Supply & Circulation Of Fake Currency Is Threat To Economy, National Security: Delhi HC Denies Bail In Counterfeit Currency Case
The Delhi High Court denied bail to a person accused of counterfeiting currency, observing that the act of supply and circulation of fake currency as a threat to the economy, national security and individuals.
Advocate A.K. Siri appeared for the Appellant and APP Manoj Pant appeared for the Respondent.
Brief Facts-
The applicant/ accused, Irshad, was booked under Sections 489B/489C/34 of the Indian Penal Code, 1860 on the allegations that he was engaged in the supply and circulation of fake Indian currency notes in various parts of Delhi, U.P., Punjab, and Haryana, in conspiracy with co-accused Tajeem.
Hence, he approached the High Court with this bail application under Section 439 read with Section 482 Cr.P.C. against the FIR.
The Court noted that the chargesheet mentioned that during the investigation a raid was conducted at the house of the applicant where 150 counterfeit currency notes, each with a denomination of Rs. 2,000, totalling Rs. 3,00,000 in value were found. It also mentioned that the investigating agency had again conducted a raid at the residence of the present applicant where equipment and tools used in printing and manufacturing fake Indian currency notes, including paper sheets, green paper used for making wire/security thread, and a wooden frame used for cutting notes were recovered from his shop.
The Court also perused the report of the Bank Note Press, Dewas Madhya Pradesh which confirmed that the notes were counterfeit ones.
According to the Court, the allegations raised grave concerns regarding the involvement of accused persons in the distribution and circulation of counterfeit currency notes.
While stating that the illicit activities surrounding the supply and circulation of counterfeit currency notes pose multifaceted risks to both the economy and individuals within society, the Court observed, “There is no gainsaying that proliferation of counterfeit currency facilitates various forms of illicit activities, including money laundering, terrorism financing, and organized crime. Criminal syndicates often use counterfeit money to fund their operations, launder illicit proceeds, and finance illegal activities such as drug trafficking, human trafficking, and arms smuggling.”
Therefore, the Court after considering the overall facts and circumstances of the case and, the seriousness of the offence, denied bail to the accused.
Consequently, the bail application was dismissed.
Cause Title: Irshad @ Bhuru v. The State Of N.C.T. of Delhi (Neutral Citation: 2024:DHC:2736)
Appearance:
Appellant: Adv. A.K. Suri
Respondent: APP Manoj Pant