Crores of taka being siphoned
Staff Correspondent: The illicit market of banned bitcoins (crypto currency or symbolic currency) is rampant in the country. There are multiple cycles around the buying and selling market of bitcoin worth crores of taka every day. In this case the transactions are not done in real name and address.
Most financial transactions are done under pseudonyms. And that’s why investors see it as a safe way to invest. The list of those involved in the banned system includes businessmen, political leaders, mafia gang leaders, gold and drug traffickers, hundi traders and more privileged people. The members of the gang are buying and selling these illegal bitcoins for crores of taka. According to a report by the US news agency CNN, the price of bitcoin is rising every now and then. In just 11 days, the price of this virtual currency has increased by 8 thousand dollars or Tk 6 lakh 80 thousand.
According to researchers at the University of Cambridge, by the end of 2021, about 9 million individuals or organizations will have a bitcoin wallet or digital wallet. According to another statistics, in 2020, more than 1 lakh businesses were accepting bitcoins. Some people call it the currency of the future.
Economists say the price of bitcoin is fluctuating. Although in reality it does not exist. It can be purchased if you have programmed through the internet system. Some people have built it using the internet system. It is a form of gambling that can be used to make money. That is why many people are attracted to it.
According to the cyber security branch of the Dhaka Detective Police, bitcoin is the new medium of money laundering abroad. Not only money laundering but also militants are financing it. In addition, any kind of black money is being used to transfer from one country to another or to buy and sell illegal drugs, weapons, illegal equipments. Huge sums of money have been smuggled out of the country in the last few years. Dhaka Metropolitan Detective Police and RAB have found several ringleaders involved in bitcoin. 10 members of these gangs have been arrested in last few days. These include masterminds.
The Tejgaon Division of the detective police recently arrested a man named Mahmudur Rahman Jewel (27) while he was selling bitcoins. Jewel secretly traded bitcoins, etherium, USDT. Accounts are available on his used mobile device.
Jewel traveled to different countries including Malaysia, Dubai and India more than once to buy and sell bitcoins. On January 12, RAB arrested a fraudster named Raihan Hossain (29). He has become the owner of crores of taka by doing this business.
The RAB Cyber Monitoring Unit is reportedly investigating the buying and selling of bitcoins. Raihan’s name came up while trying to identify this cycle. Later, RAB-1 arrested him from Shafipur area of Gazipur. Tk 54 lakh was seized from his bank account. In addition, 271 accounts have transacted 35 thousand dollars a month.
Alimuzzaman, deputy commissioner (DC) of the Counter Terrorism and Transnational Crime (CTTC) unit of the cyber security and social media specialist police, said, ‘There is no record of losses in bitcoins. It is being discussed in various forums.
He expressed concern over the Group of Twenty Finance Ministers and Central Bank Governors, an alliance (G-20) conference of finance ministers and central bank governors from 20 countries. Most of the money being smuggled abroad using this platform is black money.
At least a hundred influential businessmen of Bangladesh are involved in it. Various intelligence agencies are working on a list of them.
Mollah Nazrul Islam, special superintendent of police in the Criminal Investigation Department (CID), said, “Bitcoin is a high-encryption strategy for money laundering internationally. Some expatriates, traffickers, mafia syndicates, black money owners and corrupt people have adopted this method. Intelligence searches and operations are underway to nab those involved in such crimes.
“Bitcoins are a medium for illegal transactions and money laundering,” he said. Many traders in the country are involved in buying and selling illegal bitcoins. Those who buy bitcoins make quick profits.
Bangladesh Bank has recently issued a warning to transact in virtual currency online in the country. After the theft of huge amount of money from the reserves of Bangladesh Bank, the investigation team returned to the Philippines and Sri Lanka and found various information related to bitcoins.