Interpol detects laundered money of former Bangladeshi Foreign minister

by Mahbubul Haq
October 23, 2008

http://www.weeklyblitz.net/115/interpol-detects-laundered-money-of-former

Run away ex foreign minister of Bangladesh, Morshed Khan and his son Faisal M. Khan laundered a large amount and deposited with a Hong Kong bank. INTERPOL has spotted a deposit of over Taka 140 million.

After the caretaker government came to power in January 2007, both the son and the father have been convicted in several cases relating to corruption, hiding wealth information, land grabbing and criminal activities.

As to confiscation of the discovered money, Hong Kong police asked if Bangladeshi authority is eager to confiscate this money. According to the Hong Kong police, the said amount was laundered from the earnings of CITY CELL, one of the top four telecom company owned by Morshed Khan and Faisal M. Khan. CITYCELL is the pioneer amongst mobile phone operators in Bangladesh. A Company where Morshed and Faisal Khan hold 35 percent stake. Forty five percent shares are held by SINGTEL Asia Pacific Investments Ltd, SINGTEL Consultancy and Singapore Telecom. A Hong Kong registered company, Far East Telecom Ltd holds remaining 20 percent of the company's share. The Khans sold 45 percent stake to SINGTEL for $118 million in June 2005.

According to INTERPOL Dhaka office, Hong Kong authorities detected 16 million Hong Kong dollars in the account not mentioning the name of the bank. INTERPOL Dhaka has already forwarded the letter from Hong Kong police to Bangladesh Bank [central Bank of Bangladesh], Anti-Corruption Commission, the Attorney General and other higher authorities of Bangladesh government.

Anti Corruption Commission is allowed to confiscate the laundered amount but with permission from the court. The ACC also can take initiative to bring the money back to country.

Both father and the son are on the run. The sentences will come into effect the day they surrender or are arrested.

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