Author: TNN
Publication: The Times of India
Date: November 7, 2012
URL: http://timesofindia.indiatimes.com/india/Shinde-asks-Interpol-to-stop-terror-funds-routed-via-stock-markets/articleshow/17122065.cms

Pointing to terror funds being routed through stock markets by way of spurious companies, home minister Sushil Shinde has urged Interpol to work on a cooperative mechanism that facilitates speedy sharing of internet addresses and subscriber details.

 Use of enhanced cyber tools and sharing of relevant electronic information is the key to checking, tracking and persecuting the flow of funds moved by savvy trans-national terrorists who take advantage of modern banking and stock markets to route funds.

 "It is a cliche to say that terror-funding is the lifeblood of terrorism. Credible intelligence suggests terrorist outfits are investing in stock markets through spurious companies, setting up fictitious businesses and laundering money," Shinde said.

 In the backdrop of difficulties faced by India in accessing IP addresses of computers which were recently used in Pakistan and elsewhere to upload bogus information and doctored videos aimed at inflaming communal tensions after the Assam violence, the minister also urged Interpol to look to facilitate probes in such cases.

 This is not the first time that a senior figure in government has warned about abuse of stock markets by terror outfits. In 2007, then national security advisor M K Narayanan - now West Bengal governor - had said that instances of such manipulation had been noticed in Chennai and Mumbai stock exchanges.

 "Instances of funds received through banking channels from Dubai and UAE intended for terrorist organizations have been detected," Narayanan had then noted.

 In December, 2011, then minister of state for finance Namo Narain Meena told Parliament that 10 suspicious deals had been reported from 2009-10 till 2011. Amounts so traded were often small so as to evade attention. Yet, because of the mobility of such funds, terrorists found them to be useful.

 Pakistan-based terror groups have used internet tools to telling effect against India. Agencies may find it not only find it essential to keep tabs on terror funds but to also check use of information technology in spreading communal tension as was seen recently when doctored videos were uploaded from Pakistan.

 Shinde said the important task was to detect sources of such finance, including the fake currency variant, conduits and operational methods.

 "Here again the Interpol has to play a very crucial role," he said in his speech released by his ministry here on Tuesday.

 He suggested that Interpol should study the feasibility of having some mechanism for getting informal investigation related requests like those for subscriber details, IP addresses, executed expeditiously via the companies who have the information.

 India also urged Interpol to facilitate investigation and prosecution of terror-related cases.