NIA will be probing the terror angle as the masterminds behind the racket are said to be running the racket from Pakistan. (Photo: Representational image)

The National Investigation Agency (NIA) has taken over the FICN (Fake Indian Currency Note) recently busted by the Mumbai crime branch.

A resident of Kalwa in Thane district was caught with counterfeit currency worth nearly Rs 24 lakhs on February 9.

Javed Shaikh, 36, had flown down to Mumbai from Dubai, was found carrying a large sum of cash in fake Rs 2,000 currency notes. The Federal agency will be probing the terror angle as the masterminds behind the racket are said to be running the racket from Pakistan.

After being arrested and grilled by the Mumbai Police, Shaikh told interrogators that notes which were high-quality counterfeits were printed in Pakistan and sent to Dubai to be eventually taken to India.

According to Mumbai crime branch officers investigating the case, high-quality counterfeit notes included seven out of nine security features that were added to curb such instances. The two features that the notes lacked were the 'optically variable ink' and the 'see-through register'.

Investigators believe that this is not the first time Shaikh had helped in transferring fake notes, citing his travel history. He had been to Dubai earlier as well.

The Joint Commissioner of Police, Mumbai crime branch said: "The fake notes were concealed inside a cushion and scattered loose to hoodwink the scanner and the cushion was placed inside a cavity created in the accused person's trolley bag. The accused had cleared Customs and left the airport premises when he was apprehended by the Mumbai crime branch officials at the airport".

Mumbai police suspected that fugitive terror financer Dawood Ibrahim was working with Pakistan's ISI to pump the FICN into the country, in a bid to destabilise the economy.

During his interrogation, Shaikh informed Mumbai police about a man named Sardar who he met him in Dubai.

Sardar is reportedly a suspected Dawood henchman working from Dubai who was aiding the transfer of fake currency to India.

The earlier routes used by Pakistan to pump FICN into the country were from borders of Bangladesh and Nepal. But tightened security at the borders had led to massive reduction into smuggling of FICN in India.

Investigators also suspect that ISI and Dawood Ibrahim were now roping in mules like Shaikh to carry the FICN to India undetected. On arrival, the FICN would be handed over to local distributors who would then sell the said amount at a ratio of 3 to 1.