations of Tk. 100, Tk. 500 and Tk. 1,000. With the upcoming Eid-ul-Fitr celebrations and increased attention from intelligence and law enforcement agencies, counterfeiters have increased their costs – and profits – significantly.
According to Ashim Kumar Das Gupta, executive director of the Bangladesh Bank, every Bangladeshi faces a burden of 12 paise because of counterfeiting, compared to 40 cents in the United States and 40 paise in India. As of now, there are at least 5,100 counterfeiting cases pending.
“In the process of cash handling, we’re getting two or three pieces of counterfeit notes in every million taka,” Das Gupta said.
In order to combat the growing problem, he announced on Sunday that the central bank will now require all 27 commercial banks in Bangladesh to introduce machines for identifying counterfeits to their branches.
“We will send special teams from the central bank to all the branches of the commercial banks for monitoring. We will take action against any branch official who fails to follow the instructions of the bank regulator.”
State Minister for Home Affairs Shamsul Haque Tuku says his department has encouraged intelligence agencies to strengthen their vigilance across the country in order to slow the growth in counterfeiting. “Our law enforcement and intelligence agencies are applying new technology and strategy to identify the network members,” he said.
The task of reducing counterfeit risks will not only be incumbent upon banks and intelligence agencies, however. Das Gupta also advised individual citizens to protect themselves by learning the security features on each Tk. 100, Tk. 500 and Tk. 1,000 note to help avoid forgeries.
The raw materials currently in use for counterfeiting these bills – basics like aluminium foil, paper and glue – are readily available in local markets. The networks currently flooding the Bangladeshi market with these false notes are also distributing them overseas, sources said.
Another official at the State Bank told The Independent under condition of anonymity that several teams have seized huge quantities of counterfeit notes from a variety of financial institutions, including branches of private banks and foreign exchange agencies, over the past few months.
Sources in law enforcement said the Rapid Action Battalion, National Security Intelligence and the police department’s Special Branch are all in pursuit of the counterfeiters in an attempt to dismantle distribution networks. The police headquarters has asked police superintendents to form several units for each district to better profile suspected members of the counterfeit network.
On Friday, the police department’s Detective Branch conducted raids across Dhaka, arresting a six-member gang and recovering over Tk. 4.7 million in fake notes. The raids also resulted in the seizure of raw materials from the Motijheel, Mugda and Mirpur areas.
Courtesy of The Independent
