[🇧🇩] Corruption Watch

[Saif]

BFIU seeks bank account details of 12 journalists

The Bangladesh Financial Intelligence Unit has requested information on the bank accounts of 12 journalists within three working days.

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BFIU seeks bank account details of 12 journalists

The Bangladesh Financial Intelligence Unit has requested information on the bank accounts of 12 journalists within three working days.

The BFIU has written to banks, asking for details of all the bank accounts held by the journalists.

The journalists include Subash Chandra Badal, former managing director of the Journalist Welfare Trust; Arifur Rahman Dolan of The Dhaka Post; Nurul Islam Hasib, special correspondent of Bangladesh Post; Dip Azad, chief news editor at Nagarik TV; Abul Kalam Azad, former chief editor of Bangladesh Sangbad Sangstha; Md Omor Faruque, deputy chief news editor of BSS; Zafar Wazed, former director general of the Press Institute of Bangladesh; Hossen Ara Mamata Islam Soma, special correspondent at Channel-i; Obaidul Kabir Molla, deputy editor of the Daily Janakantha; Abed Khan, editor of the Daily Jagaran; Ajoy Dasgupta, former deputy editor of the Daily Samakal; and Syed Ishtiaque Reza, chief editor of Global TV.

Banks and financial institutions have been instructed to provide relevant information or documents, including account opening forms, KYC details, and transaction statements, within three working days of receiving the letter from the BFIU.​

 

[Saif]

Address corruption in labour migration

The number of migrating workers from Bangladesh dropped this year.

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Address corruption in labour migration
The government must diversify markets and upskill our workers

VISUAL: STAR

We are concerned about the decline in the number of our migrant workers going abroad this year, given the fact that remittance remains one of the major sources of foreign currency earnings for Bangladesh. According to a recent report by the Refugee and Migratory Movements Research Unit (RMMRU), labour exports from Bangladesh have dropped by 30.8 percent—from 1,305,453 in last year to 906,355 this year. What's worse is that the number of female migrant workers going abroad has gone down by 22 percent this year compared to last year.

According to the RMMRU report, persistent corruption, irregularities, and fraud have led to a contraction of foreign labour markets for Bangladesh. Italy and Serbia, for example, suspended labour recruitment from Bangladesh because some workers were found to have used fake documents. In Malaysia, a syndicate together with its Bangladeshi cohorts has embezzled $2 billion from Bangladeshi migrant workers by overcharging them, taking syndicate fees, and carrying out a "visa trade." As a result, many workers could not find the jobs they were promised in Malaysia and had to return home empty-handed, losing their life savings and being pushed into poverty in the process. Because of this, Malaysia shut down labour imports from Bangladesh in May this year.

The challenges facing labour migration must be faced with timely, effective actions. The government must take strict legal steps against those accused of embezzling migrant workers and conducting labour export through unlawful means. To this end, it must also engage with the authorities in the destination countries. Failure to ensure workers' safety and rights is another huge factor. The physical, mental and financial abuse that they face in the destination countries, compounded by our society's failure to reintegrate them, can be demotivating enough. If this issue is not addressed promptly, the number of migrant workers, especially women, is unlikely to rise. Proper diplomatic efforts are needed to ensure that countries recruiting Bangladeshi workers are committed to ensuring their rights and safety.

Finally, since our labour exports are still mostly in the low- and semi-skilled categories, we must invest into upskilling the migrant workers with various training so they can meet the global demands. This will help us expand and diversify the labour export market, as well as ensure steady remittance earnings.

Hence, we urge the authorities to prioritise resolving these issues and bring order in labour export, so that our migrant workers can go abroad without much worry, and continue to contribute to the economy.​

 

[Saif]

ACC moves to probe BB reserve heist

The Anti-Corruption Commission has initiated a move to probe corruption allegations in the $101 million cyber heist from Bangladesh Bank in 2016.

www.newagebd.net

ACC moves to probe BB reserve heist
Solamain Salman 31 December, 2024, 01:30

The Anti-Corruption Commission has initiated a move to probe corruption allegations in the $101 million cyber heist from Bangladesh Bank in 2016.

The commission’s scrutiny cell has already prepared a file and gathered necessary documents to launch an inquiry in the incident following the commission’s approval.

