Court refuses bail to accused in fake currency case linked to D-company

The case dates back to a 2021 operation by the Thane crime branch, during which a consignment of high-quality counterfeit Indian currency was allegedly seized and several persons were arrested for their suspected role in circulating the fake notes

MUMBAI: A special National Investigation Agency (NIA) court has rejected the bail petition of Riyaz Abdul Rehman Shikilkar, an accused in an alleged fake Indian currency notes (FICN) case in which the agency has found links with the Dawood Ibrahim syndicate.

Court refuses bail to accused in fake currency case linked to D-company

The case dates back to a 2021 operation by the Thane crime branch, during which a consignment of high-quality counterfeit Indian currency was allegedly seized and several persons were arrested for their suspected role in circulating the fake notes.

The superior quality of the seized currency and the organised manner in which it was allegedly being circulated prompted a deeper probe into its source and distribution network. Subsequently, in 2023, the investigation was transferred to the NIA, which re-registered the case and invoked provisions of the Unlawful Activities (Prevention) Act (UAPA). The agency has alleged that its probe uncovered a larger conspiracy involving individuals linked to the D-company, with counterfeit currency operations being used to generate funds for unlawful and terror-related activities.

The NIA claimed that searches conducted at multiple locations resulted in the recovery of incriminating material and weapons, which, according to the agency, point to the organised and terror-linked nature of the alleged offence.

Besides Shikilkar, the accused named in the case include Nasir Usmangani Chaudhary and Mohammad Fayaaaz Shikilkar. While the court has declined bail to Riyaz Shikilkar, other applications filed by the accused, including pleas seeking discharge, are pending and are expected to be considered at the stage of framing of charges.