– Tk 50,000 cr is smuggled yearly by hundi
– Over 3000 people established 2nd homes abroad
Golam Mostafa Jibon: A powerful syndicate in the name of export and import business is siphoning over Tk 50,000 crore to abroad each year through Hundi that threatening to the country’s economic development.
Over 3000 Bangladeshis have already been established second homes at different countries including Singapore, Canada, Malaysia, Thailand, Australia and Dubai with the money of Hundi.
Many of the syndicate members have become owners of industries, hotel and motel at different countries.
Meanwhile, Crime Investigation Department (CID) has been produced a list of around 200 traders, rich and influential politicians and bankers, who are directly and indirectly involved with money siphoning to abroad through Hundi. Deboproshad Debnath, money laundering prevention affairs Adviser of Bangladesh Bank (BB) and former Director General of Bangladesh Financial Intelligence Unit said, “The both Hundi and money laundering are considered as crimes. Hundi syndicate is now active in and abroad due to lack of proper monitoring by the authorities concerned. Hundi syndicate members have remained among the businessmen, politicians and bankers. They carry their illegal activities in the guise of gentlemen. But, their money goes to different casino dens at abroad through Hundi channel. This is why; the concerned law enforcers should track down them immediately to save the country’s economy.”
Saleh Uddin Ahmed, former Governor of BB told that, “If the money siphoning throughout Hundi is not stopped, it will not be possible to increase the investment inside the country. Consequently, Hundi must be stopped anyhow and monitoring should be increased on export and import activities. Customs intelligence should gear up their surveillance in this regard.”
Sources said, the name of Bangladesh has got space among 30 countries in the world, which are involved with money siphoning through business tricks.
Washington-based research firm Global Financial Integrity (GFI) in a report said that, about $ 6 billion was smuggled from Bangladesh through trade fraud in 2015 years. This is equivalent of Tk 50,000 crore in Bangladeshi currency. The report noted that the swindling was done during the import and export of goods between Bangladesh and other countries of the world.
Most of the influential members of Hundi syndicate carry such illegal activities under political shelter. They open business installations with named and unnamed to avert the law enforcers. Some prominent banks provide them assistance in the name of opening LC (Letter of Credit) against export and import business.
Dr Iftekharuzzaman, Executive Director of TIB told The Daily Industry that, money smuggling through Hundi is a big hindrance on the way to country’s development. It helps to bring out the money from country and halt revenue earning in legal process. If relevant organizations give emphasis on its prevention, country could be turned around shortly by its own money and capacity.
He further said, “No cash transaction is needed for Hundi. It depends on trust between senders and agents. Therefore, it is very difficult to track down the smugglers. Highest money from Bangladesh is siphoned to Dubai, Malaysia, Singapore, Hong Kong and Thailand through Hundi. Similarly, around 30 percent of the total money comes to the country through Hundi from expatriates, who live in different countries of the global. Around 40 percent comes through banking channel, while rest 30 percent comes through their friends and relatives.”
Abdul Mazid, former Chairman of NBR said, “A large number of people go to abroad each year for treatment. Around $ 450 crore goes to abroad in this purpose. Most of the money goes out of the country through Hundi instead of legal means. But monitoring system is still weakened here.”