Who is PK Halder, what has he done?

Prashanta Kumar Halder, also known as PK Halder, is a former Bangladeshi top banker who is a fugitive and wanted in Bangladesh for swindling over Tk 1,000 crore from different non-bank financial institutions (NBFIs).

Through dozens of name-only organisations, Halder and his associates misappropriated money from the NBFIs and amassed properties in Bangladesh while laundering the rest to Canada, Singapore and India.

Investigation reports say Halder allegedly embezzled hundreds of crore taka from International Leasing and Financial Services Limited (ILFSL), FAS Finance, from Peoples' Leasing and Reliance Finance.

Halder’s wicked ways:

PK Halder’s rise to the top of the country’s financial system was meteoric. In 2008, PK Halder was made the deputy managing director of Industrial and Infrastructure Development Finance Company Limited (IIDFC). Next year, he became the managing director of Reliance Finance, owned by S Alam Group. In 2015, he became the managing director of NRB Global Bank where S Alam Group has a big stake.

During this period and after his retirement from NRB Global Bank, Halder took over the four financial institutions: International Leasing and Financial Services Limited (ILFSL), People’s Leasing and Financial Services (PLFS), FAS Finance and Investment Limited and Bangladesh Industrial Finance Company (BIFC).

At first, he started taking over these institutions by purchasing shares. Then he started taking loans from these firms.

For instance, Halder sanctioned Tk 60 crore loan to MTB Marine Ltd in 2017. However, the money never reached the company's bank account. Instead, it was transferred to accounts of different organisations and different people connected with him.

Similarly, Tk 5.5 crore was transferred to the accounts of Padma Weaving Ltd, Tk 14 crore to Paramount Agro, Tk 3 crore to Ookayama Limited, Tk 1.08 crore to Tasmiha Book Binding, Tk 11 crore to JK Trade International and Tk 4 crore. These organisations were only on paper.

Halder’s associates:

The companies Halder was running money around were either made up or run by his relatives or close associates. Halder’s relatives Shangkha Bepari, close associates Sukumar Mridha, Anindita Mridha and Avantika Baral were arrested in this case and made confessional statements before the court.

The web of lies he created with his associates is astonishing. Halder owned HAL international, whose director, Swapan Kumar Mistri, was a director of International Leasing and Financial Services Limited. Mistri's wife was the chairperson of Mutual Trust Bank Limited Marine. Uttam Kumar Mistri, Swapan's brother, and his wife, Atoshi Mridha, embezzled nearly Tk 80 crore from ILFSL through a fake company called Kolasin.

From 2015 to 2019, Amitav Adhikari, Halder's cousin, was a director of People's Leasing and Financial Services Limited, and Uzzal Kumar Nandi, his former colleague, was the chairperson of PLFSL. They helped Halder embezzle millions from PLFSL. Halder then became chairman of People's Leasing and Financial Services Limited.

Halder’s wealth:

With the money he pocketed, Halder bought land, flats and hotels in Dhaka, Narayanganj, Narsingdi and different areas of the country valued at Tk 933 crore, according to ACC.

He bought two flats in Dhanmondi, Tejgaon, Tejturi Bazar and Green Road, and lands in Uttara for his close relative Purnima Rani Halder and her brother Uttam Kumar. He also bought lands for his cousins Amitav Adhikari and Ananga Mohan Roy in Dhaka and Narayanganj. He also built an eight-storey hotel in Cox's Bazar

ACC also reported that between 2012 and 2020, PK Halder siphoned about Tk 80 crore to his brother Pritish Halder.

Halder’s scams exposed:

Halder’s financial crimes began to surface after the Anti-Corruption Commission launched an enquiry into the wealth of illegal casino owners in 2019.

On January 22, 2020, the High Court ordered confiscating all properties, freezing bank accounts, and seizing the passports of Halder. The court also imposed a restriction on them to leave the country, but he somehow managed to flee the country. An Interpol arrest warrant was issued against PK Halder in 2021.

Many believed Halder was hiding in Canada. However, Bangladeshis were pleasantly surprised and relieved to learn on Saturday that India’s Enforcement Directorate (ED) has managed to arrest the master scammer from West Bengal.

Following the development, ACC lawyer Khurshid Alam Khan told the media that PK Halder could soon be brought back as Bangladesh and India have a prisoner exchange treaty.

In an initial reaction, Foreign Minister AK Momen said the government has not been officially informed of the arrest. Once India makes it official, steps will be taken to bring him back to Bangladesh.