Delhi HC denies bail to man who printed, circulated FCIN, fake US dollars

The court said that circulating fake currency poses a serious threat to the country’s economy and undermines financial regulation

Circulating fake currency poses a serious threat to the country’s economy and undermines financial regulation, the Delhi high court has held while denying bail to a man accused of circulating fake Indian currency notes (FCIN) and counterfeit US dollars.

Justice Shalinder Kaur delivered her July 16 verdict, released on Thursday, while dealing with the petition of a man named Shoib Malik against a city court’s March 20 order denying him bail. (HT Archive)

Justice Shalinder Kaur delivered her July 16 verdict, released on Thursday, while dealing with the petition of a man named Shoib Malik against a city court’s March 20 order denying him bail.

The Delhi Police’s special cell had named Malik as a co-accused in an FIR registered under various sections of Indian Penal Code including 489A (counterfeiting currency notes), 489D (making or possessing instruments for forging or counterfeiting notes), and 120B (criminal conspiracy). Police had alleged that Malik was a part of a larger syndicate involved in circulation and printing of FCIN.

In his petition, Malik said that the police did not have evidence to prove possession of FCIN or connection with the offence. He said he had already spent more than two years in custody and no purpose would be served by keeping him in jail any more.

The Delhi Police opposed the bail plea saying that Malik did not merely possess FCIN but also printed and circulated it. They said that they recovered FCIN to the tune of ₹73,000 at the time of Malik’s arrest from his house and that he had committed an offence that jeopardised the country’s economic security.

Agreeing with police, justice Kaur said, “The case raises a grave concern regarding the involvement of the petitioner along with co-accused persons to print, distribute and circulate not only FICNs but US dollars, as well. Indeed, the circulation of fake currency causes a severe threat to the economy of the country, being detrimental to the financial regulation of currency in the country.”

The judge said that such offences also fuel other illegal activities such as drug smuggling, arms trafficking, money laundering, and human trafficking.

“The purpose to enact the provision of sections 498A, 489B, 489C, 489D and 489E of the Indian Penal Code, 1860, (now sections 178, 179, 180, 181 and 182 of the Bharatiya Nyaya Sanhita, 2023) is to safeguard the economy of the country and such illegal activities which destabilise the economy,” the court said.