Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Thursday, October 18, 2018 05:47:29 AM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Leather sector and fraudulent export

By
10th-Aug-2018       
Comments
Share your thought
Post a comment »
Read all () »

 SOME leather companies have already come under the spotlight in the recent months for their alleged banking fraudulence by exporting products to some shady companies in Hong Kong. Indications are that these firms were shell companies because they actually don't exist at their mentioned addresses and many of their directors are Bangladeshi citizens, as per a local daily report on Thursday.
The documents also cast doubts as to whether the exports had actually taken place. The whole scam was done in such a blatant way that even a novice could see the holes in Crescent's deals. Only Janata Bank did not. These firms obtained export LCs from an obscure African bank. The authenticity of the LCs has also been questioned by the BB investigators. The proceeds from the doubtful exports never came to Bangladesh, but Crescent, in collusion with the Janata Bank top officials, took out Tk 684 crore in advance against such exports from January 2017 to February this year, the investigators say.
This is yet another saga of blatant corruption in the banking system. Janata Bank's loan to Crescent Group exceeds 55 percent of its equity capital, when the Banking Act says a maximum of 25 percent can be given. Crescent Group's export bills were not realised yet the bank gave it further loans. Payments in excess of 60 lakhs were found to have been deposited in Janata bank branch manager's account.
In this way almost 1074 crore taka was siphoned off from the government's incentive fund by the Group-- a scam of almost colossal proportions. So in essence the Group took loans from the Bank, faked exports, and then laundered some of the money which it probably got as loans and payment of bills. These financial crimes existed before. The international companies would repatriate profits out of one country to another by showing increased purchase prices for its goods--but Crescent Group has twisted the game entirely to something more twisted.
The current over invoicing involving Crescent Group has overshadowed the earlier fraudulences by an order of magnitude and criminality. We do believe it could not be done without the help of bank. 

Tariff
Add Rate

News Archive

Inside The New Nation

Football »

Groeneveld scores as Netherlands draw 1-1 with Belgium


AP, Brussels :Arnaut Groeneveld celebrated his first start for the Netherlands by scoring a first-half equalizer Tuesday as the Dutch drew 1-1 with neighbor Belgium.The 21-year-old midfielder who plays for Belgium's Club Brugge rounded off a flowing Dutch move in the 27th minute, controlling the ball with his left foot ...

Football »

Brazil's Miranda silences Argentina with last-gasp winner


AFP, Jeddah :Brazil snatched a dramatic 1-0 win over Argentina with an injury-time header from Miranda in their friendly match in front of a sell-out crowd in Jeddah, Saudi Arabia on Tuesday.The Inter Milan centre-back was left all alone to thump in a 93rd-minute effort from Neymar's corner when the ...

Editorial »

EC failed to prove its neutrality


WHEN the country is facing a political uncertainty over the polls-time government coupled with the dissatisfactory role of the Election Commission, Chief Election Commissioner (CEC) KM Nurul Huda on Tuesday said the Election Commission will do everything necessary to hold free and fair elections. Its sound good but the hollowness ...

International »

Irish author Anna Burns wins 2018 Man Booker Prize


Reuters, London :"Milkman" by writer Anna Burns scooped the 2018 Man Booker Prize on Tuesday, with the Northern Irish writer winning the literary award for her third full-length novel.Set in an unnamed city during the bloody "Troubles" of Northern Ireland, the "Milkman" tells the coming-of-age story of a young girl's ...

City »

Bangladesh Federal Union of Journalists (BFUJ) leaders covering their months with blackclothes, demanding amendment of 9 Sections of the Digital Security Act as black law in front of Jatiya Press Club on Wednesday.


Entertainment »

Affri Selina in three films


Sheikh Arif Bulbon :Affri Selina is establishing her position in media slowly day by day. Earlier, she had interest to perform as a model in showbiz but later she became interested to acting. So, now she has full concentration to acting. Yesterday she took part in shooting of a music ...

Cricket »

ICC WC Trophy to arrive in Bangladesh today


ICC World Cup (WC) Trophy will arrive in Bangladesh today as part of its worldwide 'Trophy Tour' ahead of ICC Cricket World Cup 2019 scheduled to be held in England.The trophy will be visiting Bangladesh's three cities - Dhaka, Sylhet and Chattogram over five days period. It will be displayed ...

Sports »

In this photo provided by the OIS/IOC, Russia's Mariya Kochanova competes in the Women's High Jump at the Athletics Field during the Youth Olympic Games in Buenos Aires, Argentina on Monday.


International »

Maldives court rejects Yameen's secret witnesses


AFP, Colombo :The Maldives' top court rejected on Tuesday three "secret" witnesses offered by President Abdulla Yameen in his petition to have his September election defeat annulled, in what is likely a major blow to his case.The refusal came as the Supreme Court concluded its hearings, which also saw Yameen ...

Business & Economy »

Microsoft co-founder Paul Allen dies


AFP, San Francisco :Paul Allen, who founded Microsoft with Bill Gates in the 1970s and later went on to become an investor, philanthropist and sports team owner, died Monday after his latest battle with cancer at age 65."My brother was a remarkable individual on every level. While most knew Paul ...

Entertainment »

Being married to Tom Crusie kept me from being sexually harassed: Nicole Kidman


Nicole Kidman says she had married Tom Cruise for love and tying the knot with the actor inadvertently shielded her from being sexually harassed in Hollywood. The 51-year-old actor, who was married to Cruise for 11 years, said after their divorce in 2001, she had to start looking after herself. ...

Editorial »

Question paper leakage continues: Incompetence is everywhere


QUESTION paper leaks have become epidemic before all public exams, university admission tests, and job recruitment tests during the current administration allegedly by some students and unscrupulous teachers along with office staffs. Detectives in recent times busted dens of criminals involved in the question leakage but the unholy nexus between ...

Football »

US headed to Women's World Cup with 6-0 win over Jamaica


AP, Frisco :The U.S. women's national team breezed through CONCACAF qualifying to secure a spot in the World Cup next year in France.The Americans still have to face Canada."Just because we qualified for the World Cup doesn't mean we're going to take our foot off the gas," Alex Morgan said. ...

Cricket »

India ready to unleash 'fearless' Shaw, Pant on Australia


"Fearless" young batting stars Prithvi Shaw and Rishabh Pant will be India's special weapons during their upcoming tour of Australia, according to captain Virat Kohli.Hailing the roles of 18-year-old Shaw and 21-year-old Pant in the two-Test victory over the West Indies, Kohli said they had been given free rein to ...

International »

Saudi Arabia warns against any sanctions over missing Khashoggi case


Reuters, Washington :Saudi Arabia on Sunday warned against threats to punish it over last week's disappearance of journalist Jamal Khashoggi, as European leaders piled on pressure and two more US executives scrapped plans to attend a Saudi investor conference.Khashoggi, a US resident and Washington Post columnist critical of Riyadh's policies, ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news