PK Haldar jailed: A trick to hide from responsibility?

Nothing portrays the toothlessness of the financial regulatory system of Bangladesh and the law enforcer's capacity to rein on financial criminals. Jailing PK Haldar by a Dhaka Court as he lies stewing in an Indian jail has no value.
Bangladesh did nothing when Haldar and his gang looted depositors' money with the assistance of a section of the BB authorities and was allowed to go on with the indulgence of the law enforcers.
Now that he is safely out of the country and can't implicate anyone in any investigation, he is tried and jailed. Now that there is no chance of Haldar being returned back, courage has returned to the soul of those who also made profits by protecting him while he made millions and syphoned them elsewhere.
A COURT DECISION WITHOUT IMPACT
A Dhaka court sentenced once MD of NRB Global Bank, International Leasing and several other outfits, PK Halder, to 22 years of imprisonment and siphoning Tk 800 million to Canada and making Tk 4.26 billion illegally. He was also fined Tk 10.44 billion.
His sentence will be effective from the day of his extradition from India. Though the court didn't mention "if ever", it was taken for granted by all that he was safe. In a way the sentencing is symbolic of the cruel joke of the system plated on the depositors in particular and the public in general.
Thirteen others were also sentenced to various years in prison.
MASTERMIND: HALDAR OR SUR?
The Anti-Corruption Commission (ACC) has asked banks to send account details of former Bangladesh Bank deputy governor SK Sur Chowdhury, his spouse and daughter as part of an investigation into the allegation of a tax evasion case against the three.
The banks were directed to provide detailed information of bank accounts, loans, fixed deposit and investment in savings certificates and records of transactions by September 7 this year.
The step comes after the ACC formed a three-member team to probe into the alleged tax dodging by the former central banker and his family members.
Earlier in July 2021, the National Board of Revenue directed banks to freeze bank accounts of the former deputy governor of central bank and his spouse Suparna Sur Chowdhury on suspicion of tax evasion.
Prior to the freezing of bank accounts, the NBR had sought detailed information on all types of accounts and transactions of five persons, including SK Sur Chowdhury, and former Bangladesh Bank executive director Md Shah Alam and their spouses.
Earlier, a close associate of the alleged money launderer PK Halder confessed to a Dhaka court that Chowdhury and Alam had assisted them in carrying out the financial scams.
Alam was stripped of the responsibility of monitoring two central bank departments -- Department of Financial Institutions and Markets (DFIM) and the Department of Banking Inspection-2 -- for his alleged connection with Halder following the confessional statement.
ILF
The public has very little interest in the legal hassle that Haldar and Sur are going through. They want at least a portion of their money back. But there is increasing cynicism that the Haldar institutions are unable to do anything significantly to compensate the depositor.
The 27th Annual General Meeting of International Leasing and Financial Services Limited (ILFSL) was held on the 17 July at the company's headquarters in DR Tower.
Chaired by ILFSL Chairman Nazrul Islam Khan, other Directors were also there.
Addressing the shareholders Chairman Nazrul Islam Khan and Managing Director Md Moshiur Rahman informed them that Tk 1.75 billion in cash has been disbursed to various depositors so far.
The MD also reported that "the organization is currently in the final stages of implementing a restructuring process aimed at restoring normal dynamics to the company."
However, industry watchers are not confident about such moves and don't think that the ILFSL plan has really got any serious backing from within the policy making world. Basically, they want to make an offer to depositors to become shareholders and those who agree will become investors. But no insider sources have been able to show any significant document that such a plan has the backing of the Bangladesh Bank.
More disturbing is the rumour going around that Haldar is not the main player but Sur is. And the Government is very hesitant to act against him, stonewalling every effort by all. More sinister speculations are being made about Sur as a kingpin of the shadowy cross -border shadow business world making his status political not and not necessarily economic crime based. The message is clear. Haldar is the fall guy and the real player is Sur and it's the shadow world of currency business that protects him and the theft of depositors' money.
The onus of proving that they can make a plan to restore some funds to the depositor has to be proven first and that hasn't happened yet.

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