** Fire at building in Dhaka’s Wari doused ** People rush to village homes to spend Eid holidays with their near and dear ones. This photo was taken from Sadarghat Launch Terminal on Tuesday. NN photo ** Surge in cases of dehydration, diarrhoea amid summer heat wave ** Dozens injured as Sonar Bangla Express hits goods train in Cumilla ** Bus, pickup van collision in Dinajpur leaves 2 drivers dead, 12 injured ** Fardin’s death: Dhaka court orders further investigation by CID ** When shall these private univs move to permanent campuses? ** Bus-three wheeler collision kills 5 in Ctg’s Boalkhali ** People pay last respects to Dr Zafrullah Chowdhury at Shaheed Minar ** Tarique, Zubaida indicted in graft case ** Bangladesh’s literacy rate rises to 74 percent, poverty down by 5.6 percent: Survey ** People to pay tribute to Dr Zafrullah at Shaheed Minar tomorrow ** IMF team due in Dhaka on April 25 to discuss 2nd tranche of $4.7b loan ** Dr. Zafrullah the warrior stops, his battles will go on ** Dr Zafrullah Chowdhury no more ** We are living like the poor, paying like the rich ** US wants Bangladesh sets up strong example of free, fair elections ** Govt raises fertiliser prices by Tk 5 per kg ** US can topple govt in any country: Sheikh Hasina ** Nafiz Alam sent to jail in narcotics case ** Traders affected by the massive fire in Bangabazar in the capital set up shops on footpaths with the high hope of recouping their losses ahead of Eid-ul-Fitr. This photo was taken on Sunday. NN photo ** Temperatures feared to hit 40°C this week ** 579 people killed in motorcycle accidents in 3 months: SCRF ** 3 dead in Jamalpur after truck collides with pickup van ** Industry owners paying increased gas price, but not getting promised supply **

Defaulted loans bleeding Chattogram economy with no visible steps from authorities

20 April 2023

The report is very disconcerting. Loan defaulters of the port city of Chattogram in their large numbers are leaving Bangladesh and settling abroad rather easily under the very watch of this government. Quoting sources of banks, industry insiders, lawyers, and court officials, a national daily yesterday reported that 33 owners of 22 business organisations in Chattogram left the country in the last one decade after borrowing around Tk 20,000 crore.
Among these names of businesses are Habib Group, Nurjahan Group,  Mostofa Groups, Mahin Enterprise, Mishmak Group, Yasir Enterprise, Crystal Group, Imam Enterprise, etc. These loan defaulters have brought the economy of the port city to a serious crisis in particular and the overall economy of the country in general.
These deviant businessmen are now residing in countries around the world including Canada, England, the USA, Malaysia, the UAE, Turkey, Australia, Montenegro, and Singapore, and are operating various businesses abroad, including star rated hotels, money exchange businesses, real estate, super shops, and petrol pumps. The newspaper report further says that these businessmen are facing multiple financial and cheque dishonour cases as well as arrest warrants. Still, 26 of them were banned from leaving the country. When 13 of them left the country before the ban was imposed, the other 13 fled after the ban was imposed.
Bangladesh is perhaps the only country in the world where the business people against the interest of the state get direct patronage from the power allegedly because people within the power are beneficiaries of these loan defaults. Not surprisingly, the authorities are not serious about bringing the loan defaulters and recovering the loaned money. They have not taken any initiatives in this regard.
Bangladesh is currently hit by a balance of payment crisis with living costs having gone beyond the capacity of most people. In this situation, bringing the laundered money as well as recovering the defaulted loans is vital.
To bring these defaulters back to the country, as have been pointed out by banks, it is necessary that the lender banks, the Bangladesh Bank, and law enforcement agencies need to collaborate and work together. But such an effort perhaps can hardly be possible under this government that itself is largely responsible for the present economic mess.    

Add Rate