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From Rs 500 to Rs 10: ISI shifts fake currency strategy, floods India with counterfeit low-value notes

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New Delhi, Aug 7: Criminal syndicates, including the network run by Dawood Ibrahim, have long been involved in circulating fake Indian currency notes.

Backed by Pakistan’s Inter-Services Intelligence (ISI), these networks have treated counterfeit currency as one of their most profitable operations for years.

Indian security agencies have now detected a significant shift in the way counterfeit currency is being pushed into the country. Investigators say the circulation of fake Rs 500 notes has declined sharply, pointing to a change in the strategy adopted by the counterfeit currency network.

Earlier, the network primarily focused on counterfeiting Rs 200 and Rs 500 notes. Agencies have now found that the emphasis has shifted to lower denominations, with fake Rs 10, Rs 20 and Rs 50 notes being circulated in large numbers.

The circulation of counterfeit currency not only finances these criminal syndicates but also poses a threat to India’s economic stability. Officials say this is one of the key reasons why Pakistan’s Inter-Services Intelligence (ISI) has continued to facilitate the trade, much of which is allegedly orchestrated through the Dawood Ibrahim syndicate.

An Intelligence Bureau official said there are credible intelligence inputs indicating that Pakistan’s ISI is planning to flood the market with counterfeit currency in lower denominations. According to the official, the strategy is to circulate fake Rs 10, Rs 20 and Rs 50 notes in much larger volumes than before.

“There are multiple reasons behind this newfound strategy. These elements are aware that people are extremely cautious about notes above Rs 100 denomination and will conduct a detailed check before accepting them. However, that is not the case when it comes to smaller denomination notes,” the official said.

People are generally less cautious when handling Rs 10, Rs 20 or Rs 50 notes and rarely stop to check whether they are genuine or counterfeit. That is precisely what these networks are seeking to exploit, the official said.

Officials said the syndicates believe lower denomination counterfeit notes are less likely to attract attention, making them easier to circulate in large numbers without raising suspicion.

Another official said that the period up to April 2027 will be crucial.

The biggest push would be made by these gangs to circulate fake notes of smaller denominations during these months. India plans to roll out polymer or plastic bank notes by 2028. The Reserve Bank of India (RBI) has said that polymer bank notes in the denominations of Rs 10 and 20 will be rolled out in 2028.

While the primary objective of introducing polymer notes is to increase their lifespan to nearly four times that of existing paper currency, they are also expected to offer significantly stronger security features. Officials say the enhanced anti-counterfeiting measures will make the notes far more difficult to replicate.

The plastic substrate allows for advanced security integrations which are impossible on paper. These new notes would have transparent windows, specialised metallic links and micro-optic holograms which would make them extremely difficult to forge.

Before this roll out, it is suspected that the ISI-backed gangs may look to ramp up circulation of counterfeit notes of the smaller denominations in the country.

Officials say that these gangs would focus increasingly on notes of smaller denominations. Once the rollout is complete in 2028, these syndicates would look to target the Rs 50 and 100 notes more compared with the notes of the Rs 500 denomination, the agencies warned.

The RBI has repeatedly issued instructions on how to spot a counterfeit note. The apex bank says that the small denominations may not have a high value, but are used more frequently in daily transactions. This makes them a common target for fraud, and hence citizens must be more careful while dealing with such currency, officials point out.

Crime

Satish Salian issues Rs 500 crore defamation notice to Aaditya Thackeray outside ‘Matoshree’

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Mumbai, Sep 19: Disha Salian’s father, Satish Salian, on Saturday slapped a Rs 500 defamation notice to Shiv Sena-UBT leader Aaditya Thackeray outside the latter’s Matoshree residence, over remarks made against the former as he is pursuing a fresh probe into his daughter’s death case.

Satish Salian and his lawyer Nilesh Ojha were not allowed to enter the Shiv Sena-UBT leader’s residence, so the notice was accepted by Thackeray’s advocate outside the building.

Speaking to reporters after serving the notice, Ojha claimed: “They (ShivSena-UBT members) had threatened us, saying they would not let us practice. So we came here (Matoshree) to show that we can serve a legal notice right at your home. Call as many goons as you want, let’s see what you do.”

Responding to Aaditya Thackeray’s allegations, Satish Salian’s lawyer said: “We have nothing to do with any politics. Now that the notice has been served, answer it…nobody could do a thing to us.”

The defamation notice concerns alleged false, malicious, and defamatory posts published by Aaditya Thackeray on his official X account on September 16 in English and Marathi. It accuses him of making allegations against Satish Salian regarding political motives and personal enmity in connection with the proceedings and Central Bureau of Investigation (CBI) investigation into the death of his daughter Disha Salian. The notice seeks an additional Rs 500 crore as compensation and damages.

Earlier on Saturday, Satish Salian said he was not afraid of “any Shiv Sainik”.

“They are human beings and I am human too. I am from Mumbai, so I have no reason to fear anyone,” he told media.

Meanwhile, his lawyer Nilesh Ojha had previously said that Satish Salian has written to the CBI, which is currently probing the case, requesting immediate police protection.

