Know the swindler

The name of Prashanta Kumar Halder, infamously known as PK Halder, came into the spotlight first in 2019, at the same time when the law enforcement agencies were busy raiding illegal casinos and bars in the capital Dhaka.

He was brought under the scanner when various agencies started investigating allegations of embezzlement against him.

Halder’s name also popped in Bangladesh Bank (BB) probe report when depositors were going door to door of at least four non-bank financial institutions (NBFIs) but did not get their money back despite maturity.

Those NBFIs had failed to return the money to the depositors due to their ailing financial health created by massive irregularities in approving loans, embezzlement by directors and shareholders, violation of company rules, and lack of internal control and compliance.

On Saturday, Halder, who fled the country back in 2019 after being charged for amassing illegal wealth, embezzling thousands of crores of taka and laundering those abroad, was arrested in West Bengal of India.

The country’s Enforcement Directorate (ED) apprehended six people, including Halder, his brother Pritish Kumar Halder and associate Pranesh Kumar Halder, who was staying at a house in the state’s Ashok Nagar area.

All of them fraudulently obtained Indian citizenship papers, the ED said in a statement. Halder has been living in West Bengal posing as an Indian citizen under the name of Shibshankar Halder.

How he did it

Halder was born in Nazirpur upazila of Pirojpur. He completed his graduation from Bangladesh University of Engineering and Technology (BUET) with his brother Pritish.

According to industry insiders, PK Halder’s first job was at the Industrial and Infrastructure Development Finance Company Ltd, where he climbed the corporate ladder pretty soon and became the deputy managing director (DMD) in 2008. He became the MD of Reliance Finance Ltd in 2009.

In July 2015, he became the MD of NRB Global Bank (renamed later Global Islami Bank). It was at this time that he came up with his plan to defraud thousands of people by embezzling their money, according to industry insiders.

After swindling thousands of crores of taka from the financial sector, Halder acquired a huge amount of wealth and land in Bangladesh and abroad with the help of some corrupt high officials of the central bank.

He had created several fake companies and embezzled the money from the International Leasing and Financial Services Ltd (ILFSL), FAS Finance & Investment Ltd, Reliance Finance Ltd, and People’s Leasing And Financial Services Limited.

Halder embezzled about Tk3,500 crore from four NBFIs, as per the BB probe report, but ACC found that he was involved in swindling more than Tk10,000 crore from these NBFIs.

According to the ACC report, Halder misappropriated more than Tk10,200 crore, taken as loans from the NBFIs, using the names of at least 30 entities. He then laundered much of that amount to Canada, Singapore and India.

The BB probe found that Halder controlled the majority shares of four-five NBFIs after buying them under the names of different individuals, including several of his family members who were also directly involved in the embezzlement and acquired assets.

An Anti-Corruption Commission (ACC) investigation also found later that Halder’s mother Lilabati Halder, brother Pritish and several other relatives, including Avantika Baral, Shankho Bepari, Sukumar Mridha, Anindita Mridha, Purnima Rani Halder and Swapan Kumar Mistri, were involved.

The ACC, on January 8, 2020, filed a case against him on charges of illegal acquisition of assets, one year after he fled the country.

According to sources, he left the country through Benapole Land Port at around 3:30pm on October 23, 2019.

The legal course

Following various investigations, including the ones by BB and ACC, the Supreme Court in February 2020 upheld a High Court order that asked the authorities to confiscate all assets and passports and freeze the bank accounts of PK Halder and his 19 accomplices.

A Dhaka court in December that year also issued an arrest warrant against Halder. The ACC that same month froze the bank accounts owned by Haldar and his 82 accomplices.

In May 2021, Halder and three others were sued at a Chattogram court by a businessman seeking Tk 930 crore in compensation.

In August of this year, the ACC started a money laundering case against PK Halder and his associates on grounds of laundering Tk36.37 crore.

After he fled the country, the High Court in January last year slapped an international travel ban on 25 people, including former Bangladesh Bank governor SK Sur and former education secretary NI Khan, for their alleged connection to Halder.

Bangladesh Police last year also requested Interpol to issue a red notice on him.

Halder, also a Canadian passport holder, in September 2020 had filed an appeal with the High Court seeking assurances for his safe return to the country. It was believed at the time that he was staying in Canada.

The court asked his lawyer to inform it about the details of Halder’s arrival and said it would issue an order after hearing the views of the state and ACC lawyers while he remains in the custody of the law.

After the arrest warrant was issued, Halder changed his mind about returning home, leaving countless people he swindled suffering.