No Indication of Terror Links in Chit Fund Companies: Govt

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    The National Investigation Agency (NIA) has not come across any instance in its investigation which indicates any terror links across the country in terms of flow of funds from various chit fund companies.

    The Unlawful Activities (Prevention) Act, 1967 has adequate provisions to deal with all aspects of terrorism including combating financing of terrorism.

    No Indication of Terror Links in Chit Fund Companies: Govt

    The provisions under the Unlawful Activities (Prevention) Act, 1967 are quite deterrent and comprehensively cover various facets of both terrorist funding and benefits from proceeds of terrorism.

    The Unlawful Activities (Prevention) Act, 1967 empowers both the Union Government and the State Government agencies to take action where specific cases come to light.

    The Unlawful Activities (Prevention) Act, 1967 has been further strengthened in 2012 to combat terrorism in all its manifestations including financing of terrorism. 

    To address the multi-dimensional aspects of illegal inflow of funds for terrorist activities, several agencies such as Reserve Bank of India (RBI), Ministry of Finance (MoF), Ministry of Home Affairs (MHA), Intelligence and Law Enforcement Agencies of the center and states are working in tandem to have effective check.

    Further, based on the experience gained and gaps identified, Government continuously upgrades technical, coordination and forensic capabilities of the Central Intelligence and Investigation Agencies to effectively deal with the threat, said the PIB press release.

    The Government has also created a separate cell, i.e., Combating the Financing of Terrorism (CFT) in the Ministry of Home Affairs. A Terror Funding and Fake Currency Cell (TFFC) has also been formed in NIA to focus on terror funding the fake currency cases, said Sinha Jayant Sinha in written reply to a question in Lok Sabha on Friday.

    Read more about: chit funds
    Story first published: Saturday, December 20, 2014, 12:39 [IST]
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