The man is one of the few lucky, and of course influential, persons to have avoided facing legal proceedings, let alone the consequences, for the financial crimes he has all through been suspected of committing. Since Anti-corruption Commission (ACC) filed as many as 56 cases in connection with misappropriation of money from the Basic Bank in 2015, the lucky man, under whose tenure as chairman of the bank the flight of money took place leaving it sick, and none of the board members were implicated in the cases. After long eight years, the man named Abdul Hye Bacchu seems to have run out of luck. Now the ACC has accused the ex-chairman, reportedly, of corruption in 58 cases out of 59 with the addition of four more filed later on to the initial 56 cases. One such case concerns money laundering in which his wife and six others have been implicated. The ACC brings, reports hold, charges against 45 bank officials as well as 101 clients.
In the charge-sheet, one case involving the purchase of 30.25 katha of land has an echo of the alleged land acquisition by a former inspector general of police (IGP). When the land was actually bought at Tk 1.10 billion, it was shown only Tk152.5 million in the land deed. In a similar case, PK Halder had fled the country only to land in jail of West Bengal, India. But Abdul Hye Bacchu's whereabouts remain shrouded in mystery. Without solicited or unsolicited help from quarters who matter, neither PK Halder could leave the country nor Bacchu could melt into thin air. These two and similar other outsize banking and financial malpractices have caused limitless miseries to the country's economy. The prime minister's 'zero tolerance to corruption' campaign thus fell headlong as there were saboteurs down the line.
In its review of the "State of Bangladesh Economy for FY 2024", the country's leading think tank, Centre for Policy Dialogue (CPD) reveals how the banking and financial system was brought to its knees by powerful but villainous people. In 24 cases of major financial irregularities, these elements took loans with the ulterior motive of embezzling money and ended up stashing Tk922.61 billion away between 2008 and 2023. According to the CPD, non-performing loans have tripled over the past 10 years. NPLs, rescheduled loans, loans in special mention accounts amount to Tk3.77 trillion. Another amount of Tk1.77 trillion now stuck up under court order is again the consequence of litigation deliberately initiated to avoid repayment.
Evidently, such malpractice and malfeasance in the banking system and business sector have given birth to a hydra-headed monster out to consume the country's economy. They have acted separately or in league to help the corrupt accumulate filthy amounts of wealth, a good portion of which was siphoned off the country. Also clear is the fact that there is more to what meets the eye. Whose proteges were these enemies of the nation? It is important to know the answer.
Bacchu runs out of luck, at last
FE Team | Published: May 29, 2024 21:26:33
Bacchu runs out of luck, at last
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