India, Dec. 26 -- A special National Investigation Agency (NIA) court has rejected the bail petition of Riyaz Abdul Rehman Shikilkar, an accused in an alleged fake Indian currency notes (FICN) case in which the agency has found links with the Dawood Ibrahim syndicate.

The case dates back to a 2021 operation by the Thane crime branch, during which a consignment of high-quality counterfeit Indian currency was allegedly seized and several persons were arrested for their suspected role in circulating the fake notes.

The superior quality of the seized currency and the organised manner in which it was allegedly being circulated prompted a deeper probe into its source and distribution network. Subsequently, in 2023, the investigation was trans...