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Terrorists investing in stock markets through spurious companies: Shinde

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Concerned over terror groups investing in the stock markets through spurious companies, India today sought international cooperation to deal with it.

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

The most important task is to detect the sources of such finance, including the fake currency variant,
its conduits and modus operandi, Mr Shinde added.

"Here again the Interpol has to play a very crucial role," he said.

The Home Minister said India has adopted a system to counter-terrorism that gives primacy to dialogue, democratic political processes and the rule of law. The country deals with terrorism within the ambit of this structure.

"Post 26/11, we have raised the level of preparedness to meet increasingly sophisticated terrorist threats. Secondly, we have enhanced the speed and decisiveness of the response to a terrorist threat or a terrorist attack," he said.

India's consistent and basic stand before the international community has been that there could be no justification for terrorism on any grounds -- religious, political, ideological or any other.

"To be effective, the fight against terrorism has to be long term, comprehensive and sustained. Strengthening of international cooperation is vital to ensure that action is not restricted simply to the perpetrators but also encompassed States, which sponsor, support or provide safe haven to
terrorists," he said.

Story first published on: November 06, 2012 14:52 (IST)


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