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Over 1,000 illegal money exchange cos in country

CID arrests 14 hundi traders

  • Staff Correspondent
  • 19 January, 2023 12:00 AM
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Over 1,000 illegal money exchange cos in country

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More than 1,000 illegal money exchange companies are operating in Bangladesh and there are only 235 licensed legal money exchangers in the country, Criminal Investigation Department (CID) Chief Additional IGP Mohammad Ali Mia has said.

He provided the information while addressing a press conference at the CID headquarters in Malibagh of the capital on Wednesday after arresting 14 people on charges of their involvement in illegally money exchange business.

There are many floating and illegal businesses in various places, including Motijheel, Gulshan, Uttara and Dhaka airport areas, he added.

Legal action has also been taken against three money exchangers – Gulshan’s JMCH Pvt Ltd, Mohammadpur’s Alam and Brothers and Ashkona’s Taimur Money Exchange.

The arrested were identified as Abu Talha alias Taharat Islam Toha, 32, Asadul Sheikh, 32, Hasan Molla, 19, Abdul Quddus, 24, Hasnat A Chowdhury, 46, Shamsul Huda Chowdhury alias Ripon, 40, Suman Mia, 30, Tapan Kumar Das, 45, Abdul Quddus, 32, Kamruzzaman Russell, 37, Moniruzzaman, 40, Newaz Biswas, 40, Abul Hasnat, 40 and Shahjahan Sarkar, 45.

Acting on the information from Bangladesh Bank’s BFIU team, operations were conducted under the leadership of five special superintendents of police simultaneously in Gulshan-1, Ring Road, Mohammadpur, Ashkona, AB Market and China Market in Uttara of the capital.

All these five offices are illegal on Bangladesh Bank’s list. Three of these illegal money exchange offices are JMCH Private Limited in Gulshan, Alam and Brothers in Tokyo Square in Mohammadpur and Timur Money Exchange in Ashkona Muktijoddha Market in Uttara. The two others are floating companies.

He said 14 people were arrested in the operation along with a large amount of local and foreign currency.

During the drive, a total of Tk 1,99,61,376, including foreign currencies of 19 countries worth Tk 1,11,19,826, were seized from their possession.

The arrestees trade foreign currency without the permission (license) of Bangladesh Bank through their own offices and floating operations in different areas of the capital.

During primary interrogation, the arrestees admitted that each of the mentioned businesses illegally trades foreign currency worth about Tk 7 to 7.5 million every day.

Cases will be filed against the arrestees under the Special Powers Act, 1974.