The CID is investigating allegations of embezzlement of Tk 516 crore against the former chairman of Far East, who is jailed in a case under the Prevention of Money Laundering Act. During this investigation, the court has ordered to seize the house worth 150 crores of this entrepreneur in Baridhara.
At the same time, the court ordered the publication of this order in the government gazette, Daily Bangladesh Alo and The Daily Voice of Asia. MA Khalek was the entrepreneur. He built many institutions including universities, banks, insurance, securities companies. He held various positions including the chairman of these institutions. It is alleged against him that he embezzled about 1 thousand 300 crore taka by using that opportunity.
MA Khalek was an entrepreneur. He built many institutions including universities, banks, insurance, securities companies. He held various positions including the chairman of these institutions. It is alleged against him that he embezzled about 1 thousand 300 crore taka by using that opportunity.
In view of the application of the Criminal Investigation Department (CID) of the police, last Monday, the Dhaka Metropolitan Senior Special Court ordered the seizure of the house of MA Khalek, located in the ‘K’ block of Road No. 6, Baridhara. He bought it by withdrawing money from the company, which is an offense under the Money Laundering Act.
Fearing that he might sell the house and launder the money during the investigation, the CID applied for its seizure. In view of the petition, the house has been attached and the Court has appointed Additional Inspector General of CID as caretaker to maintain it.
According to CID investigation data, from 2010 to 2019, MA Khalek earned Tk 135 crore through fraud and fraud from the position of Chairman of Far East Stocks and Bonds Limited. Apart from this, it is known from various sources that there are houses and assets in Canada with money smuggled. Apart from this, he has built wealth in the country. His wife and children live in Canada.
CID Organized Crime Department inspector said. Moniruzzaman told Amar Din that an investigation is underway against MA Khalek and his family members for embezzlement of Tk 516 crore. The investigation revealed the embezzlement of Tk 135 crore. A case will be filed against him under Money Laundering Act.
According to a report published in Prothom Alo on December 21, 2019, the institutions where MA Khalek held various official positions include Prime Asia University, Prime Bank, Prime Finance and Investment Limited, Prime Finance Capital Management Limited, PFI Securities, Prime Insurance Company, Prime Islami Life. Insurance, Prime Islami Securities, Fareast Islami Life Insurance Company and Fareast Stocks and Bonds Limited.
The fact that MA Khalek’s money was diverted from various institutions has also come out in the report of the audit institute. After reviewing the documents, it can be seen that since 2010, he started withdrawing money from various institutions. After that, he grabbed 1 thousand 283 crore rupees in eight years. According to the investigation, MA Khalek and his family members took out 305 crore rupees from Prime Finance Securities and 376 crore rupees from Far East Islami Life Insurance.
Apart from this, 20 crores of Prime Islami Securities, 200 crores of Prime Islami Life Insurance, 150 crores of PFI Properties, 167 crores of Prime Asia University, 500 crores of First Stocks and Bonds and 15 crores of PFI Capital have gone into his pocket. Dhaka’s Prime Asia University Trust will get Tk 167 crore from him.
Private audit firm Hudavasi has come under investigation, MA Khalek transferred Tk 90 crore from Prime Asia Foundation account to Motijheel and Banani branches of Prime Bank; Which interest has actually become Tk 167 crore. Research has revealed that many times MA Khalek has removed money from those institutions in the name of share trading. He also took money in the name of family members and employees.
Apart from this, he has taken loans of about 500 crores in the name of various organizations including Maxons Bangladesh, Maxons Bay Limited, Gatco, Gatco Agro Vision, Gatco Telecommunications. These loans taken from private sector Al-Arafah Islami Bank, Social Islami Bank and Union Bank have already defaulted.
Khalek is also accused of having illegally transacted crores of TK in the personal account of his long-time business partner and Mithila Group owner Md Azhar Khan.