Confirming the move, an ACC director general on Monday told New Age that they would conduct an inquiry against those suspected in the reserve heist, including former Bangladesh Bank governor Atiur Rahman.

‘We got some specific information of corruption through media reports and ACC’s intelligence unit over the incident,’ said the official, adding that the formal probe would start within a couple of days after the commission’s approval.

In February 2016, international hackers stole $101 million from the central bank’s account with the Federal Reserve Bank of the United States through fraudulent instructions. Investigations revealed that the hackers targeted to steal about $1 billion from the central bank.

Bangladesh has so far recovered around $18 million of the $81 million transferred to the Philippines. It was later suspected that Dridex malware was used for the attack.

After 39 days of the incident, on March 15, 2016, Bangladesh Bank deputy director Zubair Bin Huda filed a case with the Motijheel police against unidentified people under the Money Laundering Prevention Act.

Later, the Criminal Investigation Department was tasked with the investigation, but it failed to complete the probe till now.

The Dhaka chief metropolitan magistrate court fixed 79 dates so far asking the CID to submit its probe report but it failed to do so.

Contacted, CID special superintendent and its spokesperson Azad Rahman told New Age that the investigation was still going on.

‘We sent mutual legal assistance requests to different countries seeking information, and we will submit the probe report before the court after getting a reply to these requests,’ he added.

CID officials involved with the investigation, meanwhile, said that they identified negligence of 12 high officials, including the then governor, Atiur Rahman, with the heist.

The hackers succeeded in stealing the money from the reserve because of the negligence in ensuring the security of the bank’s Society for Worldwide Interbank Financial Telecommunication system, they said.

The officials whose involvement in the heist has so far been found in the ongoing probe were at the time of the incident an executive director; a general manager; four joint directors; three deputy general managers; and two other officers.

Of these officials, except for the executive director, the remaining officials were posted at the time at the forex reserve and treasury management department, accounts and budgeting department, IT operation and communication department, payment system department, and back office of the dealings room.

They provided the hackers opportunity in different ways, said the CID officials, mentioning that the central bank’s forex reserve SWIFT server was a sensitive system. Despite that, then governor Atiur Rahman approved the connection of Real Time Grace Settlement (RTGS) through the SWIFT and ensured its implementation.

The investigators identified this as a criminal move. RTGS is a specialised fund transfer system through which funds can be transferred from one bank to another instantly.

CID officials also said then deputy governor Abdul Kashem was against providing RTGS service through the SWIFT leading governor Atiur himself to sign the file for providing the RTGS service.

It also reported that then executive director Shuvongkor Saha had a role in the decision making in linking the RTGS with the SWIFT server which disrupted the security of the SWIFT server.

The investigators believe that the $101 million heist happened through the gaps created in the system.

CID officials also named 76 persons from eight countries—US, India, China, Malaysia, Philippines, Japan, Sri Lanka, and Hong Kong—for their suspected involvement in the reserve heist.​

 

[Saif]

ACC seeks info on dual citizenship of govt employees

The Anti-Corruption Commission (ACC) has asked agencies to provide information regarding dual citizenship held by some government employees

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ACC seeks info on dual citizenship of govt employees

The Anti-Corruption Commission (ACC) has asked agencies to provide information regarding dual citizenship held by some government employees.

ACC Director General (Prevention) Md. Akhtar Hossain confirmed the development at a press briefing yesterday.

In this regard, the ACC sent letters to the Department of Immigration and Passports, the Special Branch of Bangladesh Police, and the Security Services Division of the Ministry of Home Affairs.

In the letters, the ACC mentioned that it has recently observed that some corrupt government employees have obtained and used foreign passports, but they have concealed the information.

"They are using passports from different countries to avoid punishment or legal action in the ongoing anti-corruption campaign. These individuals are attempting to protect themselves from legal consequences and cover up their misdeeds," the letter said.

The ACC also said some employees have both Bangladeshi and foreign citizenships, which is a violation of Section 40 of the Public Service Act, 2018.

The ACC Director General explained that investigations have revealed that the main purpose behind obtaining multiple passports is to conceal illegally acquired assets and smuggle them abroad.

