Fake note and the honest man's loss

Counterfeiting is a crime that has existed for millennia, but in contemporary Bangladesh it has evolved into one of the most sophisticated forms of financial deception. Detecting the newest generation of fake notes has become extraordinarily difficult, even bordering on impossible for the untrained eye. Professional bankers who handle cash daily also fall victim at times when they unknowingly accept counterfeit currency from customers and later end up compensating the loss from their own pockets. If experts cannot reliably tell the fake from the real, what hope is there for the rest of us? 

Of course, counterfeit notes do not all come from the same mould. They exist on a spectrum of sophistication that stretches from crude reproductions to high-grade forgeries highly difficult to identify. The most dangerous variety emerges when genuine 100-taka notes are chemically bleached and reprinted as 500-taka notes. The original paper and many of the embedded security features remain intact while the new printing achieves striking precision in alignment and colour. Because the paper's texture feels right, people rarely look twice. 

In contrast, ordinary counterfeits that are not derived from genuine currency reveal themselves more readily once they circulate and lose their initial crispness. When these notes first enter the market, they appear new and crisp and only the highly trained can spot the subtle differences at this stage. But as they move from hand to hand, their disguise starts to slip. The paper thins, the surface goes limp and the colours lose their sharpness, alerting the holder to its inauthenticity. This leaves the person holding the note to shoulder the loss and face the quiet suspicion that follows.

A generation ago, most Bangladeshis encountered counterfeit money only in films and television dramas. That world belongs to the past. Reports now indicate that fake currency enters the country in volumes comparable to narcotics smuggled across the same borders. Recent months have witnessed multiple large-scale seizures by the RAB, police and DB units where entire factories fitted with offset printers, specialised inks and counterfeit notes worth millions have been uncovered. 

The methods of production and distribution have also adapted to the technological age. Online platforms now serve as open marketplaces for fake currency. Social media sites including Facebook, TikTok, Telegram and WhatsApp carry offers of what sellers describe as A grade prints or notes that look exactly like the original. Some Facebook posts even brazenly quote prices of about Tk 36,000 for 100,000 in counterfeit currency, implying a perceived quality so high that such a premium can be demanded.  

The approaching national election creates an environment that makes the circulation of large volumes of fake money more likely. Campaigns need massive amounts of cash to operate. Naturally, this cash changes hands rapidly, often in low light or hurried conditions where careful scrutiny is nearly impossible. Such conditions give counterfeiters a convenient opening to push forged notes into the market. Illegal gambling dens provide another long-established channel for distributing fake currency. High stake games involve stacks of notes exchanged under pressure and in dimly lit rooms. Participants know that counterfeit notes may appear during these exchanges, yet the speed of the games leaves little space for caution. 

The entry of such large volumes of fake currency into the financial system has severe implications for the economy. Currency retains its value because people trust that a note received in exchange for labour or goods will be accepted tomorrow in the same way it is accepted today. Widespread counterfeiting weakens this confidence. The immediate victim of a counterfeit note suffers a dual loss upon discovery. They lose the face value of the note and they also risk being accused of intentional fraud when they attempt to pass it on. When people begin to fear the very notes they hold, the entire economic mechanism is at risk of paralysis. 

Viewed from the wider economic lens, counterfeit money increases the effective volume of cash in circulation without a corresponding rise in goods and services. The result is downward pressure on purchasing power and upward pressure on prices. This disproportionately harms low-income groups and complicates the government's fiscal and monetary policy implementation. In this context, counterfeit currency constitutes a serious threat to national security as well. Within the existing political reality, the flooding of markets with fake notes could very well be used as a tool to rattle the economy and set the public on edge.

Because of modern security features, counterfeit notes can never be perfect and always have some gaps. Some counterfeit notes bleed colour when wet while others have a distinct chemical smell from the ink. Even the most carefully crafted forgeries are usually exposed by machines designed to detect flaws. That said, allegations of counterfeit notes being dispensed by ATMs would be deeply troubling if ever proven. 

The practical reality is that ordinary citizens lack the time, tools and often the trained habit to meticulously check every note in their busy lives. Their vulnerability increases because the legal system, despite its best efforts, has been unable to stem the tide. Individuals caught producing or distributing counterfeit money often face prison sentences but upon release, whether after serving their term or on bail, they frequently return to the same criminal activities. This cycle of recidivism is common. Ensuring that convicted individuals receive sentences commensurate with their crimes would be an important step in curbing this trade.  

In the end, the most effective response to technology-enabled counterfeiting is more technology. Digital payments through mobile financial services, cards and bank transfers eliminate the possibility of counterfeit insertion entirely. Since counterfeit notes spread through cash-based exchanges, reducing dependence on physical currency would directly undermine the criminal groups that profit from it. 

Each fake note embodies a deliberate assault on honest labour. The worker who toils through heat and dust only to receive worthless paper suffers a profound injustice. Eliminating counterfeit money therefore not only preserves trust in currency but also the principles of trust, labour and equity that support a stable society. 

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