While attempts are on to repatriate fugitive criminal Prashanta Kumar Halder, better known as PK Halder, the fate of the money laundered by him is still up in the air.
Legal analysts say even though there is a law on bringing it back to the country, it is next to impossible in reality.
As there is a 2016 extradition treaty between Bangladesh and India, there may not be too many hurdles to bringing PK Halder back. But the case against him in India will need to be settled first.
Bangladesh has similar agreements with 136 other countries. But in order for the deal with India to function, the smuggled money must be properly identified by both countries.
The total number of money laundering cases against PK Halder is 34, and as much as Tk30,000 crore has been allegedly laundered.
A chargesheet has already been filed in the court in one case. Allegations of smuggling of Tk6,080 crore have been made in the case. Halder smuggled the money while he was managing director of NRB Global Bank and Reliance Finance.
The Anti-Corruption Commission (ACC) filed the first case against PK Halder on January 1, 2020, on charges of laundering around Tk3,500 crore. He, however, fled the country despite having a court order against his leaving it.
PK Halder has reportedly laundered money to several other countries, including India, Canada, the US, Singapore, and the UAE, according to an ACC investigation report.
Around nine houses belonging to Halder were found in India. Several Bangladeshi and Indian media outlets have reported that his total wealth amounts to Tk300 crore.
ACC lawyer Khurshid Alam said: “A Mutual Legal Assistance Request (MLAR) has to be sent through a court order. We have to prove that PK Halder's assets in India were bought with the money smuggled from our country. The MLAR will later send a report to our country.
“If proven right, it is possible to seize smuggled assets during the trial. If the allegations in the case are proved, it is possible to have the confiscated money or assets returned.”
PK Halder could be brought back to Bangladesh under the agreement between the two countries, but the process had not started yet, he said, before adding that India had yet to inform Bangladesh officially about the fugitive criminal’s arrest.
“When informed, the Home Ministry and the Foreign Affairs Ministry will take necessary action,” he said.
Supreme Court lawyer Barrister Mahbub Shafique said: "It is possible to bring the accused back, as we previously handed over the infamous Indian separatist leader Anup Chetia to India. Hence, PK Halder can also be brought back.
“However, I believe it is next to impossible to bring back the smuggled wealth. There is no agreement between the countries for this purpose.”
The barrister suggested that if Bangladesh wanted the money back, the authorities had to prove that PK Halder’s assets in India had been bought with Bangladesh’s money.
However, if PK Halder managed to show India the assets’ tax files proving otherwise, the process would become complicated, he added.
Another Supreme Court lawyer, Barrister Bodruddoza Badal, said: “It is difficult but not impossible to trace the money that has been laundered. If the accused pleads guilty in court and confesses to how he laundered the money and where he spent it, it can be found.
“Likewise, if the documents of the accused about the assets can be found, it could also be possible to show where the money is or what assets he has acquired.”
Getting laundered money back from other countries is not new for Bangladesh. Bangladesh has, however, only succeeded a few times.
Previously, the ACC was able to get back more than Tk21 crore in three phases, between 2012 and 2013, from a bank in Singapore. The money had been smuggled by Arafat Rahman Koko, the younger son of Khaleda Zia.
Apart from this, an initiative was taken to bring back Tk321 crore smuggled to Hong Kong by former foreign minister and BNP leader M Morshed Khan and his family.
The ACC later sent an MLAR to the attorney general of Hong Kong for a refund of Tk16 crore in the first phase.
In this regard, Badruddoza Babu said: “Bangladesh’s government changed while tracing money smuggled by the accused. Sometimes the ACC also changed its pace while investigating.
“As many of the accused are politically influential, little to no action was taken against most of them. Hence, we do not have many examples of getting back money from other countries.”
On May 14, PK Halder was arrested by law enforcement agencies in India.
The former managing director of NRB Global Bank and Reliance Finance Limited, was believed to have fled to Canada after the ACC began an investigation into his illegal activities related to casino business in 2019.
However, he was reportedly lying low in India since March last year.
On Tuesday, the High Court fixed June 12 for the hearing on the rule to bring back PK Halder, which had been issued on November 19, 2020.
Earlier, on September 7, 2020, International Leasing and Financial Services Limited (ILFSL) filed a petition with the High Court seeking directives not to detain or arrest PK Halder in any case.
At the time, PK Halder's company ILFSL informed the High Court that the disgraced businessman was scheduled to return to Bangladesh soon.
Later, the court ordered the law enforcement agencies to arrest PK Halder immediately upon his return to Bangladesh.
However, PK Halder did not return to the country, citing illness.
In the following months, the Bangladesh Financial Intelligence Unit (BFIU) submitted a report to the High Court with detailed information on PK Halder’s scams.
The notorious scammer laundered about Tk80 crore to Canada and amassed about Tk426 crore beyond his known sources of income.
On March 1 last year, he fled Bangladesh through Jessore's Benapole land port.
PK Halder possessed two passports — one Bangladeshi and the other Canadian — but used the Bangladeshi one to abscond to India.
Despite facing legal action over financial irregularities at home, Halder continued his illegal activities while in India.
