The court has imposed restrictions on the loan defaulters and money launderers over their foreign travel. They recently gave some orders regarding this due to the request received from the loan distribution banks, Anti-Corruption Commission and law enforcing agencies. Abul Hashem, who is residing in New York, has been arrested on the basis of this restrictions imposed by the court. In addition, the court and the law enforcing agencies took strong stance against some loan defaulters.
According to the analysts, not only imposing restrictions on loan defaulters over their going abroad is enough, legal actions have to be taken against them by conducting swift trial. Moreover, their state-given facilities have to be cancelled and properties have to be crocked.
In this regard, executive director of Bangladesh Bank and spokesperson (in-charge), Md. Zakir Hossain told The Bangladesh Pratidin, “The banks can issue restrictions through the court over the foreign travel of loan defaulters.”
According to the sources, the loan court of Chattogram has issued restriction over foreign travel of Aminul Karim and Nurul Absar, the directors of Elias Group of the city, who were among the top defaulters of the country. The court issued this restriction on May 25 on the basis of application of Dhaka Bank. The total amount Aminul Karim owed to the bank is Tk 10 crore 19 lakh, combining loan and interest. He hadn’t even mortgaged any asset against the loans, the bank told the court.
The court also had imposed restriction over foreign travel to five businessmen of Chattogram for defaulting loans amounted to Tk 234 crore. The judge of the court, Muzahidur Rahman delivered the order on May 16. The businessmen are: Jasim Uddin, the chairman of Shitalpur Auto Steel Mills of Sitakunda, its managing director Nazim Uddin, directors Mohammad Hossain, Jane Alam and Mahbub Alam. Those men didn’t repay the loans of Tk 234 crore they had taken from Agrabad Branch of One Bank.
In the order, the judge noted that the property mortgaged against the loan is very small. In this situation, if they leave the country, the recovery of a large amount of defaulted debt may become uncertain. Earlier on March 5, the MD Moazzem Hossain of Chittagong's Sitakunda Grand Trading Enterprise and his wife, director Sadika Afrin and director Ashikur Rahman were restricted from leaving the country for allegedly defaulting Tk 175 crore. The judge of the court, Muzahidur Rahman, ordered the Special Superintendent of Police of Immigration Branch to take action in this regard.
Meanwhile, immigration police arrested New York expatriate Abul Kashem while going to America at Shahjalal International Airport at midnight on June 21. He is the chairman of People's Bank which has got the policy approval of Bangladesh Bank. But Abul Kashem did not return the money taken from various individuals and institutions in the name of the bank before the approval. He collected this money by talking about making him the director of the bank. With that money, Abul Kashem bought a flat and an expensive car in Gulshan. Manzoor Alam Shikder, Chairman of e-commerce company Alesha Mart gave money to Abul Kashem to become a director. He took money from nearly 3 thousand customers and did not give the product. On May 31, CID Assistant Superintendent of Police Al Mamun filed a case against 15-20 unidentified people including the Chairman of Alesha Mart Al Mamun, Manzoor Alam Shikder, MD and Manzoor Alam's wife Sadia Chowdhury, owner of SK Traders, motorcycle supplier to Mart and chairman of People's Bank at Banani police station. He found evidence in the investigation based on the application of these customers.
CID Financial Crime Inspector Moniruzzaman told the reporters that after filing the case, information was sent to the authorities concerned including the airport so that the four could not leave the country. And on the basis of this information, Abul Kashem was detained by immigration police while going to America through Shahjalal International Airport. Others remain fugitives. They are committing the crime of money laundering by taking advance money for delivery of various motorcycle and electronic products from many customers without returning the goods or money under the guise of e-commerce business.
The Anti-Corruption Commission has sent a letter to the Immigration seeking restriction on the departure of Sheikh Abdul Hai Bachchu, the former chairman of the bank, accused in the charge sheet of 58 cases of the loan scam of the controversial BASIC Bank. In 2015, ACC filed 59 cases of embezzlement of Tk 2,366,500,000. Almost 8 years after the filing of the case, on June 12, the ACC approved the charge sheet accusing 147 people including the former chairman of the bank, Abdul Hai Bachchu, for embezzling Tk 2,265,68,145 from Basic Bank. On June 15, the ACC wrote to the Superintendent of Police (Immigration, Land and Sea Port) of the Special Branch to issue restriction over Abdul Hai Bachchu's foreign travel.
It is known that from 2009 to 2012, the chairman of BASIC Bank was former Jatiya Party MP Abdul Hai Bachchu, and then the illegal withdrawal and embezzlement of tens of thousands of crores took place from Dilkusha, Gulshan and Shantinagar branches of the bank. Allegations were made against the then board of directors for approving loans without following the rules, including giving loans to fake individuals and institutions without verifying the loan documents. ACC started investigation after receiving the complaint of Basic Bank loan scam. According to ACC's preliminary investigation, 56 cases were filed on September 21, 22 and 23, 2015 in connection with the embezzlement of Tk 2,366,500,000. 120 people were accused in these cases. Later three more cases were filed from 2019 to 2020. In total, ACC filed 59 cases of money embezzlement of Basic Bank. A total of 156 people were accused in the case.
Honorary Fellow of Center for Policy Dialogue (CPD), Mostafizur Rahman said, “The distribution of loans to people having false names should be stopped and the law should be strictly enforced to collect defaulted loans. At the same time those involved in distribution of loans to the fake identities should be brought under the law.”
He said now due to loans distributed to false names and bad loans, there will be a negative impact on the banking sector. It is very harmful for the economy. Therefore, according to the prevailing laws of the country, Bangladesh Bank should take decisions independently and emphasize to bring them under the law.
According to Bangladesh Bank, defaulted loans in the country are Tk 1 lakh 31 thousand 620 crore. The amount of defaulted loans is 8.80 percent of the total loans of the banking sector. The defaulted loans of state banks are Tk 57 thousand 959 crore or 19.87 percent. The amount of defaulted loans in private banks are 65 thousand 889 crores or 5.96 percent. Its of Tk 3 thousand 42 crores to foreign banks which is 4.90 percent. 12.80 percent of the total loans of the three specialized banks are defaulted, which is amounted to Tk 4 thousand 732 crore.
@The report was published in Bengali on print and online versions of The Bangladesh Pratidin on July 4 and rewritten in English by Lutful Hoque
