Editorial
An update on Destiny scam
ACC's persistence starts paying dividend
We are heartened to note that the Anti-Corruption Commission (ACC) is making headway in its investigation to locate money stashed away in overseas accounts by some Destiny officials. The anti-graft body has revealed that it has traced transactions to foreign banks in five countries. The money had been siphoned off in huge amounts from Destiny Multipurpose Cooperative Society Limited (DMCSL) and Destiny Tree Plantation Limited (DTPL). We commend the ACC for its efforts to trace the money but the real job of recovering it, should be undertaken with due seriousness.
Hundreds of gullible subscribers have been thrown on to the streets with their lives' savings gone into the thin air. So, the ACC has the job of not only getting the embezzlers punished but also getting the money back to its legal owners.
For the present, however, we have the figures of US$ 77,608 and euro 84,600 traced out of Tk 3,285.26 crore public money having been transferred through money laundering or hundi between 2006 and April 2012. Thus, the track down money constitutes a tiny fraction of the total amount embezzled.
The exercise is still at a preliminary stage as the ACC seeks details of transactions from the bank accounts including taking steps to bring back the money. This is going to be a major recovery effort which in order to succeed needs cooperation of the banks and the countries concerned. For all we know, they should be willing to extend a helping hand in securing the money back into the country.
Since the 9-member probe committee's report on October 1 revealing number of irregularities by shareholders, this is the biggest news. The ACC after having traced the transactions to foreign accounts is initiating steps to send Mutual Legal Assistance Request (MLAR) to Singapore, France, USA, Malaysia and Canada through the Attorney General's office. This is the standard procedure whereby stashed away money is brought back to the country.
Let there be no missteps or any let-up in the process of holding the culprits to account and do justice to the victims of the perfidy.
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