2 Sep 2021 12:15 PM GMT
While refusing bail to a person accused of counterfeiting currency, the Delhi High Court has observed that the circulation of fake currency notes is severely detrimental to the economy and hampers the country's financial regulation. The Court further remarked that the production of counterfeit currency notes often stems from dissatisfaction with a country's growth and is, therefore, aimed...
While refusing bail to a person accused of counterfeiting currency, the Delhi High Court has observed that the circulation of fake currency notes is severely detrimental to the economy and hampers the country's financial regulation.
The Court further remarked that the production of counterfeit currency notes often stems from dissatisfaction with a country's growth and is, therefore, aimed at financially disintegrating and destabilizing the steady equilibrium of liquidity in the economy.
Justice Subramonium Prasad remarked that the process of making fake currency notes has reached a level of immaculate sophistication due to which these fake currency notes are indistinguishable from actual currency notes and have become a high profiteering business. He added,
"Counterfeiting of currency notes breeds drug smuggling, purchase of illegal arms and ammunition, funding of undesirable terrorist outfits, cross-border money laundering, human trafficking and various other phenomena. Moreover, it has a disastrous effect on the economy."
The remarks were made while denying bail to one of the accused apprehended in possession of Rs. 44,000/- fake Indian currency. The present petitioner's name emerged as being involved in the syndicate with few other people.
As the charge sheet was not filed within the stipulated time, three co-accused were granted default bail. However, before the petitioner could approach the Court for bail, a charge sheet was filed and thus, default bail was dismissed. Before the High Court, the Petitioner pleaded parity with other co-accused.
The High Court however, while declining bail observed that the legislature specially inserted sections 489A, 489B, 489C, 489D and 489E in the IPC to protect the country's economy. It referred to K. Hashim v. State Tamil Nadu (2005) to gather the legislative intent of these provisions.
It added that the Petitioner cannot claim parity given that he is a part of the well-oiled machinery or syndicate dealing in the printing and circulation of fake currency notes, which has the propensity of having a disastrous effect on the country's economy.
Ascertaining the role of the accused in the syndicate, the Court pursued the material on record to observe that he was in possession of Rs. 44,000/- fake Indian Currency Notes from his residence. It was also brought on record that another co-accused used the petitioner's laptop for designing these fake currency notes. Moreover, the call detail records also showed constant communication between the accused and other involved people.
Observing that the supplementary charge sheet is yet to be filed and that the nature of offences is severe, the Court denied bail and further added,
"The nature of the activity, the chances of the petitioner absconding/jumping bail or continuing to indulge in the same activity on release cannot be ruled out at this juncture."
Case Title: Tabrez Ahmed v. State of NCT of Delhi
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