“Satish Salian wrote a letter to the CBI requesting immediate police protection for four people: Satish Salian, myself, former Narcotics Control Bureau Zonal Director Sameer Wankhede, and Ashutosh Pathak. He requested the CBI to take swift steps to provide us with police security,” he told media.

Ojha also said: “The Narcotics Control Bureau report states that Aaditya Thackeray is involved in the drug business. There are CCTV footages, eyewitness testimonies, and allegations of rape and murder against him. We are stating all this openly. Don’t you have legal provisions if this is false?”

“Once they (Thackeray) did approach court (against the allegations) but they had to apologise because their affidavit turned out to be false. What anyone says doesn’t affect us. Let them do whatever they want; we are following our legal path,” he added.

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Crime

16-year-old girl found dead in West Bengal Purulia, family suspects murder

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Kolkata, Sep 19: The body of a 16-year-old girl was recovered from an empty house in West Bengal Purulia district on Saturday morning, with her family alleging that she was murdered by a minor boy with whom she was reportedly in a relationship and his family members.

The police have launched an investigation following a complaint lodged by the girl’s family. The body was recovered from an empty house in the jurisdiction of Purulia Mufassil Police Station in Purulia town.

The girl’s brother-in-law told local media persons that she had gone missing on Friday night.

“The girl had been missing since last night. We searched throughout the night but could not find her. This morning, she was found dead,” he said.

“We came to know that the girl was in a relationship with a local teenager. She used to go to their house for tuition. But later, she refused to go there for tuition. We suspect that the girl was murdered. We have appealed to the government to ensure that she gets proper justice,” he alleged.

According to the family, the girl had been missing since around midnight. Her body was found on Saturday morning inside an empty house belonging to the family. Her headscarf was allegedly tied around her neck.

The incident triggered mourning in the area, with local residents gathering near the spot. Officers from Purulia Mufassil Police Station reached the location, recovered the body, and sent it to Purulia Medical College and Hospital for an autopsy.

The police said the exact cause of death would be established only after the autopsy report is received. A case of unnatural death has been registered, and an investigation is underway.

The police are also examining the allegations made by the girl’s family.

“The body has been recovered and has been sent for autopsy. A complaint has been lodged by the girl’s family. The allegations made by the family are being looked into. No one has been arrested as of yet. Investigation is on,” a senior officer of Purulia district police said.

The incident comes days after a young man was arrested in Purulia for allegedly killing his girlfriend and carrying her body in a bag on a motorcycle. According to police, the accused rode around with the woman’s body for nearly three to four hours before he was caught by personnel from Balarampur Police Station on September 12.

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IIT Bombay student’s death: Mumbai Police files accidental death report, probe on

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Mumbai, Sep 19: An Accident Death Report (ADR) has been filed in connection with the case linked to the death of a second-year student of the Indian Institute of Technology (IIT) Bombay, officials said on Saturday.

The student was found dead in the IIT Powai campus on Friday evening. This reportedly happened after he was caught using a mobile phone during an examination, by the authorities.

His death a few hours after that, triggered protests by students on the institute’s Powai campus. The incident marks the third reported suicide at the IIT Powai campus in the past six months.

The deceased student was identified as Sahil Wakode, a resident of Maharashtra’s Yavatmal who was pursuing his second year in the Department of Energy Science and Engineering.

Officials said that his family was informed and has arrived in Mumbai. Their statements are being recorded.

Additionally, police are recording the statements of the students at the campus.

The body of the deceased has been sent for post-mortem.

According to the institute, Wakode had uploaded an examination question paper to ChatGPT in an attempt to obtain answers while the test was underway.

IIT Bombay said no disciplinary proceedings had been initiated against him following the incident. The matter was discussed with the student by the examination instructor and the Head of the Department.

They counselled him and assured him that the incident would not have an adverse impact on his academic career, the institute said.

After the discussion, Wakode returned to his hostel room. He was subsequently found dead in the room later that evening.

In a statement, IIT Bombay expressed grief over the student’s death and said it was providing support to those affected by the incident.

“The Institute is extending support to the student’s friends, classmates, faculty members, and others affected by this tragic incident,” it said, adding that the circumstances surrounding the death were being examined by the appropriate authorities.

Following the incident, a group of students gathered on the campus and launched a protest, alleging that the administration had not disclosed all details surrounding the circumstances of the student’s death.

Some protesters claimed that Wakode had been threatened with a one-year suspension over the examination incident. They alleged that such a suspension could have required him to leave the hostel and stay outside the campus.

Students further claimed that disciplinary action of this nature could potentially have delayed completion of his engineering course beyond the standard four-year duration.

Protesting students alleged that the fear and pressure associated with possible disciplinary consequences may have played a role in the student’s death. However, these allegations have not been independently verified.

Another student claimed that several such incidents had occurred on campus this year and questioned whether sufficient steps were being taken to understand their causes.

Police personnel were deployed in large numbers on the campus following the protest.

An investigation is underway, and further details are awaited.

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