The theft of USD 603,947 from Janata Bank's 'Janata Exchange Company INC' (known as JCI, USA) in New York, USA, is very worrying. It amounts almost 51.3 million taka. It is suspected that an employee named Sushmita Tabassum embezzled the money. She is on the run. Sushmita Tabassum has been working as a telephone operator cum teller at JCI since the launch of Janata Exchange Company INC in 2015.
According to Prothom Alo on Wednesday, Janata Bank's head office, JCI, Financial Institutions Department and Bangladesh Bank had been circulating letters for 10 months but could not recover the money or trace the suspect. But the JCI has filed lawsuits and hired lawyers in New York to recover the money. Nazrul Islam, president and chief executive officer (CEO) of JCI, retired on 27 July, 2019 Then another person named Mahbubur Rahman was posted there. But due to his visa complications, JCI telephone operator cum teller Sushmita Tabassum was asked to continue working. She was in charge of JCI from 27 July 2019 to 10 February this year and during this time the money laundering took place.
After Mahbubur Rahman took charge of JCI on 11 February this year, he saw discrepancies in the funds of the organisation. Although Sushmita showed three receipts for depositing USD 509,820 in Hub Bank, no money was deposited in the bank. Mahbubur reported the matter to the headquarters of Janata Bank in Dhaka. On 1 March, the secretary of the Financial Institutions Department wrote twice to the governor of Bangladesh Bank for investigation. So far they have not taken any action.
This is not the only failure of the organisation. They have been incurring huge losses since its launch in 2015. From January to 20 June this year, the income was USD10,540 dollars, while expenditure was USD 102,440.
Naturally that question arises as to how Janata Bank's exchange institutions abroad operate? Does it have any policy? The aim of opening these institutions was to make it easier for the expatriates to send remittance and conduct business. If the exchange institutions of the private banks can make a profit, why should the state-owned enterprises count losses? These institutions are run on the people's tax money. It should be kept in mind that the exchange institutions of state-owned banks abroad are not for the protection of personal interests or the appointment of dishonest and incompetent persons. First, Sushmita Tabassum is not a regular employee. Second, she is a member of the Dhaka Judge's Court Bar. Janata Bank authorities have given such a big responsibility to a non-professional. As a result, they cannot avoid the responsibility of heist.
The country's banking sector has faced turmoil and corruption for long. Although much has been written about this, the theft of Janata Bank dollars is proof that the situation has not changed. In 2016, the reserves of Bangladesh Bank were stolen using Swift code. And this time an employee stole the dollars of Janata Bank. The board of Janata Bank at the time had appointed Sushmita. Now they have to find her and recover the money. Bangladesh Bank should demand accountability from Janata Bank and take action against those responsible.