Ex-CEO of FAS Finance banned from leaving the country

The Bangladesh Police Immigration Service has imposed an embargo on Pritish Kumar Sarker, former managing director of FAS Finance and Investment, not to leave Bangladesh over his alleged involvement in financial scams.

Immigration police made the decision after the FAS sent them a letter on September 12, mentioning that “a financial scam of an enormous amount occurred at the lender where PK Halder and associates were directly involved. “.

The FAS in the letter said A Wahab & Company, an accounting firm, discovered Sarker’s involvement in the financial irregularities.

A senior immigration police official, on condition of anonymity, confirmed to the Daily Star the imposition of the embargo.

When contacted, AF Shabbir Ahmed, Acting Managing Director of FAS, said that the Non-Banking Financial Institution (NBFI) had taken the initiative as per guidelines adopted by Bangladesh Bank.

Several cases have already been filed by the Anti-Corruption Commission regarding scams perpetrated by Halder and his associates, according to the letter sent by FAS.

Sarker had been director general of the FAS between January 2018 and August 2022 until he submitted his resignation letter.

Despite repeated attempts, Sarker could not be reached on his cell phone.

Bangladesh Bank also refused to allow Sarker to travel to the United States in June last year.

The non-banking financial institution, which has faced a wide range of financial scams in recent periods, is under investigation by the central bank.

PK Halder, who was previously arrested in India, and his associates defrauded Tk 1,300 crore from FAS on behalf of several companies that only exist on paper, according to a recent investigation by the Anti-Corruption Commission.

The Bangladesh Securities and Exchange Commission reconstituted the FAS board last year.

The regulatory decision to reconstitute the NBFI board was made due to its failure to comply with rules that at least 30% of shares must be held by sponsoring directors.