"Their activities contribute to the spread of corruption and harm the country's economy. Furthermore, after obtaining foreign citizenship, there is often a noticeable lack of interest in the moral responsibilities of their government positions in Bangladesh, which is unacceptable," he said.​

 

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ACC to be independent but accountable to people: Iftekharuzzaman

The masses, anti-graft professionals, and former and serving Anti-Corruption Commission officials have emphasised transparent and accountable appointment processes for ACC officials and the need to free the ACC from bureaucratic and political control...

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ACC to be independent but accountable to people: Iftekharuzzaman
Sadiqur Rahman 02 January, 2025, 00:00

Iftekharuzzaman

The masses, anti-graft professionals, and former and serving Anti-Corruption Commission officials have emphasised transparent and accountable appointment processes for ACC officials and the need to free the ACC from bureaucratic and political control.

Taking part in the ACC reform initiative, they also have stressed the importance of empowering the ACC’s human resources at both national and local levels, so that officials of the anti-graft body must feel a sense of responsibility and authority to act in the public interests, said the ACC Reform Commission chief, Iftekharuzzaman, in a recent interview with New Age.

Taking the key stakeholders’ feedback into consideration, the commission is going to recommend a strong collaboration among relevant organisations, such as the ACC, Bangladesh Financial Intelligence Unit, National Board of Revenue, Criminal Investigation Department and Attorney General’s Office.

‘The collaboration among some state organs is crucial to tackling high-level corruption, including money laundering,’ said Iftekharuzzaman, also the executive director at the anti-graft watchdog Transparency International Bangladesh.

He added that strengthening prosecution and forensic investigation by the ACC would also be recommended.

The ACC Reform Commission was formed on October 3, 2024 and has been assigned to submit a report to the chief adviser by January 7, 2025.

Explaining the necessity of the ACC reform, Iftekharuzzaman recalled that the ACC was established in 2004 with high expectations, replacing the Anti-Corruption Bureau, which was attached to the office of the head of government.

The bureau was widely regarded as ineffective, inefficient and politically misused.

‘We had hoped the ACC would function as an independent body, free from political interference. People’s expectation was that it would not only tackle corruption by non-state actors but also ensure justice for individuals challenging those in power. Unfortunately, this vision has not been materialised,’ he said.

He said that the ACC law and institutional framework introduced at the anti-graft body’s inception were considered robust, the effectiveness of the anti-graft commission had been compromised over time.

‘From the outset, political bias tainted the ACC. Its leaders, including chairpersons and commissioners, were appointed based on partisan considerations. Additionally, the key positions were filled by individuals from the bureaucracy, further establishing political and bureaucratic control over the ACC,’ he said while explaining how the ACC had been made toothless against political influences.

He believes that the lack of independence of the body has had serious consequences.

‘The ACC has consistently failed to act against those in power and their associates. Conversely, it has been weaponised to target opposition figures or individuals who have fallen out of favour with the ruling party. Instead of combating corruption, it has shielded the corrupt and harassed others,’ he said.

Iftekharuzzaman pointed out that the ACC’s dysfunctionality has persisted since its establishment.

‘Corruption has become a hallmark of authoritarian governance in Bangladesh over the past 16 years,’ he observed, adding that institutions like the ACC were captured to protect and promote corruption rather than check it, enabling a system of impunity for those in power.

Reflecting on public discontents, Iftekharuzzaman highlighted the role of corruption in exacerbating inequality.

‘Corruption affects everyone, but particularly those who are in disadvantaged positions. It manifests as a collusion among bureaucracy, politics and business to divert resources meant for the public welfare to private hands. This leads to widespread money laundering,’ he added.

Citing TIB studies, he said that corruption disproportionately impacted the rural poor and widened the gap between the rich and the poor, further entrenching discrimination which, among other reasons, led to the 2024 July uprising.

Asked about the potential for the ACC to function independently, Iftekharuzzaman emphasised the need for leaders with professional integrity, ethics and courage to act impartially. ‘Currently, the ACC operates as a government body, influenced by political and bureaucratic interests. Leaders forget their mandate to hold the government accountable,’ he said.

The reform commission chief called for mechanisms to hold the ACC accountable.

