Chidamabaram admits to suspected terror investments in capital market

December 4th, 2007 - 7:17 pm ICT by admin  

New Delhi, Dec 4 (ANI): Union Finance Minister P. Chidambaram on Tuesday said that the government is investigating a case where the money invested in the country’s stock market is suspected of having link with a terrorist organisation.
Replying to a question in the Rajya Sabha about reports of a certain global terrorist organisation investing in the Indian financial markets, Chidambaram said, “Recently one case has come to our notice. It was suspected, let me repeat it was suspected that this case may have links with some persons who are under watch.”
“This case is being investigated but I am not in a position to give any details about that case at this stage,” he added. The first instance of any Indian Government official admitting to some terror groups investing in India’s rising stock market was in February this year, when National Security Advisor M K Narayanan said that Mumbai and Chennai stock markets were being manipulated by terrorist outfits.
“Isolated instances of terrorist outfits manipulating the stock market to raise funds for their operations have been reported,” Narayanan had said at a security policy conference in Munich.
He had said that fictitious or notional companies linked to terrorist outfits that included Islamist militants and Sri Lanka’s Tamil Tigers were engaging in stock market operations.
“Many instances of funds received via banking channels from so-called safe locations such as Dubai and UAE (United Arab Emirates) intended for terrorist organisations have been detected by Indian counter-terrorist agencies,” Narayanan had then said.
The 30-share BSE today dipped marginally by closing into red.
After three consecutive days of moving up, the BSE closed at 19,529 down by 0.38 per cent or 73 points.
The Nifty too lost 0.11 per cent or six points and closed at 5,858, after touching an intra-day low of 5,840 points. (ANI)

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