Editorial
Economic Crime Cell
In a move that can, at best, be termed as better late than never, the home ministry has decided to set up a crime detecting unit for criminal activities such as banking fraud, currency forgery, product counterfeiting and other economic crimes. Given the fact that wilful defaulting of bank loans has become almost a norm and all sorts of bank fraud and manipulation a regular feature, it is quite unbelievable that we did not have such a specialised unit until now.
There is now no doubt that by far the bigger crimes committed against our country and its future have been in the banking sector. It has literally been brought to its knees as a result of wheeling and dealing by a section of our so-called business community. This group has made a mockery of our banks and all its norms and rules through influence-peddling of the most nefarious kind. This paper, along with a few others - regrettably not as many as the story really merited - exposed how a section of borrowers have wilfully violated banking rules and taken away cores of taka illegally and fraudulently. Nothing has happened to them even after no less a body than the Bangladesh Bank itself pointed out their criminal acts.
While we take satisfaction at the latest home ministry plan to set up a special Economic Crime Cell (ECC) to fight the so-called 'economic' crimes we feel obliged to point out that a cell by itself will not prevent such crimes unless the political will to fight these becomes obvious. What has baffled us all so far is why the government did not take any action even after the Bangladesh Bank gathered significant evidence of financial fraud. When a crime remains undetected the criminals pass off as law abiding. But once it is detected and the criminals go unpunished then two things happen: the criminals are emboldened and the law abiding citizens are demoralised. That is what is happening in Bangladesh now, and the government is losing public credibility about its seriousness to provide an honest government.
Notwithstanding the above, we welcome the home ministry's move and urge that ECC should be set up as quickly as possible with necessary training and physical and logistical support and checks and counter checks in place. The last but not the least those the ECC will be investigating will have enough "fund" to buy their way out of every tight corner. Is that what is happening to the Bangladesh Bank's findings?
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