Tk 1,596cr embezzlement: PK Halder wants to return to country to repay public money

Proshanta Kumar Halder, who was allegedly involved with the embezzlement of huge amount of money from the International Leasing and Financial Services Limited (ILFSL), a non-banking financial institution, has said he would return to the country to return the money and settle the transactions and liabilities with the company if he gets proper security of his life. 

Proshanta Kumar Halder. File photo

Proshanta Kumar Halder, also known as PK Halder, a former managing director of NRB Global Bank and Reliance Finance, recently sent a letter to the ILFSL to this end.

The board of directors of ILFSL has approved the letter at its meeting.The organisation placed it along with an application before the High Court today (Monday) through its lawyer Mahfuzur Rahman Milon for necessary order.

After examining the letter and application, the HC today directed the ILFSL to inform this court when PK Halder will return to Bangladesh for settling his transactions and liabilties with the company.

The court said it will pass necessary orders for ensuring legal security of his life after he returns to the country if he specifies his time of visit.

The HC bench of Justice Muhammad Khurshid Alam Sarkar also said this court will give orders in presence of the attorney general and the lawyers of the Anti-Corruption Commission, Bangladesh Bank and ILFSL.

PK Halder will remain in the custody of court after he returns, the HC bench said.

Additional Attorney General Murad Reza and Khurshud Alam Khan represented the state and ACC respectively during the HC proceedings yesterday.

PK Halder was allegedly involved in the embezzlement of Tk 3,000 crore, according to media reports. But a Bangladesh Bank investigation put the figure at Tk 1,596 crore.

As per media reports in Canada, PK Halder is residing in Toronto. He is the director of a Canadian corporation P&L Hal Holding Inc. along with his brother Pritish Kumar Halder and wife Susmita Saha since July 3, 2014, according to records in Canada.

Following a petition filed by the two depositors, the HC on January 21 directed the central bank and all private banks to freeze the accounts of PK Halder, his five relatives, Bank Asia's former managing director Erfanudidn Ahmed and Halder's associate Uzzal Kumar Nondi for allegedly misappropriating the funds.

The HC ordered the government to seize the passports of 20 people, including PK Halder, his mother Lilaboti Halder, his brother Pritish, his wife, cousins Amitav Adhikari and Avijit Adhikari, among others.

The HC bench of Justice Muhammad Khurshid Alam Sarkar also directed the authorities not to transfer any of their movable and immovable properties, including stock, cash money and cars to any persons or entities until the disposal of the case.

On February 26, the Appellate Division of the Supreme Court upheld the HC January 21 directives after dismissing an appeal filed by two shareholder-directors of the non-bank financial institution challenging the HC order.

In an investigation, the central bank found that Tk 1,596 crore was transferred from ILFSL in violation of rules through 48 accounts of various organisations related to the directors and shareholders of the NBFI, Md Shah Alam, an executive director of the BB, told the SC in February.

The ACC filed a case against Halder on January 8 on charges of amassing assets worth Tk 275 crore.

His name came to the limelight during the anti-casino operation. The ACC opened investigation against 43 people, including Halder. He was asked to appear at ACC for interrogation on November 14 last year. But he never showed up.

The government issued a travel ban on him on October 3. But he managed to flee the country nevertheless.

The four institutions, whose funds were embezzled by by PK Halder are ILFSL, People's Leasing and Financial Services, FAS Finance and Investment and Bangladesh Industrial Finance Company.

The authorities in July last year appointed a liquidator to liquidate Peoples' Leasing due to alarming deterioration of its financial health over the several years.

Halder is also reportedly involved with Simtex Industries, Rahman Chemicals and Northern Jute Manufacturing Company.

Loans amounting to Tk 170 crore had been taken from ILFSL in the names of Simtex, Rahman Chemicals and Northern Jute, documents show.