Financial Crime World

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Financial Crimes in Bangladesh: The Role of Forensic Accounting

Research Study Summary

A recent study investigated the effectiveness of forensic accounting in addressing financial crimes in Bangladesh using a survey research design. The results highlighted several key points:

Key Findings

  • There is significant agreement among respondents about the potentiality of using forensic accounting in detecting and preventing misappropriation of assets, fraudulent financial reporting, and money laundering.
  • Female respondents perceived higher effectiveness of forensic accounting in addressing financial crimes compared to their male counterparts.
  • Experienced respondents (measured by opportunity, year of experience, and age) perceived higher prospects and effectiveness of forensic accounting in addressing financial crimes compared to inexperienced respondents.

Notable Cases of Financial Crimes in Bangladesh

In recent years, several high-profile cases of financial crimes have been reported in Bangladesh. These cases demonstrate the need for effective measures to detect and prevent such activities:

Notable Cases

  • Destiny 2000 Ltd Scam: A company accused of selling non-existent trees to unsuspecting people for a large profit, collecting around Tk. 50 thousand crores (US$ 7 billion) from the general public.
  • Stock Market Crash (1996): The Securities and Exchange Commission (SEC) established an Enquiry Committee to investigate stock market irregularities between July and November 1996.
  • Jubok Cooperative Society Scam: A big cooperative society that initiated illicit banking, resulting in its shutdown by the government in 2011, with ongoing judicial processes against promoters for unlawful activities.
  • Stock Market Debacle (2011): The Bangladesh stock market crashed at the end of 2011, with an estimated loss of 20,000 crores taka and affecting 200,000 investors.

Conclusion

These cases highlight the importance of forensic accounting in detecting and preventing financial crimes in Bangladesh. Effective implementation of forensic accounting measures can help to prevent such crimes from occurring in the future.