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Thursday, February 11, 2016

Wednesday, December 19, 2012


Committee fails to trace the money trail

Tk. 2,700 crore still missing

After much hype, the committee entrusted to track down the single largest banking scam in the country has nothing much to report, save the fact that a mere Tk. 400cr has been traced. The bulk of the siphoned off cash to the tune of some Tk. 2,700cr remains elusive. It is intriguing to see the managing director of Hall-Mark group being treated with such leniency. Apparently the gentleman has neither answered queries of the committee nor furnished any documentation.

If we are to go by what has been presented in the committee's report, physical assets worth no more than Tk. 300cr are in possession of the group. Hence, in all probability, the rest Tk. 2,700cr may have been channeled out of the country. If that be the case the local currency had to be converted to some foreign currency before such transfer took place. Given the very large sums involved, it is likely that such transfer did not go through informal banking channels like hoondi. That means the formal banking channels may have been used and transactions using the banking channels always leave a paper trail. Unless the committee was exceptionally callous and there is no reason to indicate this since its members have considerable banking and financial expertise, where does that leave us?

By what means Hall-Mark group managed to hoodwink and buy over bank management officials and the regulator is all old news. Armed with facts and figures and having incarcerated some of the main perpetrators who have confessed to their complicity, the amply empowered parliamentary probe committee ought to have done a better job than this. Are we to assume that there is an attempt by quarters unknown to hush up the entire matter? Coming up with suggestions on how to prevent further such incidents does not absolve the committee of its responsibility to fully detect and recover the substantial public funds that were siphoned off.

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Of course that does not surprise anyone! We need to see the compound of the committee and secondly how is it possible for a committee when it itself is not committed.

: OpeeMonir

Not only did the committee fail to trace the major portion of the money but also failed to identify the perpetrators. The identification is the only way to find out who did what.

: niloufar sarker


  • z hossain
    Wednesday, December 19, 2012 02:35 PM GMT+06:00 (164 weeks ago)

    We are not surprised that this is the case in a completely corrupt political system. We can assume that a significant part of this money has gone to the corrupt political system.

  • nahid
    Wednesday, December 19, 2012 04:39 PM GMT+06:00 (164 weeks ago)

    I wonder, what does investigation group do? Is this so tough to bring out the information from Tanvir to light?





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