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» » News18 Shorts

NSA tracks terror trail to bourses

Feb 14, 2007 08:59 PM IST Business Business

New Delhi: First it was the Naxals who were believed to be investing in the markets, and now it’s the suspected manipulation of the stock exchanges by terrorists that has National Security Advisor worried. NSA M K Narayanan says manipulation of markets is the new modus operandi used by terrorist groups to raise funds for their operations. Narayanan also said that fictitious companies – that have been traced to terror outfits - have operated in the Mumbai and Chennai stock exchanges. "Isolated instances of terrorist outfits manipulating the stock markets to raise funds for their operations have been reported. Stock exchanges in Mumbai and Chennai have, on occasions, reported that fictitious or notional companies were engaging in stock market operations," Narayanan was quoted as saying at the 43rd Conference on Security Policy in Munich last week. Narayanan also called for the lifting of banking secrecy and the corporate veil in terrorist-related cases and said security agencies had detected many instances of funds received via banking channels from so-called safe locations like Dubai and UAE. "I have only said that terror organisations can manipulate stock exchanges (to generate funds) and this is one way of spreading terror," Narayanan told CNN-IBN. He said the funds were clearly intended for terrorist groups. Narayanan put the onus of the security lapse on some "official agencies" in Pakistan for pumping millions of dollars for militancy in India. He said jehadi groups had started to establish a network of legitimate businesses to fund their activities and were involved in legitimate business enterprises like restaurants, real estate agencies and shipping and use part of their proceeds to siphon off funds for their terrorist activities. (With agency inputs)

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