Financial system in a wreck, offence can be repeated’: Court denies bail to man held with fake currency

by NTOI Web Desk

A SPECIAL court, in a recent order, rejected bail to a man booked for alleged possession of fake currency, stating that “the economic and financial system is in a wreck” due to the pandemic and the accused could continue to commit similar offences if released.

The accused, Naveed Shaikh, was arrested in 2021 under sections pertaining to possession and trafficking of counterfeit currency. In his bail plea, Shaikh had submitted that continued incarceration during the Covid-19 pandemic would have an impact on his health and life.

The court said that this aspect has to be dealt with in the light of the gravity and seriousness of the alleged crime. It said that there was a prima facie case showing Shaikh’s involvement in offences which have a maximum term of life imprisonment.

In the existing situation, all the local economic and financial system is in a wreck. The involvement of applicant in alleged crime is more hazardous to the local economy fearing breaking down in existing situation.

Involvement of applicant in counterfeiting currency in such a huge number is itself one of the circumstances showing he would continue committing such crime if released on bail,” the court said, rejecting his plea last week.

The prosecution had submitted that Shaikh was apprehended in possession of suspicious currency amounting to over Rs 2 lakh in the denomination of Rs 500. It was submitted that he did not have an acceptable justification for possessing the notes.

It further said that a house search of his home had also led investigators to an amount of Rs 75,000 along with paper-cutting machines, paper and steel ruler.

The prosecution claims that the accused was also involved in counterfeiting of the currency. The seized notes were sent to the security press in Nashik where they were confirmed to be counterfeit.

The court said that no explanation for the other articles was given by the accused either. Shaikh’s lawyer had said that he was not involved in any offence and that only the offence of possession could be made out based on the evidence alleged to be against him.

In a similar case, the court allowed the bail plea of a man called Amin Shaikh, who was found in possession of Rs 8,000 in counterfeit. The accused had submitted that he had taken a loan from his colleague’s associate as he was in a financial crunch. He had submitted that he was not aware of the nature of the currency.

The court said the prosecution had not succeeded in prima facie either proving that the accused had knowledge about the currency being fake or him being involved in its trafficking.

You may also like

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More