‘Currently, the ACC submits annual reports to the president, which are rarely acted upon. This must change. Regular evaluations of the ACC’s performance are necessary to ensure accountability,’ he observed.

Talking about public opinions on the reform, Iftekharuzzaman said that the ACC’s ineffectiveness had eroded the public trust in the institution.

‘People understand the ACC’s role, but are deeply frustrated by its failure to deliver. A TIB study found that only 0.6 per cent of respondents reported corruption through the ACC’s hotline. This reflects a loss of confidence in the commission,’ he said.

He also noted a troubling societal shift in attitudes towards corruption. ‘There was a time when corrupt individuals were despised. Now, they are often celebrated and hold prominent positions in social and cultural institutions,’ he said.

Policies like allowing the legalisation of undisclosed money and appointing loan defaulters as policymakers have normalised corruption in society, he mentioned.

To address these challenges, Iftekharuzzaman outlined recommendations gathered from various stakeholders. ‘There is internal dissatisfaction within the ACC itself. Many employees want the leadership to be non-partisan, courageous and capable of tackling high-level corruption. They want stolen resources repatriated and the system reformed,’ he said.

Iftekharuzzaman emphasised that reforming the ACC is vital not just to hold individuals accountable but to create a society where corruption is not tolerated.

‘Public awareness, particularly among youth, is essential to building a culture that stands against corruption. The ACC must lead this campaign. Only then it can fulfil its mandate and restore the public trust,’ he said.​

 

[Saif]

undefined | The Financial Express

thefinancialexpress.com.bd

ACC starts investigation against its former commissioner Jahurul Haque
Published :
Jan 02, 2025 00:02
Updated :
Jan 02, 2025 00:02

The Anti-Corruption Commission (ACC) has launched an investigation into its former commissioner, Jahurul Haque, over alleged irregularities in acquiring RAJUK plots, money laundering, and unlawfully amassing assets beyond his known income.

ACC Director General Md Akhtar Hossain said on Wednesday that the commission has decided to probe the allegations against Jahurul Haque.

A three-member committee has been formed to carry out the investigation, he added.

The committee, led by ACC Director SMM Akhter Hamid Bhuiyan, also includes Assistant Director Minhaj Bin Islam and Deputy Assistant Director Md Zakir Hossain, according to a UNB report.

The ACC has directed the investigative committee to follow due process and submit its findings within the stipulated time frame.

The commission has also instructed the committee to notify the relevant ACC office in writing if any of his bank accounts are frozen or properties seized during the course of the investigation.

The complaint filed against Jahurul Haque accuses him of abusing his power to receive bribes from individuals involved in cases under investigation by the ACC.

Additionally, Jahurul is alleged to have fraudulently obtained five plots from Rajuk (Rajdhani Unnayan Kartripakkha) in the names of his wife and himself.

Furthermore, he is accused of taking bribes of hundreds of crores of taka from major telecom companies during his tenure as chairman of the Bangladesh Telecommunication Regulatory Commission (BTRC), laundering the money abroad, and accumulating undeclared assets, including multiple properties overseas.

Meanwhile, the home ministry has imposed a travel ban on him.​

 

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No progress in extradition of PK Halder from India

The government has so far failed to bring former NRB Global Bank managing director Proshanta Kumar Halder, also known as PK Halder, who is facing money laundering charges, back to the country from India.

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No progress in extradition of PK Halder from India
Solamain Salman 05 January, 2025, 00:10

ACC makes little headway in 51 cases involving Tk 3,500cr money laundering charges

The government has so far failed to bring former NRB Global Bank managing director Proshanta Kumar Halder, also known as PK Halder, who is facing money laundering charges, back to the country from India.

Besides, the Anti-Corruption Commission has made little headway in the trials on and investigations into 51 cases it filed against PK Halder and his aides on charges of laundering Tk 3,500 crore from four non-bank financial institutions in Bangladesh.

PK Halder along with his five associates was arrested on May 14, 2022 from Ashoknagar in West Bengal of India by the Enforcement Directorate, an investigative agency of the Indian finance ministry, on charges of money laundering.

Halder walked out of jail after a special court in Kolkata granted him bail on December 25, 2024, after two and a half years since his arrest in the money laundering case.

