FDS laundered money illegally thru software trading

Fortress Data Service - FDS Logo
Fortress Data Service - FDS Logo
3 Min Read

Robert De Weide, Dhaka: A foreign firm allegedly laundered a ‘huge amount’ of local currency abroad in the name of trading banking software and technical support.

In a letter to the chairman of the National Board of Revenue (NBR) on Thursday, officials claimed raised the allegation against Fortress Data Service or FDS. Bangladesh Bank, along with the Anti Corruption Commission, will investigate the issue ‘very soon,’ sources informed.

Besides, Additional Inspector General at the Criminal Investigation Department (CID) of Bangladesh Police, General Manager at Bangladesh Financial Intelligence Unit (BFIU), and Customs Audit Member Grade-1 also received the letter.

Four agencies, Singapore-based FDS Global Pte Limited (Registration no: 201537280C. Address: 60 Albert Street, #14-01, OG Albert Complex, Singapore 189969), Indonesia-based Fortress Data Service (Address: Lt.12 A, Graha Mandiri, JI. Imam Bonjol No: 61, RT.8/RW, Menteng, Jakarta Pusat, Kota Jakarta Pusat, Daerah Khusus Ibukota Jakarta 10310, Indonesia), FDS Bangladesh Limited (Address: Suite No: 7D (7th Floor), Saihan Sky View Tower, 45 Bijoy Nagar, Dhaka-1000), and FDS Services Limited (Address: Suite No: 7D (7th Floor), Saihan Sky View Tower, 45 Bijoy Nagar, Dhaka-1000), are involved in the trading and maintenance of foreign software in the banking sector.

FDS runs operations in Bangladesh by Raju Duriyani (Managing Director, FDS Bangladesh Limited, Mobile: +62816740094), Kazi Masihur Rahman (Chief Executive Officer, FDS Bangladesh Limited, Mobile: +8801755551166), Chowdhury Fakhruddin Mahmud Siddique (Director and Chief Technology Officer, FDS Bangladesh Limited, Mobile: +8801712121545), and Rayhan Uddin Sarkar (Director, FDS Services Limited, Mobile: +8801712121545). Four privately run banks (Prime Bank Limited, EXIM Bank Limited, Mercantile Bank Limited, and National Bank Limited) received the service from FDS.

In the letter, officials suggested the regulatory bodies scan the transaction and operations of FDS outlets abroad. Officials also mentioned that the NRB should investigate the financial transaction of foreign national Raju Duriyani, who led FDS Bangladesh as managing director.

Regulatory bodies are also requested to measure foreign software operations in the banking sector according to local laws in data privacy and standard certifications of ISO 9001 and CMMI-3 or 5.

Its mentioned that banks and financial institutions have been laundering ‘huge amount’ of local currency in the mane of software purchase, maintenance.

Bangladesh Bank will scan the balance sheets of the company, comparing the local transactions and laundered money abroad.

Regarding the allegations, FDS Bangladesh Director and Chief Technology Officer (CTO), Chowdhury Fakhruddin Mahmud Siddique, didn’t comment when contacted over the phone.

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