In the light of fresh evidence, intelligence agencies are now looking beyond hawala and money transfers as modes of terrorist funding.
NEW DELHI: In the light of fresh evidence, intelligence agencies are now looking beyond hawala and money transfers as modes of terrorist funding. Plastic money is emerging as the new mode.
Agencies investigating the Mumbai attack have reportedly seized over 20 credit cards (HDFC, HSBC, ICICI, AXIS, etc.) from terrorists.
A directorate of revenue intelligence officer said there have been cases in the past when terrorists have used credit cards. “Terrorist modules using credit cards have been busted in the past too,” he said.
Investigating agencies are scrutinising the cards seized in Mumbai to ascertain their issuing authorities and places where they were used. “We are in close touch with the banks,” another investigating officer said.
Terrorists are believed to have used different credit cards to make payments during their stay in India. The Taj and Oberoi hotels in Mumbai have also been asked to share details pertaining to the cards.
Some of the cards, investigating officers suspect, have been issued from India, while some from other countries. “We are not sure but we do not rule out the possibility that some cards may have been issued in Hindu names to escape detection,” the officer said.
What makes it an easier mode of transaction is the fact that like hawala and Western Union, credit card transactions do not require two parties. “It is a faceless mode of money withdrawal,” an officer said.
The financial intelligence unit (FIU) formed in 2004 is entrusted with the task of scanning banking transactions. Based on the information they get from various banks, they prepare a list of suspect transactions and share it with various intelligence and investigating agencies.
“The number of transactions is so high that it is not possible to scrutinise all. Banks are supposed to report transactions of and above Rs10 lakh to us,” an FIU official said.
Payment modes such as Visa and Mastercard do not come under the purview of FIU.
But amendments to the prevention of money laundering Act are under consideration, which will make it mandatory for Visa and Mastercard to report transactions to FIU.
In the present case, investigators suspect the terrorists were a step ahead. “They ensured no single big transaction was made using one card and that is the reason, we suspect they were carrying so many cards,” an officer said.
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