Director of Meghna Bank, Alok Kumar Das, sold his STL Warehouse. Documents show the buyer to be Sohel Murad, but the money actually comes from various companies of the controversial Prasanta Kumar (PK) Halder. Inquiries revealed that PK Halder had actually paid the money on behalf of a politically influential person.
This is just one example of PK Halder’s numerous underhand dealings. After the 2014 national election, he bought shares of four companies that existed in name only and took control of the International Leasing and Financial Services Limited (ILFSL). He then created a few fictitious companies, ostensibly on paper, and withdrew Tk 21.08 billion (Tk 2,108 crore) from ILFSL. PK Halder was the main player in grabbing ownership and looting. He misappropriated the lion’s share of this money for himself, and meted out the rest among others.
PK Halder had been the Reliance Finance and NRB Global Bank’s managing director. He is now absconding. Meanwhile, depositors with ILFSL are desperately trying to recover their money.
After PK Halder fled the country, various agencies have started looking into his corruption. The Anti-Corruption Commission (ACC) is summoning him repeatedly. And yet he been had openly, under everyone’s noses, carrying out all sorts of irregularities, aided and abetted by certain top ranking officials of the central bank.
After PK Halder fled the country, various agencies have started looking into his corruption. The Anti-Corruption Commission (ACC) is summoning him repeatedly. But earlier he had openly, under everyone’s noses, carried out all sorts of irregularities, aided and abetted by certain top ranking officials of the central bank. The concerned quarters only took note when People’s Leasing, which he had taken over, went bankrupt.
A special inspection report of Bangladesh Financial Intelligence Unit (BFIU) has said that of all the money that PK Halder had taken in the name of various companies, Tk 280 million (Tk 28 crore) went to the former chairman of Mercantile Bank and its present executive committee chairman AKM Shahid Reza. Another Tk 342.50 million (Tk 34 crore 25 lakh) went to two directors of Meghna Bank, Sakhawat Hossain and Alok Kumar Das, and members of their families. BFIU sent the report to ACC for action to be taken against those involved in this misappropriation of funds. Investigations are reportedly on and the bank accounts of 83 of the beneficiaries have been frozen.
By a court order, former education secretary Nazrul Islam Khan has taken over as ILFSL chairman. Speaking to Prothom Alo, he said, “I took over this responsibility to see if the depositors’ money can be returned. Discussions are being held with all concerned. Many are of the opinion that the money cannot be recovered without PK Halder. The board of directors will meet shortly to discuss what can be done.”
Earlier the court had given former deputy governor of Bangladesh Bank, Khandokar Ibrahim Khaled, this responsibility. He resigned soon after taking over, saying that the establishment could not be salvaged, because of PK Halder.
Funds to buy a warehouse
Sakhawat Hossain and Alok Kumar Das are long time business associates. Together they established Paramount Textiles, a spinning mill, an insurance company and more. They also became directors of the fourth-generation Meghna Bank. These two men and their families are also beneficiaries of Tk 340 million (Tk 34 crore) from PK Halder's ill-gotten funds.
After PK Halder took over MTB Marine Ltd, the company’s loans of Tk 600 million (Tk 60 crore) were distributed too. The chairman of this company which merely existed on paper, was Purnima Rani Halder, wife of ILFSL’s director, Swapan Kumar Mistri.
The BFIU report said that Tk 140 million (Tk 14 crore) of the loans of the company was deposited in the bank accounts of Alok Kumar Das and his wife Anita Das’ Paramount Agro and their son Rangan Das. An FDR was opened with that money at Meghna Bank in the name of Sakhawat Hossain’s son, Shadab Hossain.
Then again, of the Tk 800 million (Tk 80 crore) of Kolasin Ltd’s loan, Tk 62 million (Tk 6 crore 20 lakh) was deposited in the account of Paramount Spinning. The directors of Paramount Spinning were Alok Kumar Das, Anita Das and Sakhawat Hossain. From Moon Enterprise’s loan of Tk 830 million (Tk 83 crore), a total of Tk 126 million (Tk 12 crore 60 lakh) was deposited in the accounts of Paramount Spinning and their son Rangan Das’ accounts with Mercantile Bank, Meghna Bank and NRB Global Bank. And the Tk 10 million (Tk 1 crore) loan of Kanika Enterprise was deposited in the bank account of Shadab Hossain.
When asked what his relationship was with PK Halder, Alok Kumar Das told Prothom Alo, “I do not know PK Halder personally, But I hear he has run away with a huge amount of money.”
Then when asked how money comes from PK Halder’s dubious companies had been deposited in his account, Alok Kumar Das said, “I sold STL Warehouse to Sohel Murad. His money came from these accounts. I can’t recall anything beyond that.”
