Imported at 28 taka, 300 taka in the market, allegations of major manipulation in raw pepper

When the price of raw pepper in the country reached 300 taka, the import documents showed that pepper was imported at only 28 taka per kg, sensational information has emerged from the investigation of Bangladesh Bank. The matter has now been brought under investigation on suspicion of money laundering.

According to the investigation sources, a company in Old Dhaka has imported a large amount of products from India by showing imports at unusually low prices. Not only pepper, but also various agricultural products including apples were shown at low prices. For example, the price of apple imports was shown at only 33 taka per kg, which is completely inconsistent with the market price.

These imports are mainly made through LCs opened through a few banks. Among them, Standard Bank Limited, Premier Bank Limited and Islami Bank Bangladesh Limited are notable. According to the central bank, in the last three years, imports of products worth about 125 crore taka have been shown against more than a hundred LCs.

The Central Bank's observation has shown that the declared prices of these products are unusually low compared to the international market prices. As a result, it is believed that there is a possibility of money laundering abroad through 'under-invoicing'. The concerned authorities are seriously investigating the matter.

Meanwhile, the importing side has claimed that customs, transportation costs and the loss of a part of the product have been taken into account as the reasons for the low-priced imports. However, the Central Bank considers this explanation to be unsatisfactory.

According to analysts, such manipulations on the one hand lead to an abnormal increase in prices in the market, and on the other hand increase the risk of foreign currency laundering. This not only harms the general consumers, but also has a negative impact on the country's economy.

In this regard, officials of the National Board of Revenue said that verification of international market prices and product quality is mandatory during import. If any bank or institution violates this rule, it will be considered a punishable offense.

Those concerned say that such irregularities will be greatly reduced in the future if the investigation is completed quickly and strict action is taken against the culprits.