Photo : Collected
Moulvibazar, a district dominated by expatriates and tourists, is facing a surge in illegal hundi businesses, discouraging expatriates from using legal channels for remittances.
Despite long-standing complaints about illicit money exchange activities masquerading as legitimate businesses, the relevant authorities have been inactive in curbing this issue across the district's seven upazilas.
Currently, only one authorized foreign money exchange shop, Syed Money Exchange, recognized by Bangladesh Bank, operates in the district. However, nearly fifty illegal money exchange shops thrive, engaging in hundi transactions under the guise of legitimate business. Expatriates, seeking a quick and hassle-free method to access money at home, turn to hundi, influenced by powerful circles operating both in the country and the diaspora involved in this illicit business. Remittances from expatriates play a crucial role in mitigating the ongoing dollar crisis in Bangladesh.
The prevalence of hundi traders has led to a decrease in foreign exchange transactions through official banking channels in this district. Large-scale hundi traders invest in overseas properties and businesses but conduct hundi operations using funds derived from their local assets, such as land, businesses, or rental properties. Consequently, foreign money is not circulating through Bangladesh's banking channels.
Illegal money exchange businesses, numbering over fifty in six upazilas apart from the district city, contribute to significant revenue loss for the government annually. Although Bangladesh Bank has a monitoring cell overseeing these matters, the dedicated team fails to proactively intervene in the district. Exploiting the cover of money exchange, a criminal gang operates illegally under the guise of legitimate businesses.
Royal Mansion, located at Berirpar Point in Moulvibazar city, serves as a hub for these illicit activities. These illegal businesses operate alongside reputable enterprises and maintain agents in various district haat markets. Apart from evading revenue, these entities engage in fraudulent practices, deceiving expatriates. The illegal traders openly offer money exchange services, including dollars and pounds, to passers-by near Royal Mansion.
In response to this issue, a recent night raid conducted by the detective (DB) police in the Beripar Darjimahalla area led to the arrest of three businessmen involved in illegal foreign exchange transactions. District Superintendent of Police Md. Manjur Rahman PPM (Bar) confirmed the arrests, expressing determination to continue the crackdown on illegal money exchange traders. Deputy Commissioner Dr. Urmi Binte Salam emphasized the district administration's serious approach, implementing initiatives to encourage expatriates to use legal channels for remittances. Strict legal actions and awareness campaigns are planned to halt the illegal money exchange business.
Messenger/Millad/Sun Yath
