Crescent Group siphoned off Tk 9.2b: NBR

Three sister concerns of Crescent Group, colluded with officials of Janata Bank’s Imamganj branch in Dhaka, laundered around Tk 9.2 billion abroad last year.

The three organisations are Crescent Leather Products Ltd, Rimex Footwear Ltd and Crescent Tanneries Ltd which siphoned off around Tk 4.2 billion, Tk 4.9 billion and Tk 1.6 billion respectively.

The National Board of Revenue (NBR) revealed this in a press conference at its Segunbagicha office on Wednesday.

Chairman of Crescent Leather Products Ltd and Crescent Tanneries Ltd MA Kader was arrested Wednesday in connection with three cases filed over the embezzlement.

Another 17 persons including the chairmen, managing directors of the organisations and former Janata Bank general managers have been named in the cases. Two of the former Janata Bank general managers are now deputy managing directors (DMDs) of Bangladesh Krishi Bank and Sonali Bank.

NBR chairman, Mosharraf Hossain, said that the NBR has specific evidence against the three organisations which laundered the money abroad adding that there are more evidences about similar cases. 

According to the GFI (Global Financial Integrity), some 500 billion taka was siphoned off the country in a year. No doubt, the money is being transferred, he said adding, many embezzle the money of the banks and fly abroad.
However, they cannot spend the money there as the Swiss Bank is not returning the money now, he further said.
Customs Intelligence and Investigation Directorate (CIID) of the NBR has filed three cases with the Chawkbazar police station Wednesday in connection with the embezzlement.
Except MA Kader, managing director of Crescent Leather Products Ltd and Crescent Tanneries Ltd Sultana Begum, Rimex Footwear Ltd chairman Abdul Aziz and its managing director Litul Jahan have been named in the cases.
Others are Zakir Hossain, former general manager of Janata Bank and the current DMD of Sonali Bank; Fakhrul Alam, former general manager of Janata Bank and current DMD of Bangladesh Krishi Bank; Rezaul Karim, general manager of Janata Bank, and Janata Bank DGMs Kazi Rois Uddin Ahmed, AKM Asaduzzaman and Md Iqbal.
Charges have also been brought against a number of suspended bank officials including Ataur Rahman Sarkar, AGM of Janata Bank, senior principal officers Khairul Amin and Mogreb Ali, principal officer Ruhul Amin, senior officers Saiduzzman, Moniruzzman, and Abdullah Al Mamun.
According to the NBR, the Imamganj Corporate Branch of Janata Bank bought an export bill from the Old Dhaka’s Hazaribagh based Crescent Leather Products Ltd at the end of 2017. Some 215 bills of around Tk 4.28 billion were not paid off from abroad in the following 120 days. In the following seven months, till October 2018, only Tk 59.7 million were paid off. The rest of the money of 212 bills, of around Tk 4.22 billion were not transferred.
The Imamganj branch in this span of time bought the Rimex Footwear bill. Another bill of around Tk 8.85 billion dealing with 242 bills of the new organisation was not paid off too. In the next seven months only Tk 41.1 million, against two bills, was delivered. The rest of the 240 bills of Tk 4.81 billion were not delivered.
The Imamganj branch bought the Crescent Tanneries Ltd’s export bill in the same manner, but around Tk 158 million was not delivered either in the specific time.
The NBR claimed the official at the Janata Bank’s Imamganj branch along with its former FTD (foreign trade department) GM at the headquarters, and former GM of Dhaka (South) divisional office, and owners of these organisations’ have jointly siphoned of Tk 9.2 billion.