Terrorist outfits are investing in the Indian stock market through spurious companies, home minister Sushil Kumar Shinde said at an Interpol General Assembly meeting in Rome on Monday.
Calling terror funding the ‘lifeblood of terrorism’, Shinde said he had credible intelligence to back his words. “Credible intelligence suggests that terrorist outfits are investing in stock markets through spurious companies, setting up fictitious businesses and laundering money,” Shinde said. He asked Interpol to play a crucial role in helping India to check this.
“The utmost importance of detecting the sources of such finance including the fake currency variant, its conduits, modus-operandi and stanching its flow cannot be lost on us,” Shinde has said.
In 2007, then NSA MK Narayanan had raised an alarm on terror money in the stock markets when he said at a conference in Munich that there were ‘isolated incidents’ of terrorist outfits manipulating the stock markets to raise funds.
“Stock exchanges in Mumbai and Chennai have, on occasions, reported that fictitious or notional companies were engaging in stock market operations,” Narayanan then said.
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