Summary:
- A business couple, Gopal and Deepa Agarwala, fled to India after defaulting on loans worth over Tk 500 crore from Southeast Bank, leaving mortgaged property willed to ISKCON.
- The Bangladesh Financial Intelligence Unit (BFIU) flagged suspicious transactions linked to their companies, suggesting potential money laundering.
- The couple had secured loans by mortgaging property valued at Tk 60 crore but failed to repay, violating banking laws by transferring the property through a will.
- Regulatory authorities and Southeast Bank face criticism for inadequate oversight, with investigations ongoing into financial misconduct and fund recovery.
A Bangladeshi business couple, Gopal Agarwala and Deepa Agarwala, are under scrutiny for allegedly fleeing to India after defaulting on substantial loans from Southeast Bank. The couple, who managed JN Industries Limited and Shubho Feed Processing, reportedly left behind unpaid debts exceeding Tk 500 crore, including interest. This development has raised concerns about financial irregularities and potential money laundering in Bangladesh’s banking sector.
According to a report by the Bangladesh Financial Intelligence Unit (BFIU), the couple secured loans totaling approximately Tk 115 crore by mortgaging land in Bogura’s Dupchanchia upazila. The land, valued at around Tk 60 crore, was later willed to the International Society for Krishna Consciousness (ISKCON), an act deemed illegal under Bangladeshi law. “Mortgaged property cannot be transferred through a will; this is a clear violation of the law,” stated Husne Ara Shikha, spokesperson for Bangladesh Bank.
The BFIU investigation revealed suspicious financial transactions linked to the couple’s companies between 2016 and 2019. These included large deposits and withdrawals from accounts at Southeast Bank’s Naogaon branch, as well as funds transferred from term loans into current accounts before being withdrawn via checks. Additionally, discrepancies were noted in letters of credit (LCs) issued by the bank’s Shyamoli branch, raising suspicions of fund embezzlement.
Southeast Bank’s internal processes have also come under question. Reports indicate that its corporate banking division approved significant overdraft facilities and term loans for JN Industries without adequate oversight. The central bank’s inspection team flagged inconsistencies in loan documentation and suspected money laundering through these transactions.
The couple reportedly relocated to West Bengal, India, in 2019, leaving their debts unpaid. The unpaid loans have since ballooned due to accrued interest, further burdening Southeast Bank. Efforts to contact the bank’s senior officials for clarification were unsuccessful.
This case highlights broader concerns about governance and accountability within Bangladesh’s financial sector. Recent BFIU data shows a sharp rise in suspicious transactions across banks, with over 12,800 such incidents reported in the fiscal year 2022-23. Experts suggest that enhanced oversight and stricter enforcement of banking regulations are essential to prevent similar incidents in the future.
The government and regulatory bodies are now under pressure to address these issues decisively. As investigations continue, questions remain about how such significant financial misconduct could occur and what measures will be taken to recover the funds and hold those responsible accountable.
Source: Ittefaq
