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Illegal money transfer booming |
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July 12, 2000
Chittagong (UNB) – Illegal money transfer through Hundi has become a huge criminal business in the district, indicating that the moves of regulators to eliminate the illicit transaction are not working. “This illegal business has boomed here due to overt and covert support of a section of influential businessmen and bankers,” said a police official insisting on anonymity. Another official, who also spoke on condition of anonymity, said as many as 10 lakh residents of Chittagong are now working abroad and they prefer sending money through hundi to avoid “hazardous” banking process. He said there are over 100 hundi traders in the port city who have their own offices in Khatunganj, Amin Market, Chaktai, Terry Bazar, Riazuddin Bazar, Mimi Super Market, Station Road, Jublee Road and Bakshirhat areas. According to a report prepared by an intelligence agency, the hundi traders are illegally transferring foreign currencies worth over Tk 10 crore abroad everyday with the help of a section of expatriate Bangladeshis. Directed by the Metropolitan Sessions Judge, police Monday seized necessary documents of 18 specific bank accounts of four banks in the city on charge of having links with illegal money transfer from the country. The court issued the order when CID police informed it that an organised gang of hundi traders in collaboration with a section of bank officials are illegally transferring money from the country. The CID police in a surprise raid also arrested two hundi traders -- Abul Hashem and Moghammad Idris -- from the gate of Janat Bank’s Terry Bazar branch on July 4 along with various potential documents of hundi business. Following their confessional statements, the CID police appealed to the Court to order police to seize the 18 bank accounts, including two in Janata Bank and one in IFIC Bank. The sources said the hundi traders buy drafts at prices higher than bank rate and encash those in different banks in Singapore and Bangkok and they use the money to settle the payments of smuggling. |