The financial Express, 31 July 2012
The Detective Branch (DB) of police nabbed six people and recovered fake currency notes amounting to Tk 10 million (one crore) from their possession in separate drives in the capital on Thursday, July 26. The law enforcers also seized a lap top, a printer and materials used in currency making. The detectives produced them before a press briefing at the DB headquarters. The additional deputy commissioner of DB said that the gang had been making forged notes in a rented house at South Mugda. This is a good example and needs to be multiplied to contain the menace of fake notes.
Fake notes are circulating in an apparently unrestricted manner before the Eid. Steps taken by Bangladesh Bank (BB) have little impact. The fake notes have reached bank counters – and, according to media reports, even the central bank vaults (the central bank though routinely refutes the allegation). These notes are coming from cash counters of commercial banks. Bangladesh Bank is worried about this. Some bank officials are obviously associated with those engaged in the business of fake notes. The ring leaders in the business of fake notes have become desperate before the Eid. The common people mostly are the victims.
The National Task Force is holding regular meetings for checking circulation of fake notes. Bangladesh Bank has cautioned the head offices of the commercial banks. All banks have been advised to use machines for detection of forged notes. The suppliers of forged notes are not only busy in the shopping malls but have also reached the ATM booths of commercial banks. Designs of new notes reach the cheats before the new notes are introduced in the market. A former central bank governor has said that fake notes keep on multiplying because those involved in this work are not punished.
There are big syndicates engaged in the business of fake notes. About five thousand cases are in the courts. The culprits are not being punished. They are operating in large numbers in the rural areas where people are not so alert. Foreign agents are also connected with this business. Fake notes are sold at a discount – a note of 100-taka denomination is sold at Tk 40, for example. It is reported that around 50 groups are engaged in the production of fake notes. Bangladesh is flooded by about Tk 200/250 million (20/25 crores) counterfeit notes each month.
In Dhaka, fake currency notes are everywhere – from fish market to kitchen market and from shopping malls to banks. Fake note-holders are spreading these in the whole city. Intelligence sources say that millions of counterfeit takas are entering the country from across the border. Notes are also printed in Dhaka. Citizens of India, Pakistan and some African countries are involved in the process.
It is said that terrorists are directly connected with the forgery of currency notes. This money is funding the terrorists. Fake notes of Tk 500 denomination are pouring into the market every day. Agents are very active in the city. They come to the market with new strategies. Ordinary and simple people are the victims. Business people do not pursue such cases seriously for fear of loss of business. In brisk business on the occasion of Eid, fake notes cannot be identified easily.
On July 5 the border guards detained a person with fake notes at Mirsarai border area and handed over the person to the police station. Uttam Dutta was the person. He came to Bangladesh by swimming across the Feni river. He had several notes of the same serial number in his possession. Border guards detected this discrepancy and detained Uttam Dutta.
Some members of the Lasker-e-Taiyeba were arrested last year at Malibagh. They were connected with the business of fake notes. They were dealing with fake currencies under the garb of a buying house. Most of people are not familiar with fake notes.
Machines used in detecting fake notes are not always effective. The police and RAB officials have launched a drive for about 50 makers of fake notes. Bangladesh Bank has asked the law enforcing agencies to arrest those connected with forgery of bank notes. They have advised the people to be more alert about transaction of bank notes and requested them to submit any information about forgery of bank notes to the nearest police station. The main culprits have, however, remained beyond the reach of law enforcers.
It is essential to ensure punishment to the criminals connected with the production and business of fake notes. The Ministry of Home Affairs, Bangladesh Bank, district administration and the border guards need to take a coordinated action against the culprits. The overall economy and public interest are affected by the forgery of bank notes. Therefore, those connected with forgery of bank notes must not be spared.
Financial discipline has been damaged because of the circulation of fake bank notes. The counterfeiters are circulating the fake currency notes tactfully. The law enforcing agencies have been able to recover a huge quantity of equipment used for producing fake notes. A number of factories have been discovered. These efforts have not been able to stop marketing of the products of the counterfeiters.
Those who are engaged in producing and marketing fake notes are now using modern technologies and the notes appear to be faultless. People find it difficult to distinguish between forged and genuine notes. The counterfeiters buy 100-taka notes from the market and convert them into 500-taka notes. There are allegations that some law enforcers also assist the counterfeiters.
The culprits escape punishment because of loopholes in our legal system. There are only a few examples of meting out severe punishment to the forgers. Many cases are pending in the higher courts. Such cases are lingering in the courts because of the financial strength of the alleged culprits. The government has an opportunity to do something spectacular in eliminating forgery of bank notes and produce a success story.
Bangladesh Economy 
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