Shocking Arrest: Prominent Economist Abul Barkat Detained in Bangladesh

Dhaka, Bangladesh – In a move that has sent shockwaves through academic, financial, and political circles, renowned Bangladeshi economist and former Janata Bank chairman, Professor Dr. Abul Barkat, was arrested late Thursday night on corruption charges. The dramatic mid-night detention by the Detective Branch (DB) of the Bangladesh Police in Dhaka marks a significant development in the country’s ongoing efforts to tackle financial irregularities and holds considerable implications for its public sector.

The Abul Barkat Arrest: A Mid-Night Operation

According to officials from the Detective Branch of the Dhaka Metropolitan Police (DMP), Professor Abul Barkat was apprehended from his residence in the Dhanmondi area of Dhaka around 11:30 PM on Thursday. Joint Commissioner Mohammad Nasirul Islam of the DB confirmed the arrest, stating that it was made in connection with an ongoing case filed by the Anti-Corruption Commission (ACC). While specific details were initially scarce, it was soon revealed that the Abul Barkat arrest stems from serious allegations of embezzlement and loan fraud.

Family members, including his daughter Aruni Barkat, a teacher at Dhaka University, expressed dismay over the manner of the arrest, noting that authorities did not present any warrant at the time of detention. She stated that 20-25 individuals posing as DB police entered her father’s bedroom and took him away without providing details of the case. The family asserted their readiness to legally contest the charges and pledged full cooperation with any investigation conducted by the ACC, while also highlighting Professor Barkat’s long career as an academic and freedom fighter. The suddenness of the Abul Barkat arrest has certainly raised eyebrows among his supporters and the wider intellectual community.

Allegations of Financial Misconduct and the AnonTex Connection

The core of the allegations against Professor Abul Barkat revolves around a massive Tk297 crore (approximately $25 million USD) embezzlement case. The Anti-Corruption Commission (ACC) reportedly filed the case on February 20 of this year, implicating Barkat and 22 other individuals. The charges specifically relate to alleged unlawful loan disbursements to 22 entities under the AnonTex Group while he served as the chairman of the state-owned Janata Bank Limited.

During his tenure as Janata Bank chairman, which spanned two consecutive terms from September 2009 to September 2014, the bank, once considered a strong performer, reportedly saw a significant decline in its financial health. The ACC’s investigation suggests that Professor Barkat, along with other high-ranking officials including former Bangladesh Bank governor Atiur Rahman and former Janata Bank director Jamal Uddin Ahmed, allegedly colluded in forging documents to disburse these substantial funds. The allegations include approving loans based on grossly inflated land valuations, even for properties lacking any physical structures, leading to large-scale misappropriation of public funds through deceptive and unethical practices. This fraudulent scheme underscores the gravity of the charges leading to the Abul Barkat arrest.

Professor Abul Barkat: A Distinguished Profile

Prior to the Abul Barkat arrest, Professor Barkat held a prominent position in Bangladesh’s intellectual landscape. A freedom fighter and a professor of economics at Dhaka University for 40 years, he also served as the president of the Bangladesh Economic Association (BEA). His academic and professional career is marked by extensive research, with over 600 research works, 24 research books, 119 journal articles, and 221 research monographs to his name. He also presented 234 research papers at national and international conferences and delivered numerous public and memorial lectures.

During the previous government’s tenure, Professor Barkat was a vocal intellectual supporter of the regime, often defending its policies and wielding considerable influence within various state-linked institutions. His position as chairman of Janata Bank during this period is now under intense scrutiny, particularly concerning the alleged loan irregularities that were reportedly linked to crony networks operating under political protection. The Abul Barkat arrest therefore also sheds light on broader concerns regarding governance and accountability in public institutions.

Broader Implications of the Abul Barkat Arrest

The Abul Barkat arrest is seen by many as a clear signal from the interim government, led by Muhammad Yunus, regarding its commitment to combating corruption, particularly at the highest levels of the financial sector. The ACC’s vigorous pursuit of this case, along with other high-profile arrests and investigations, indicates a concerted effort to hold individuals accountable for financial crimes that have plagued public finance.

This development follows other significant actions by the interim government, including the forced retirement of 18 lower court judges and the Election Commission’s proposal to regain its authority to cancel entire constituency election results in cases of irregularities. These measures collectively highlight a period of significant institutional reform and heightened scrutiny of public figures and institutions in Bangladesh.

While the Abul Barkat arrest may signify a positive step towards transparency and accountability for some, it also raises questions about due process and political motivations for others, especially given his past affiliations. The legal proceedings following the Abul Barkat arrest will be closely watched, as they could set precedents for how future cases of alleged corruption involving influential figures are handled.

The case also brings into focus the importance of robust oversight mechanisms within state-owned banks and financial institutions to prevent such large-scale frauds. It underscores the need for greater transparency and accountability in loan disbursement processes to safeguard public funds and maintain the integrity of the financial system. The ongoing investigation will likely uncover further details, providing a more comprehensive picture of the alleged irregularities and the network involved in the AnonTex loan scam.

As the country navigates this period of significant political and economic transition, the Abul Barkat arrest serves as a potent reminder of the challenges in reforming governance structures and combating deep-rooted corruption. The outcome of this high-profile case will undoubtedly influence public perception of the new government’s anti-corruption drive and its ability to ensure justice.

Conclusion

The arrest of Professor Abul Barkat marks a pivotal moment in Bangladesh’s fight against corruption. As a prominent figure with extensive influence, his detention on serious charges of financial embezzlement underscores the government’s resolve to address systemic issues. The legal battle ahead promises to be complex and highly scrutinized, with the potential to reshape public trust in institutions and reinforce accountability. The focus remains on a fair and transparent judicial process that upholds the rule of law and delivers justice for the significant financial losses incurred.