Economy
CIID says 4 Organizations forged documents, Tk 382cr smuggled
Customs Intelligence & Investigation Directorate (CIID) has found that 4 organizations have smuggled Tk 382 crore out of the country by forging goods export permits, an official said on Tuesday (14th March).
The organizations did not return their foreign exchange earned from the exported products, Mohammad Fakhrul Alam, Director General of the Customs Intelligence and Investigation Directorate (CIID), told a news conference to the media in Dhaka.
According to the CIID sources, 4 organizations are Sabiha Saiki Fashion, Asia Trading Corporation, Emu Trading Corporation, and Ilham Trading Corporation.
These organizations have exported various products including t-shirts, tops, ladies’ dresses, trousers, kids accessories, bags, polo shirts, jackets, pants, and hoodies to the United Arab Emirates, Malaysia, Singapore, Qatar, UK, Saudi Arabia and Nigeria.
The Directorate General (DG) said that after receiving complaints involving exports of goods by forging documents evidence of money laundering was found in the investigation.
Referring to the information found in the investigation, he said that Sabiha Saiki Fashion exported 86 consignments of goods at different times.
The exchange value of the products exported by them is Tk18.45 crore. On scrutiny of the documents of the consignments of the goods, it was found that the Export Permits (EXPs) issued by them were in the names of different companies.
A permit cannot be used for more than one export shipment. As a result, these EXPs are not functional. There is no opportunity to bring foreign currency back to the country in a legal way, Alam said.
The DG said the investigation revealed that in addition to Sabiha Saiki Fashion, 4 other organizations have committed similar fraud for exporting products.
“4 organizations have committed such fraud in shipments of 1,780 products using the same tactics. Against these shipments, 18,265 tonnes of goods have been exported, the declared value of which is around Tk 382 crores,” Alam added.
Sabiha Saiki Fashion exported Tk 21 crore, Asia Trading Corporation Tk 282 crore, Emu Trading Corporation Tk 62 crore, and Ilham Corporation Tk 17 crore.
During the eleventh month of the current fiscal year, the country’s foreign currency reserves have fallen below $19 billion for the first time. After paying off some import bills, the reserves have now stood at $18.26 billion on Sunday.
According to the International Monetary Fund (IMF), as of May 8, the total foreign currency reserves of the country were $19.82 billion.
Mohammad Mezbauul Haque, the spokesperson of Bangladesh Bank, informed that through the Asian Clearing Union (ACU), the central bank has paid off import bills totaling $1.63 billion over the past two months.
However, Bangladesh Bank maintains that after paying off the import bills, the foreign currency reserves now stand at $23.71 billion.
According to the Central Bank’s accounts, the reserves were $25.27 billion on May 8.
The Dhaka Stock Exchange (DSE) and the DSE Brokers Association (DBA) have expressed gratitude towards Prime Minister Sheikh Hasina for her directive to list government companies in the capital market, a move hailed as timely and positive.
The directive was issued during the recent meeting of the Executive Committee of the National Economic Council (Ecnec) last Thursday.
Dr. Hafiz Muhammad Hasan Babu, Chairman of DSE, described the directive as a significant step towards enhancing the dynamics of the capital market. He emphasized that besides invigorating the capital market, this move would also attract foreign investment and promote sustainable development.
Despite previous efforts, government institutions had not been listed in the stock exchange, according to a notification issued by the DSE. The Prime Minister’s directive is seen as a pivotal step towards revitalizing and expanding the economy.
Dr. Babu further remarked, “The listing of reputable companies in the capital market, as directed by the Prime Minister, will greatly benefit the country’s economy. It will also enhance investor confidence.”
Similarly, the DBA released a notification applauding the Prime Minister’s directive, terming it as positive and timely for the capital market.
Saiful Islam, President of DBA, expressed optimism about the directive’s potential to accelerate the country’s capital market and overall economy. He pledged support to relevant government departments and regulatory bodies in implementing the directive, ensuring its positive impact on the economy, including the capital market.
India has expressed interest in financing Bangladesh’s Teesta project, announced Foreign Minister Hasan Mahmud. Speaking to reporters after a meeting with Indian Foreign Secretary Vinay Mohan Kwatra, Mahmud stressed the importance of aligning the project with Bangladesh’s needs. He confirmed discussions on the Teesta issue during the meeting. Mahmud also affirmed Prime Minister Sheikh Hasina’s upcoming visit to New Delhi, indicating that the finalization of the date would depend on the formation of the new Indian government following ongoing elections.
Meanwhile, the IMF has approved a $1.15 billion staff-level loan for Bangladesh in its third tranche. Mahmud noted the ongoing elections in India and the subsequent formation of the new government as factors influencing the scheduling of PM Hasina’s visit.
When asked about the sequence of visits to India and China, Mahmud suggested Delhi’s geographical proximity to Bangladesh. Diplomatic sources suggest PM Hasina’s visit to India is planned for early July, following India’s elections.
Pre-election surveys indicate strong prospects for Indian Prime Minister Narendra Modi’s re-election. Modi previously congratulated PM Hasina on her electoral victory in January, expressing optimism about strengthening ties between the two nations.
The last bilateral engagement between the prime ministers occurred during the G-20 Leaders Summit in September 2023. Modi is expected to invite South Asian and BIMSTEC leaders to his swearing-in ceremony, fostering regional cooperation.
Addressing border killings, Mahmud emphasized the government’s commitment to ending such incidents and promoting the use of non-lethal weapons by border forces. Discussions also covered enhancing physical and people-to-people connectivity, including cooperation with India to import hydropower from Nepal and Bhutan through India. Mahmud highlighted the need to further ease visa restrictions to strengthen people-to-people relations.
