Economy
Hundi Business yet unstoppable thru bKash
The illegal hundi business has been thriving in recent years through the use of mobile banking, raising concerns. Amidst this backdrop, the Noakhali Police’s Crime Investigation Division (CID) has apprehended two individuals, Shahadat Hossain (23) and Bolai Chandra Das (26), including a bKash agent, for their involvement in hundi operations in the Chatkhil area of Noakhali. The arrested individuals are reported to have connections with hundi operators in various countries, including Dubai, Saudi Arabia, Singapore, and Hong Kong. These details have been obtained from reliable sources.
According to sources, several bKash agents have previously been arrested on allegations of involvement in illicit hundi businesses. In September of last year (2022), a bKash agent named Md. Abul Hasan was apprehended by the CID in Shahjadpur, the capital city from Dhaka. He was found to be engaged in illegal hundi activities using his bKash agent position. In January 2018, eight bKash agents were also arrested by the CID from various districts, including Rajshahi, Pabna, and Mymensingh.
According to sources from Bangladesh Financial Intelligence Unit (BFIU), 31 bKash agents suspected of involvement in hundi activities have had their accounts frozen and their agent contracts terminated. Additionally, the organization is currently scrutinizing reports of 34 transactions related to hundi. The BFIU has forwarded 11 intelligence reports on hundi and trade-based money laundering to the relevant law enforcement agencies for necessary actions.
In addition, reports on two suspicious transactions related to hundi have been forwarded to the respective law enforcement agencies for implementation. Simultaneously, the BFIU has recommended taking measures against 51 websites, 12 social media pages, and 15 apps involved in illegal forex, betting, and cryptocurrency transactions. It has been learned that 2intelligence reports on currency smuggling and trade misinvoicing have been sent to the CID. Furthermore, 9 suspicious reports on the same matter are currently under review.
The BFIU has revealed that a total of 218 remittances, amounting to over a billion taka, have entered the country through legitimate channels following moral scrutiny and unblocking. According to the information from Financial Intelligence, these accounts have received remittances totaling 1 crore 1 lakh 86 thousand 391 taka through valid channels.
Due to the vigilance of the BFIU in mobile banking, the image of hundi business has been tarnished in agent banking. Currently, the BFIU has conducted an analysis of certain accounts, where the existence of hundi transactions has been identified by the institution.
It was also known, a high-ranking official of the BFIU informed Orthosongbad that Bangladesh Financial Intelligence is working towards shutting down hundi operations, cryptocurrency, and gambling sites.
Additionally, Shamshuddin Haider Dalim, a communication officer at bKash, said that there is no opportunity to engage in hundi business through bKash. bKash operates only within Bangladesh and does not work outside the country.
Agents are our business partners. They are not only agents of bKash but also agents of other operators. Agents primarily work for 4-5 MFS companies. It wouldn’t be accurate to simply label them as bKash agents because it is not possible to know who their actual agents are. In addition, many agents are unaware that it involves hundi transactions. The individuals arrested by the CID are MFS agents. Due to bKash being a well-known brand, they are referred to as bKash agents.
He further states that the measures taken in various illegal transactions are based on the information we provide. bKash regularly generates reports on suspicious transactions based on our own initiatives and submits them to the Bangladesh Bank and BFIU (Bangladesh Financial Intelligence Unit). However, the investigation is conducted based on the information we provide.
Shamshuddin Haider Dalim says that now there are significant transactions taking place through bKash. ‘Now, do I want people to engage in illegal activities using my platform?’ In Bangladesh, there are around 10 lakh agents who are agents of both bKash and other operators. Among them, we inform the Bangladesh Bank and BFIU about any suspicious transaction based on our provided information. We take action against those who are found guilty. We have also canceled the agency of several such agents. We do this in our own interest and as part of regular practice.
bKash has recently entered into a brand partnership agreement with the Argentine Football Association (AFA). As a result, the mobile financial service provider from Bangladesh has become a sponsor of the Argentine football team. The official announcement of this collaboration has also been made on the AFA website. Recognizing the immense popularity of the Argentine football team in the Asian region, the marketing department of the association has taken steps to expand their brand presence in this region by partnering with bKash. While it is known that bKash will sponsor the Argentine football team, further details about their collaboration with Lionel Messi’s team have not been disclosed. Additionally, the sponsorship of a Bangladeshi team by a foreign entity has sparked debate amidst the financial crisis faced by the national football team of Bangladesh.
Referring to the countrywide recent havoc and atrocities, Prime Minister Sheikh Hasina today said that she had an apprehension there might be a strike like this by the BNP-Jamaat clique to pull down the country’s prosperity.
“. . . they (BNP-Jamaat) had wanted not to hold the elections, but we had arranged the elections. After election they thought it wouldn’t be accepted by all, but we’ve also made it acceptable to all and we’ve formed the government. It was an apprehension to me that there would be a strike like this,” she said.
The Premier made this remarks while exchanging views with editors, senior journalists and head of news of various media outlets, organised by Editors’ Guild at her office (PMO).
She mentioned that before and after the election in 2013-14, the BNP-Jmaat clique unleashed arson attacks and killings that left hundreds of people killed and thousands injured.
“It was little bit understandable that this (the activities and movement of the students) was a grave conspiracy,” she said.
