Illegal money transferring in the country has been rampant for a long time. This business has been conveniently termed as hundi, but even in the coronavirus pandemic days, this illegal business has been unstoppable. But this has also had adverse effects on the economy as a vast amount of illegal black money is being turned white.
According to a report published in this daily, CID had launched investigations into hundi business and after identifying around 200 of the topmost traders involved in the money-laundering, the process came to a halt due to an unknown reason.
The report also elaborated on how around Tk 50,000 crore is being laundered from Bangladesh to different countries through this illegal hundi business. The list of 200 hundi traders includes businessmen, bankers, politicians and people of various other professions.
Around Tk 50,000 crore is being laundered
from Bangladesh to different countries
through illegal hundi business
Around 40 per cent of remittances is sent to the country by expatriates through banking channels while 30 percent comes directly through expatriates or their relatives in the form of cash and the remaining 30 percent comes through hundi. These numbers are very disconcerting as it means that a large amount of money is escaping the government’s radar and coming into the country through illegal means.
There should be sufficient barriers in place to resist this type of illegal money transferring. Also, a fool proof system needs to be developed so that this illegal system can be put to a stop.
It is imperative that this irregular activity be brought down along with those involved in the business. Also, the unscrupulous groups of people who are taking part in this illegal activity must be brought to justice to discourage anyone from getting into this dangerous game in future.
