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.
Prime Minister Sheikh Hasina today (25 April) called for speaking out against all forms of aggression and atrocities, and say ‘no’ to wars.
“We must speak out against all forms of aggression and atrocities, and say ‘no’ to wars,” she said adding that Bangladesh supports the UN Secretary General’s ‘New Agenda for Peace.
The prime minister was addressing the 80th Session of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) held at the ESCAP Hall (2nd floor), United Nations Conference Center (UNCC) here.
She arrived in Bangkok on Wednesday on a six-day official visit to Thailand.
The PM said the pre-condition for sustainable development is lasting peace and security.
“We must settle regional disputes and tension through dialogue. Our mutual respect for national sovereignty and territorial integrity must remain paramount,” she said.
Hasina called upon the Asia-Pacific region, especially ASEAN, to redouble their efforts to end Rohingya crisis as all efforts at regional connectivity, integration, and prosperity will continue to be marked by a missing puzzle without it.
“The origin of their crisis has been in Myanmar, and its solution also lies in Myanmar,” she declared.
“As long as that solution remains out of reach, all our efforts at regional connectivity, integration, and prosperity will continue to be marked by a missing puzzle. Let us redouble our efforts to put that puzzle back in place,” she said.
She said that in August 2017, when thousands of Rohingya men, women, and children from Myanmar fled to Bangladesh, Bangladesh offered them temporary shelter.
“With an ever growing population, this has now become one of the largest humanitarian situations in the world,” she said.
Sheikh Hasina said that In the backdrop of ongoing armed conflicts in Myanmar, the Rohingya repatriation process is also getting delayed.
“This is creating serious security risks within and beyond our territories,” she said.
She called upon the Asia-Pacific region, especially ASEAN, to play a proactive role in resolving the volatile situation in Myanmar.
“We must ensure that the Rohingya can go back home in safety and dignity at the earliest possible,” she said.
The prime minister said that the Asia-Pacific region must stand united against its common enemies of poverty and hunger.
She said Bangladesh has reduced poverty from 41.51 percent to 18.7 percent between 2006 and 2022.
It also reduced extreme poverty from 25.1 to 5.6 percent during the same period.
“We remain confident about eradicating extreme poverty by 2030,” she said.
She mentioned that Bangladesh has made notable progress on food security, with focused interventions on maternal and child nutrition.
“Our current priority is to address inequalities through income distribution, asset ownership, and social protection,” she said.
The prime minister said that Asia-Pacific region must put up a united front in tackling the climate crisis, biodiversity loss, and transboundary pollution.
“We need to push for ambitious climate financing goals beyond 2025 at COP-29. We need to cooperate on cross-border water management and air quality improvement. We must all prepare for growing extreme weather events,” she said.
In this connection, she suggested looking into Bangladesh’s experience in disaster risk reduction.
“We appreciate UN-ESCAP’s support in improving our early warning capabilities,” she added.
Briefly describing various development programmes and achievements of her govebrment, the prime minister said that much of the development gains are affected by climate impacts.
“As a low-lying delta, Bangladesh has no option but to invest heavily in climate resilience,” she said.
She mentioned that Bangladesh is already recognised as a global leader in climate adaptation.
“We are happy to share our traditional and innovative solutions with other vulnerable countries,” she said.
She said that Bangladesh has urged developed and emerging economies in the region to raise their time-bound emission reduction targets.
“For economies in transition, it is important to have a just energy transition.”
In Bangladesh, she said, “we are working on long-term energy security with a sound mix of clean and renewable energy.”
“We shall continue to do our part in pursuing a circular and low-carbon economic growth pathway.”
She underscored the need for increased and easy access to financing and technology from both the public and private sectors.
“I invite UN-ESCAP to help build the capacity of climate-vulnerable countries to mobilise adequate international climate financing.”
PM Hasina said that Bangladesh now provides critical links to the Trans-Asian Highway and Railway networks.
“Our physical and digital infrastructures are being developed to foster regional trade and connectivity.”
She said Bangladesh offers access to the Bay of Bengal for land-locked territories in its neighbourhood.
“We stand ready to work together with all regional partners through mutual understanding and cooperation,” said the prime minister.
Bangladesh and Qatar signed 10 cooperation documents on Tuesday, including five agreements and five MoUs, aimed at strengthening ties and elevating relations to new heights.
Prime Minister Sheikh Hasina and Qatar’s Emir Sheikh Tamim bin Hamad Al Thani witnessed the signing of the documents.
The five agreements cover cooperation in the legal field, promotion and protection of mutual investments, avoidance of double taxation, maritime transport, and the establishment of a Joint Business Council (JBC) between FBCCI & QCCI.
The five MoUs include cooperation in sports and youth, manpower employment (Labour), diplomatic training, education, higher education, scientific research, and between Qatar Ports management Company “MAWANI QATAR” and Chittagong Ports Authority.
Earlier in the morning, PM Hasina warmly welcomed and received Emir Sheikh Tamim at her office.
They had a tête-à-tête meeting at the Prime Minister’s Office, followed by a bilateral meeting.
After signing the visitors’ book, the emir headed for Bangabhaban where the president received him.
A high-level Qatari delegation led by Qatar’s emir is on a state visit to Bangladesh at the invitation of the president and the prime minister.
During the ceremony, a road and a park in Dhaka were named after Emir of Qatar Sheikh Tamim Bin Hamad Al Thani.
The park, constructed in Kalshi area of Mirpur under Dhaka North City Corporation, and the road from Mirpur ECB point to Kalsi Fly Over were named after Emir of Qatar.
Now, the road and park are known as Sheikh Tamim Bin Hamad Al Thani Avenue and Sheikh Tamim Bin Hamad Al Thani Park.
The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) is urging for greater involvement of marginal, small, and medium enterprises in international trade fairs. This initiative aims to spotlight Bangladesh’s promising products on the global market.
FBCCI President Mahbubul Alam made the call during the first meeting of the organisation’s Standing Committee on National and International Trade Fairs and Foreign Delegations. He emphasised the need to provide marginal, small, and medium enterprises with the space and resources to effectively display their products at these events.
“The participation of marginal, small, and medium enterprises is crucial at both national and international levels,” Mahbubul Alam said. “This will allow us to export Bangladesh’s promising products and open new markets.”
The FBCCI president informed that his organisation is actively discussing and collaborating with the government to make this a reality. He also proposed organising roadshows in neighbouring countries and Europe to revive the country’s handicraft industry and increase export opportunities for these products.
Standing Committee Chairman Nuruzzaman echoed Mahbubul Alam’s sentiments, highlighting Bangladesh’s vast potential and young population. “We need to move beyond the garment sector and focus on product diversification and market creation,” Nuruzzaman said.
Achieving this, he acknowledged, will require close collaboration with the Export Promotion Bureau, Ministry of Foreign Affairs, and Bangladesh Investment Development Authority.
FBCCI Senior Vice President Md Amin Helaly pledged the organisation’s support in facilitating increased exports through participation in foreign trade fairs. He stressed, however, the importance of raising awareness among Bangladeshis about the country’s diverse and promising products.
The meeting concluded with an open discussion where participants expressed keen interest in organising and participating in various sectoral fairs, both domestically and internationally, under the FBCCI’s umbrella.
