Bangladesh’s Many Stock Scams To Be Probed Again

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SYED MOAZZEM ALI | DHAKA

FOWING up on a detailed intelligence report suggesting direct links between a ‘Major Power’ and one of her powerful advisors to unseat the Sheikh Hasina government, grapevine in Dhaka seem to suggest the reopening of Anti–Corruption Commission probes into the 1996 and 2011 Bangladesh Stock Market scams.

■ Atiur Rahman resigns after finance minister accuses bank of incompetence | Archive

One of the advisers whose name figured in the intelligence report as a possible ‘President’ in a future ‘national government’ to be set up once the Hasina government was brought down by a military takeover following a judicial coup and weeks of unrest in the country is directly involved in both these two scams.

 

Prestigious ‘New York Times’ had reported that the corporate bigshot used ‘his’ huge influence in the Awami League and PM household to silence these scams and went to become a MP and a PM adviser with the rank of cabinet minister

 

Media outlets in Bangladesh like ‘Daily Star’ and ‘Prothom Alo’ and even the prestigious ‘New York Times’ had reported that the corporate bigshot used ‘his’ huge influence in the Awami League and PM household to silence these scams and went to become a MP and a PM adviser with the rank of cabinet minister.

Bangladesh and global media reports had suggested that the corporate bigwig said to be prime accused behind the scams also figures in two secret Bangladesh Bank Financial Intelligence Unit (FIU) report, one on Money Laundering and another on Bank Defaults which is eating into the vitals of the nation’s burgeoning economy.

FIU was the brainchild of former Bangladesh Bank governor Atiur Rahman whose removal from the position was orchestrated by this shady corporate boss on alleged dereliction of duty when a transfer of millions of dollars meant for BB ended up in Filipino casinos.

 

Bangladesh Bank governor Atiur Rahman whose removal from the position was orchestrated by this shady corporate boss on alleged dereliction of duty when a transfer of millions of dollars meant for BB ended up in Filipino casinos

 

Rahman’s subordinates responsible for overseeing such transfers were possibly involved but the BB governor, a highly respected economist whose work on Tagore as a socio–economic thinker is path breaking, was unaware and only took the blame for the fiasco because he stood by the principle of collective responsibility.

Both FIU reports put this powerful business magnate on top of their list — the biggest bank defaulted and the biggest money launderer.

 

 

 

Like Rahman, former Bangladesh finance minister A M A Muhith was also apprehensive of the damage this business magnate was causing to Bangladesh’s economy.

Muhith blocked several files involving ‘his’ companies — so this business magnate orchestrated Muhith’s removal and replacement by his close confidante, the new finance minister, so that he would never be pulled up for his huge bank defaults and his considerable money laundering.

It is rumoured that this shady business magnate is also involved in helping the money laundering operations of a key member of the PM household, something that is already in the radar of the US Inland Revenue Service. ■

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