If he sold the warehouse to Sohel Murad, how did the money come from PK Halder’s company? Alok Kumar Das avoided answering this question, saying he was busy and hung up the phone. It has not been possible to contact him over phone since then.
When I took over responsibility, I found out that PK Halder had made off with the entire amount of the money and that there were many beneficiaries too involved in the scam. Their assets should be frozen so that they cannot transfer their assets. They destroyed the entire institution. This will set precedence for others.Khandokar Ibrahim Khaled, former deputy governor, Bangladesh Bank
So who is the actual owner of STL Warehouse? Sohel Murad was not available over phone for an answer.
Shahid Reza a beneficiary too
MTB Marine Ltd’s loan of Tk 600 million (Tk 60 crore) was approved on 30 January 2017. From this loan account, Tk 55 million (Tk 5.5 crore) went to the Mercantile Bank accounts of Padma Weaving, Padma Bleaching and Fashion Plus, owned by AKM Shahid Reza.
And Tk 140 million (Tk 14 crore) of the Tk 680 million (Tk 68 crore) loan of Wintel International also went to four companies of Shahid Reza. Then Tk 70 million (Tk 7 crore) of Greenline Development’s Tk 640 million (Tk 64 crore) loan went to the accounts of Padma Weaving and Fashion Plus. In this manner the Tk 280 million (Tk 28 crore) of PK Halder's companies which existed on paper only, went to the various accounts of Shahid Reza.
When asked about the matter, Shahid Reza told Prothom Alo that he knew PK Halder as the MD of Reliance. He said, “Outside of that, I had no business with PK Halder. I took a loan from International Leasing and have repaid that. I have no other dealings with the company.”
So how come the loan money was deposited in his account? AKM Shahid Reza replied, “Only the company’s loan was deposited in my account, not any other cheque. I have all proof.”
That was all about PK Halder’s loan beneficiaries. Shahid Reza took loan from the company after it was taken over by PK Halder and he said he repaid that loan. This included a Tk 650 million (Tk 65 crore) loan of Padma Weaving and a Tk 550 million (Tk 55 crore) of MOH Fashion.
The BFIU report said that though ILFSL could not pay its depositors' money since 2019, on 8 July that year it increased its loan ceiling to Tk 230 million (Tk 23 crore). It is clear from the BFIU report just how hugely Shahid Reza benefitted after ILFSL was taken over by PK Halder.
The directors of three banks benefitted very little from the amount of loans that were looted by the company. PK Halder was the actual beneficiary. He established innumerable companies in the country in his own name and under other names. And then he fled.
PK Halder’s corruption
According to the BFIU report, from ILFSL’s looted money, Tk 4.46 billion (Tk 446 crore) was deposited in the account of Reliance Finance, Tk 2.22 billion (Tk 222 crore) in the account of PK Halder and the Dhanmondi branch of Bank Asia where he had interests involved, Tk 1.20 billion (Tk 120 crore) in the Karwan Bazar branch of Shahjalal Islami Bank, Tk 1.84 billion (Tk 184 crore) in the Dilkusha branch of First Securities Islami Bank, and Tk 740 million (Tk 74 crore) in JK Trade International’s account with the Station Road branch of One Bank. Another Tk 1.04 billion (Tk 104 crore) went to AKM Shahid Reza’s company.
While the ownership and share of the loans were in various persons’ names, the actual owner was PK Halder. His strategy was to remain behind the scenes. He created many companies in names resembling his own, but these companies were just facades.
The two companies where PK Halder was MD, were both owned by the Chattogram-based S Alam Group. On 18 July, former MD of Commerce Bank owned by the same group, Abdul Khaleq Khan, took over as ILFSL MD.
Abdul Khaleq Khan, speaking to Prothom Alo, said, “The new chairman appointed me. The chairman is looking into the big loans. Inquiries are on about the assets of those who had taken the loans. Efforts are on to recover the money.”
The other three companies taken over by PK Halder are People’s Leasing and Financial Services, FAS Finance and Investment Ltd, and Bangladesh Industrial Finance Company (BIFC). These three financial institutions are also unable to repay their clients’ money.
Former deputy governor of Bangladesh Bank, Khandokar Ibrahim Khaled, told Prothom Alo, “When I took over responsibility, I found out that PK Halder had made off with the entire amount of the money and that there were many beneficiaries too involved in the scam. Their assets should be frozen so that they cannot transfer their assets. They destroyed the entire institution. This will set precedence for others.”
* This report appeared in the print and online edition of Prothom Alo and has been rewritten for the English online edition by Ayesha Kabir