After his arrest in India in 2022, the ACC had formed a team comprising its deputy directors, Md Salauddin and Gulshan Anwar Prodhan, to take measures for the extradition of Halder.

At that time, the government and ACC senior officials had said that Halder would be brought back quickly, but there is no progress even after two and a half years.

Bangladesh signed an extradition agreement with India in October 2013, and there is an opportunity for prisoner exchange between the two countries under the deal.

Transparency International Bangladesh executive director Iftekharuzzaman told New Age that the relations between Bangladesh and India were better when PK Halder was arrested in India.

‘If the ACC had taken appropriate measures then, there was a chance of bringing him back following rules and the prisoner transfer agreement signed by the two countries, but the then government and ACC could not do so at that time.’

‘But now bringing him back under the prisoner exchange agreement is complicated as the trial against him is ongoing there and there are tensions in India’s relations with Bangladesh now.’

Mentioning that PK Halder’s money laundering incident was one of the much-discussed incidents in the financial sector of Bangladesh, he said after Halder’s arrest, the government and ACC officials had said about his quick extradition, but there was lack of genuine intensions on their part.

‘However, I think that if the ACC investigates this matter now and officially starts the process of bringing him back, it will be successful, but it will not happen in a short period of time.’

ACC director general (prevention) Md Aktar Hossain told New Age, ‘We have tried our level best to bring PK Halder back to the country, but we are yet to succeed in this regard.’

‘Our efforts are going on for his extradition as he is a wanted accused in a number of cases filed by the ACC,’ he added.

Several ACC officials said that the commission had written letters to various agencies, including foreign affairs and home ministries, regarding the extradition of Halder, but there was no progress till now.

They said that Halder was facing a case filed by Indian authorities, and the trial on that case was ongoing.

Officials of the police headquarters said that on January 4, 2021, the National Central Bureau of the Bangladesh police headquarters sent a letter to Interpol to issue an arrest warrant against PK Halder.

On January 8, 2021, the police headquarters confirmed the issuance of a red notice by Interpol against Halder.

Police are maintaining regular communications with Interpol and trying to bring him back to the country, but there has not been significant progress yet, said police officials.

The ACC filed 52 cases against PK Halder and his aides on charges of embezzling and laundering more than Tk 3,500 crore.


ACC public prosecutor Mir Ahmed Ali Salam told New Age, ‘The verdict in one of the cases against PK Halder and his aides was delivered in the absence of Halder.’

The ACC has submitted charge sheets in five other cases, but the rest are still under investigation, he said.

In October 2023, the Dhaka Special Judge’s Court-10 sentenced PK Halder to 22 years in imprisonment in the case filed over laundering Tk 80 crore to Canada and amassing about Tk 426 crore illegally.

The punishment of Halder will be effective from the day of his extradition from India, said the court in its verdict in the case.

Thirteen others were also sentenced to seven years in prison in the case. The 13 other convicts are Sukumar Mridha, a lawyer of PK Halder, Sukumar’s daughter Anindita Mridha, Halder’s associate Abantika Baral and cousin Shankha Bepari, Halder’s mother Lilabati Halder and brother Pritish Kumar Halder, and his associates Purnima Rani Halder, Amitav Adhikari, Rajib Som, Subrata Das, Ananga Mohon Roy, Uttam Kumar Mistri and Swapan Kumar Mistri.

ACC officials said that the trial on five cases was pending with the Special Judges’ Court in Dhaka against Halder and his aides.

However, the ACC’s investigations into the rest 46 cases are still going on without any visible progress.

According to ACC law, an officer gets a maximum of 270 days to complete an investigation, but the cases against PK Halder and others have remained pending for the completion of the probe for two to three years.

Due to a delay in the completion of the probe, the accused are coming out of jail on bail in the cases, officials said.

Court officials said that PK Halder’s four associates, including Sukumar Mridha, his daughter Anindita Mridha, and Abantika Baral, got bail recently in the case in which they were convicted for seven years in imprisonment.

ACC lawyer Mir Ahmed Ali Salam said that they got bail from the High Court on condition of filing an appeal against the conviction.

There are allegations that between 2009 and 2019, PK Halder and his associates swindled about Tk 10,000 crore from International Leasing and Financial Services, People’s Leasing and Financial Services, FAS Finance and Investment Limited and Bangladesh Industrial Finance Company through loan forgery.

