Pritish Kumar Sarker, former managing director of FAS Finance and Investment.

The immigration service of Bangladesh Police has imposed an embargo on Pritish Kumar Sarker, a former managing director of the FAS Finance and Investment, from leaving Bangladesh over his alleged involvement in financial scams. 

The immigration police took the decision after the FAS sent a letter to it on September 12, mentioning that "a financial scam of a huge amount occurred at the lender where PK Halder and associates were directly involved".

The FAS in the letter said the A Wahab & Company, a chartered accountant firm, had found the involvement of Sarker in the financial irregularities.

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

Contacted, AF Shabbir Ahmed, acting managing director of the FAS, said the non-bank financial institution (NBFI) had taken the initiative as per directives passed by Bangladesh Bank.

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

Sarker had served as managing director of the FAS between January 2018 and August 2022 until he submitted his resignation letter.

Despite repeated attempts, Sarker could not be reached over his mobile phone.

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

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

PK Halder, who has already been arrested in India, and his associates swindled Tk 1,300 crore from the FAS in the name of several companies that exist on paper only, according to a recent investigation carried out by Anti-Corruption Commission.

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

The regulatory decision to reconstitute the NBFI's board was taken due to its failure to comply with the rules that says at least 30 per cent of shares must be held by sponsor-directors.