Sheikh Hasina said that she didn’t want any incident which might invite any unwanted situation that will invite instability in the country. “It was the target to destroy country’s economy,” she said.
She questioned about the understanding level of the people who supported these mayhem aiming to cripple the country’s advancement and prosperity.
Sheikh Hasina, also the chief of Awami League, said that vested quarter is highly interested to destroy country’s independence and the continuation of the democracy that is going on for long 15 years.
She again said that she never wanted to deploy army personnel in the field while the students were there for the sake of their security.
“While they (students) declared that they are not involved in the on going subversive activities then we called for army,” she said.
The premiers also said that she also didn’t want to impose curfew as the country is going through a democratic environment for 15 years.
She requested the people to resist those who have done this bane for the country. “They have destroyed all the structures have been built for their welfare and livelihood. They have struck all those structures. Who will be the worst sufferer? Of course, mass people. Now it is the responsibility of the mass people to resist these terrorism and militancy,” she said.
The premier called for creating mass awareness against the militancy that has opened in the destructive activities.”If the people don’t become aware then what could we do or how much we could do alone,” she said.
She also mentioned that the targets of the recent mayhem was Awami League, Freedom Fighters and pro-liberation forces.
The Prime Minister said that when all demands of the quota-free movement students were accepted why they gave scope to the militants for doing such heinous activities.
“One day the quota-free movement activists have to answer to the nation, why they gave such opportunity to them for this destruction to the country,” she said.
PM’s Press Secretary Md Nayeemul Islam Khan moderated the programme, while Editors’ Guild president Mozammel Huq Babu delivered welcome address.
Senior journalist Abed Khan, Bangladesh Pratidin editor Nayeem Nizam, DBC Editor-in-Chief and CEO Monzurul Islam, Bhorer Kagoj Editor and Jatiya Press Club general secretary Shyamol Dutta, Daily Jugantor Editor Saiful Alam, Jatiya Press Club president Farida Yasmin, Dhaka Journal chief editor Syed Istiaque Reza, Head of News Nagorik TV Dip Azad, Amader Somoy Editor Mainul Alam, Bangladesh Journal editor Shajahan Sarder, DBC news editor Zayedul Ahsan Pintu, Ashish Saikat of Independent TV, Bangla Tribune editor Zulfiquer Russell, head of News of 71 TV Shakil Ahmed, Energy and Power Editor Mollah Amzad, Head of News of Kings News Nazmul Huq Saikat and Mamunur Rahman Khan of RTV also spoke.
Britain’s inflation rate held steady in June after returning to the Bank of England’s target the previous month, official data showed Wednesday, confounding expectations for another modest slowdown.
The Consumer Prices Index was unchanged at 2.0 percent in June from the same level in May, the Office for National Statistics said in a statement, compared with market forecasts of 1.9 percent.
“Hotel prices rose strongly, while second-hand car costs fell but by less than this time last year,” said ONS chief executive Grant Fitzner.
“However, these were offset by falling clothing prices, with widespread sales driving down their cost.
“Meanwhile, the cost of both raw materials and goods leaving factories fell on the month, though factory gate prices remain above where they were a year ago.”
Analysts said the data could cause the Bank of England to sit tight for a while longer before starting to cut interest rates.
“The chances of an interest rate cut in August have diminished a bit more,” said Paul Dales, chief UK economist at research consultancy Capital Economics.
Last month, the BoE kept its key interest rate at a 16-year high of 5.25 percent, despite slowing inflation in May.
Britain’s newly elected Labour government welcomed news that inflation remained at the BoE’s target level.
“It is welcome that inflation is at target,” said Darren Jones, Chief Secretary to the Treasury, in a statement.
“But we know that for families across Britain prices remain high… (which) is why this government is taking the tough decisions now to fix the foundations” of the UK economy, he said.
Labour, led by new Prime Minister Keir Starmer, has pledged immediate action to grow the economy after the centre-left party won a landslide general election victory to end 14 years of Conservative rule.
Later on Wednesday, King Charles III will read out Labour’s first programme for government in a decade and a half, when the UK parliament formally reopens following the July 4 election.
Elevated interest rates have worsened a UK cost-of-living squeeze because they increase borrowing repayments, thereby cutting disposable incomes and crimping economic activity.
The BoE began a series of rate hikes in late 2021 to combat inflation, which rose after countries emerged from Covid lockdowns and accelerated after the invasion of Ukraine by key oil and gas producer Russia.
China’s economy grew 4.7 percent year-on-year in the second quarter of 2024, official data showed Monday, less than analysts had expected.
“By quarter, the GDP for the first quarter increased by 5.3 percent year on year and for the second quarter 4.7 percent,” Beijing’s National Bureau of Statistics (NBS) said in a statement.
The figures were much lower than the 5.1 percent predicted by analysts polled by Bloomberg.
Retail sales — a key gauge of consumption — also slowed to just two percent in June, the NBS said, down from 3.7 percent in May.
The world’s second-largest economy is grappling with a real estate debt crisis, weakening consumption, an ageing population and trade tensions with Western rivals.
Top officials are meeting in Beijing on Monday for a key plenum, with all eyes on how they might kickstart lacklustre growth.