Halder and his aides came under the ACC scanner during the commission’s drives against illegal casinos in Dhaka in 2019.

On October 22, 2019, the ACC issued a travel ban on PK Halder, but he managed to flee the country on October 23 in that year through the Benapole land port before reaching the travel ban notice to the immigration office.

The ACC reportedly sent the travel ban notice to the immigration office 13 hours after deciding to issue the notice that drew huge criticism.

Later, the High Court during a hearing also blamed the ACC for its failure to arrest Halder before he managed to flee the country.​

 

[Saif]

Govt should expedite process for PK Halder’s extradition

THIS is unacceptable that whilst the government has so far failed to bring back home former NRB Global Bank managing director Proshanta Kumar Halder, who faces charges of the...

www.newagebd.net

Govt should expedite process for PK Halder’s extradition
06 January, 2025, 00:00

THIS is unacceptable that whilst the government has so far failed to bring back home former NRB Global Bank managing director Proshanta Kumar Halder, who faces charges of the illicit capital flow of Tk 35 billion, from India, where he faces a case after his arrest at Ashoknagar in West Bengal on May 14, 2022, the Anti-Corruption Commission has made little progress in the trial and investigation in 51 cases that the commission filed against him and his associates. The commission, in fact, filed 52 cases and in one of the cases involving the illicit capital flow of Tk 800 million to Canada and illegal wealth of Tk 4.26 billion, a court in Dhaka in October 2023, sentenced PK Halder, in his absence, to 22 years of imprisonment. The punishment would come into force from the day of his extradition from India. The commission has so far submitted charge sheets in five other cases, but it still investigates the remaining 46 cases, with no noticeable progress. The commission had kept an eye on PK Halder and his associates since the commission’s drives against illegal casinos in Dhaka in 2019. But he managed to leave Bangladesh on October 23, 2019 after the commission had issued a travel ban on PK Halder the day before because the commission reached the notice to the immigration office 13 hours after it decided to issue the ban.

The commission pulled together a team of its deputy directors to take measures for PK Halder’s extradition after his arrest in India. Senior commission officials that time said that he would be brought back home quickly, but two years and a half have already passed by with almost no progress in extradition efforts and the investigation or trial. Bangladesh has an extradition treaty, signed in October 2013, put in place with India. The delay in efforts of Bangladesh authorities, as the executive director of Transparency International Bangladesh says, could make the extradition difficult as PK Halder is facing trial in India, noting that the commission that time had not worked with the earnestness required for the extradition. The High Court during a hearing later also blamed the commission for its failure that allowed PK Halder to flee Bangladesh. The organisation’s executive director also hopes that PK Halder could still be brought back home if the commission investigated the matter now and Bangladesh authorities officially began the process for extradition, but it would take time. A number of other people are reported by various government agencies, including the Financial Intelligence Unit, to have laundered a huge amount of money out of Bangladesh and to have escaped the legal dragnet mostly because of half-baked efforts of agencies. The white paper on the state of the Bangladesh economy, which a government committee institute on August 29 submitted on December 1, also spoke of illicit capital flow.

The government should, in such a situation, expedite the process of the extradition of PK Halder, along with all others who laundered money and fled, and try to repatriate the money laundered.​

 

[Saif]

ACC files cases against ex-NBR member Matiur, family

ACC Director General Md Akhtar Hossain said the cases were filed under the Prevention of Corruption Act and the Prevention of Money Laundering Act

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ACC files cases against ex-NBR member Matiur, family

The Anti-Corruption Commission today filed separate cases against Matiur Rahman, a former member of the National Board of Revenue, his first wife Laila Kaniz, their daughter Farzana Rahman Ipsita, and son Taufiqur Rahman Arnab, over allegations of acquiring wealth illegally.

ACC Director General Md Akhtar Hossain said the cases were filed under the Prevention of Corruption Act and the Prevention of Money Laundering Act.

According to the ACC, the cases were filed following an investigation into their wealth declarations.​

 

[Saif]

Price hike by business syndicate: Myth or reality?

Price hikes in Bangladesh are often blamed on syndicates, but the real cause is more complex.

