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Officials say seven officers working for a month could not finish data entry of the transactions
Published : 19 Feb 2025, 08:50 PM
The intelligence unit of the National Board of Revenue, or NBR, has uncovered financial transactions amounting to Tk 2.42 trillion in the accounts of prominent businessman Md Saiful Alam, commonly known as S Alam, and his family.
Ahsan Habib, director general of the Central Intelligence Cell, or CIC, shared these findings during a workshop titled Enhancing Mutual Cooperation to Prevent Tax Evasion and Money Laundering, at the Rajaswa Bhaban in Dhaka’s Agargaon on Wednesday.
He described the “vast scale” of the transactions, saying: “Seven officers working across 10 computers for a month still could not complete data entry.”
According to him, Tk 360 billion remained in bank accounts as balances over the past five years until Jun 30, generating Tk 67.81 billion in interest.
“Most of this was not declared,” Habib said, adding that investigations are ongoing.
The CIC chief also alleged that S Alam’s two sons engaged in fraudulent activities to launder Tk 5 billion, with the help of a bank.
“They used forged documents to legalise Tk 5 billion. The bank in question has still not provided us with the necessary information,” he said.
“During our investigation, we found that on Dec 21, the Patiya branch of SIBL (Social Islami Bank Limited) issued pay orders, which were cleared later. But legally, the deadline for such transactions had passed on Jun 30,” he added.
He claimed that the bank’s head office manipulated records to backdate the transactions and that further irregularities are being scrutinised.
Habib revealed that steps are being taken against those involved in these malpractices.
“Today, we froze Tk 1.21 billion belonging to a chairman of a currently operating bank.”
He also spoke of major irregularities in the banking sector, citing a case where Tk 150 million worth of diamonds was seized from a locker.
“One of the richest men in Bangladesh, his wife was trembling as she handed over the gold and diamonds. An officer asked her, ‘why are you so scared? You have no shortage of money’.”
The CIC chief pledged to reveal all financial misconduct that took place under the previous Awami League government.
“I have numerous blank cheques from different banks. I have sensitive information. Either I will be killed, or I will expose everything. I will spread the information across the country, to students, to journalists,” he said.
Md Khairul Islam, Commissioner of the Large Taxpayers Unit, supported these claims, though he refrained from naming individuals.
“From many account statements, we see massive amounts being withdrawn daily. But when we ask where the money is going, they have no answer.”
NBR Chairman M Abdur Rahman Khan issued a stern warning to bank officials, saying they are legally bound to cooperate with tax authorities.
“If you fail to assist the tax authorities, you will be considered defaulting assessees, and all legal measures will be taken against you,” he said.
He criticised banks for charging unnecessary fees and warned that strict actions would be taken against those failing to provide information.
“We need a lot of data for intelligence operations, and banks are our primary source. The system must be automated so that information can be retrieved using National ID numbers,” he said.
