Capital flight has become a serious concern for Bangladesh’s economy. Silently but enormously, money is being laundered to safe destinations worldwide. A section of politicians, dishonest high government officials and businessmen, who have made easy fortunes, are increasingly investing their questionable wealth abroad to ensure a secure future for their families.
According to media reports, as the latest case of fraudulence one P K Halder has swindled worth Tk 3,500 crore abroad, which he took as loans from four non-banking financial institutions. Cunningly, he also took control of the said financial institutions. The institutions are now in dire financial straits. One is on the verge of closure and the others are unable to return their clients’ money.
The name of PK Halder came to the limelight during the anti-casino operation. The ACC then opened investigation against 43 people, including PK Halder. He was asked to appear before the ACC for interrogation on November 14 last year. But he did not turn up. The government also issued a travel ban on him on October 3 the same year. He, however, managed to flee the country. He also reportedly transferred most of the money. He is now a fugitive.
As per the website of Canadian government, PK Halder owns a house number 16 on Doncrest Road of Toronto in Canada. Questions of ACC were sent through WhatsApp and email, but no answer from him. Like PK Halder, a number of leaders of both the Awami League and the BNP — from the central level to associate student bodies — are learned to have secured their future overseas, by winning citizenship for their families through investment visas or business migration schemes. Many politicians from top to mid-level have settled in Begum Para in Canada and invested in properties there. Besides, many others have settled in Malaysia taking the same business migration scheme. The Canadians know and are shocked that it is so easy for the big corrupt ones to have expensive and showy properties in Canada. But nothing is done to initiate legal action.
Such properties are bought mostly with ill-gotten money, which is being siphoned off from Bangladesh through unauthorized financial channels such as hundi to countries that openly offer fast immigration opportunities through investment. Sources said, there are over 150 properties owned by corrupt politicians from Bangladesh alone in Toronto city in Canada.
An influential AL leader has allegedly bought a mansion in Canada. Another leader of the party, who holds the position of a state minister, has invested in properties in London and Malaysia. There are other AL men who did the same, sources said.
Similarly, a minister of the last BNP-led government has made considerable investments in Singapore. The BNP leader and his family spent most of the last six years there. His son invested in a private port in Sri Lanka. Another former minister of the party and his son have made sizeable investments in properties in the US.
As reported, the four financial institutions grabbed by PK Halder are International Leasing and Financial Services, Peoples Leasing and Financial Services, FAS Finance and Investment Limited and Bangladesh Industrial Finance Company (BIFC).
While taking control of the institutions, he had initially been managing director of Reliance Finance and later of NRB Global Bank. A number of Bangladesh Bank officials reportedly assisted him. Everything happened in the knowledge of two regulatory bodies, Bangladesh Bank and the Securities and Exchange Commission (SEC).
Most of his companies, existing only on paper to get bank loans, have given their office address at Purana Paltan’s Eastern Trade Centre and Karwan Bazar’s DH Tower. He bought huge amount of shares from the stock market and transferred their sales-proceed money through the institutions he had grabbed. He also reportedly launched companies abroad.
His other companies include P and L International, P and L Venture, P and L Business Enterprise, Hal International, Hal Travel, Hal Trip, Hal Capital and Hal Technology. His other companies are Annon Chemical, Northern Jute, Sukhada Limited and Reptile Farms.
Canada is not to protect those who have stolen public money to buy expensive eye catching properties in Canada to live in luxury. This should be done for the good reputation of Canada that it does not give shelter to the looters from other countries. Their wives were living before but now their husbands have started fleeing the country seeing trouble is coming.
