Boishakhi Television, a private news channel from Bangladesh, was allegedly caught laundering money in “broad daylight”. On Wednesday, April 18th, the Weekly Blitz, a weekly tabloid from Bangladesh, reported that the private television station was involved in smuggling millions of dollars every year. According to its reporting, the Weekly Blitz found that Boishakhi Television Station was paying its Telestar-10 satellite transponder a monthly rate of 35,000 U.S. dollars. However, the television station never asked the Bangladesh Bank for foreign currency. It is also believed that the foreign currency is being sent via an “illegal channel”, which is in violation of the Money Laundering Act, and is considered a serious offense in Bangladesh.

In addition, Boishakhi Television has allegedly evaded paying its Value Added Tax to the government. The television station is required to pay 15% of its advertisement tariff as its Value Added Tax. This would amount to about 80-108 million Taka (Bangladesh currency) yearly. The television station has only paid a fraction of the required amount.

The Foreign Exchange Control Department at the Bangladesh Bank is therefore investigating the smuggling of illegal money, and the National Board of Revenue is investigating the television station’s Value Added Tax Evasion and plans to take the necessary legal actions against the owners of Boishakhi Television, which is also currently under other legal challenges. Apparently Boishakhi Television will be facing multiple legal issues all at once.

It is entirely possible, of course, that futher investigations could clear the station of all charges.

For More Information See:

http://www.weeklyblitz.net/2263/boishakhi-television-involved-in-money-laundering