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Price hike by business syndicate: Myth or reality?

When supply drops sharply, price hikes are unavoidable, regardless of market manipulation. FILE PHOTO: STAR

In recent weeks, the prices of vegetables have doubled or even tripled, sparking the usual chorus of complaints about price manipulation by so-called "syndicates." However, the real story behind this spike is far more complex and in this particular case rooted in severe supply shortages.

Bangladesh faced three rounds of floods this year due to untimely rains, which destroyed much of the country's crops. With supply drastically reduced while demand remained steady, the basic principles of economics took over—prices were bound to rise.

The same pattern occurred with eggs and chicken. Beginning in May, an intense heatwave coupled with high humidity severely affected egg production. Chickens, too, were underweight and in poor condition, further reducing supply. The floods that later devastated the vegetable market also hit the poultry industry, compounding the shortages and leading to inevitable price increases.

When supply drops sharply due to natural disasters, price hikes are unavoidable, regardless of market manipulation. We must understand the underlying causes rather than jump to conclusions about price fixing, especially in situations driven by unpredictable weather events.

Unfortunately, in Bangladesh whenever prices rise, public perception often points to price manipulation by sellers. This sentiment, deeply ingrained in the public mind, misses some crucial nuances. Prices don't just go up—they also come down in the short run, even though the long-term trend may be upward. Yet, consumers rarely notice or remember price drops, especially when it benefits them. This is particularly true for perishable goods such as fish, vegetables, and other similar products, which lack proper storage facilities. For instance, during favourable seasons when weather conditions and other factors influencing agricultural output align for farmers, production surges. The resulting price drops are often so severe that farmers sometimes leave unsold produce in the market or somewhere nearby, as transporting it back home and storing it for resale is not profitable. These cases of prices going down are often overlooked by the public, who are quick to focus on price hikes instead.

Price manipulation is nearly impossible in highly competitive markets. Take potatoes, for example. With thousands, if not millions, of sellers in the market, who can realistically believe that they all coordinate to artificially raise prices? In a competitive market, if 10 sellers agree to fix the price at Tk 60 per kilogram when the market rate is Tk 40, the first seller who notices their stock remaining unsold will lower their price. This single act would trigger a chain reaction, as other sellers follow suit. Collusion is incredibly difficult to sustain in such markets, particularly when the product being sold is uniform, offering consumers easy alternatives to switch to other sellers.

When the market has many sellers, no individual seller has the power to control prices. If a seller raises prices above the market rate, consumers will immediately switch to another seller offering the same product at a lower price. The very nature of competition keeps prices in check.

The idea that there's a "syndicate" behind every price hike is not only over-simplified but also misleading. However, collusion or price-fixing may occur in industries with only a few sellers, such as in the case of imported goods if the number of importers is few. In industries with only two or three dominant importers, price manipulation becomes more feasible because it's easier for them to coordinate and set higher prices. However, this is not the norm in most markets.

Even if we suspect foul play in the market, proving the existence of a price-fixing syndicate is not easy. It requires thorough research and, at times, pure detective work. In the US, for instance, the FBI once caught an airline CEO colluding with another CEO over the phone to fix ticket prices by phone tapping. Such investigations are rare and complex, and jumping to conclusions about syndicates without evidence can divert attention from real issues. Ultimately, price collusion is a matter of law and order, as it is a criminal offence. Countries like the US have strict antitrust laws to combat such anti-competitive behaviour. Bangladesh also has a competition commission, which is tasked with discouraging price-fixing and monopolistic practices. However, the enforcement of these laws in Bangladesh may not be as robust as needed.

The media also play a vital role in this issue by shaping public perception, and they must tread carefully. Every time the media declares the presence of a syndicate without proper investigation, it fuels populist rhetoric. It is easy to villainise businesses, and the public, having recently purchased goods at higher prices, will often accept this narrative without question. But the media's role is to investigate and inform—not simply to echo public sentiment.

In the end, both the media and consumers must approach the issue of price hikes with more maturity. If every instance of rising prices is attributed to a syndicate without proper investigation, it could actually make it harder to identify the real culprits behind any genuine market manipulation cases.

Rushad Faridi, PhD, is assistant professor at the Department of Economics at the University of Dhaka.​