Yes definitely. I have had experience of well known electronics manufacturers (including products you find in the high street) coming foul of counterfeit semiconductors. Some parts are just the package with no silicon inside, some are test escapes.
Contract manufacturers normally have good supply chains, but in times of long delivery, they sometimes buy from the 'grey market' where the source of the components is uncertain. Most of the time they don't get burnt, but when they do it can be costly.
Counterfeiting is a bit problem in the industry and although the Far East has many low cost very credible businesses, it can also be the place where most counterfeiting originates.