NBR ran an operation in BRAC Bank to recover Tk 50 crores from Ulka Games
A case has been going on to settle a legal dispute between Ulka Games and Indian company Moonfrog over the money deposited in BRAC Bank. Due to the case, the court has barred the transaction of this money. In the meantime, a team of National Board of Revenue (NBR) conducted an operation at Gulshan-1 branch of BRAC Bank on Tuesday (April 30) to recover Tk 50 crore of tax evasion of Ulka Games. However, after the 13-hour operation, the NBR officials left the Gulshan branch with a written explanation of not being able to get the money back.
According to sources, a special team led by the Deputy Commissioner of Tax Zone-15 started operations at that branch of BRAC Bank from 12 noon to night. NBR officials were present at that branch of the bank till 11:50 pm. However, due to the court order, those employees could not collect this tax evasion money from the bank.
According to NBR sources, the account held in the name of Ulka Games Limited in BRAC Bank's Gulshan branch was frozen from December 28, 2023. The CIC had intelligence that the money could be smuggled out of the country. For that reason, CIC directed the tax zone 15 to recover the money by activating the account. Officers went to Gulshan branch after receiving the order. However, the bank authorities refused to pay the money. The tax officials were forced to leave the branch without money after staying in the bank for about 13 hours. Even though the money is not received, the officials of tax zone-15 took a written explanation. At the same time, NBR feels that such behavior of bank authorities is a punishable offence.
On the other hand, according to the NBR officials who went to the operation with the written approval of the NBR chairman, there is no connection between the case and the claim. The issue of taxes is completely different.
NBR's intelligence agency CIC started an investigation two years ago for tax evasion against an online gambling company called Ulka Games. CIC freezes 53 crore taka of Ulka Games in BRAC Bank so that the company cannot run away with the money. The investigation found evidence of evasion of about 50 crore taka.
Farzanul Islam, deputy commissioner of tax zone 15, told the media that we have no option but to be patient. Bank authorities are not cooperating with us. We have no way left but to take this money.
Hasan Mahmud, manager of BRAC Bank's Gulshan branch, said that there is a case ongoing between Ulka Games and Indian company Moonfrog regarding the money in the bank. Due to the case, the court has banned the transaction of this money. The hearing on whether NBR will receive this money or not will be held on May 5. That is, as the matter is sub-judice and there is a risk of contempt of court, it was not possible to defend the request of NBR.
Earlier, on October 31, 2022, RAB said that Ulka Games Limited, which obtained legal legitimacy with false information in the name of development of gaming management, had smuggled about 200 crore taka from the country through various online gambling. After the arrest of six people including the chief executive officer (CEO) of Ulka Games Jamilur Rashid from Mohakhali and Uttara, the RAB spokesperson said that Ulka Games has diverted billions of taka from the country through the banking channel with Moonfrog Lab of the neighboring country. Although started with the aim of developing gaming, Ulka Games instead of doing that, the company moves money through various online gambling including Tin Patti Gold.
RAB informed that, the founder and CEO of Ulka Games, Jamilur Rashid, was introduced to Moonfrog Lab, an Indian company, in 2017. In 2018, he was appointed as the Bangladesh representative of Moonfrog Lab with a salary of more than one and a half lakh taka.
Due to the increasing popularity of Moonfrog Lab's online gambling app 'Tin Patti Gold', to expand the activities countrywide, Jamirul Rashid managed to get permission to open a gaming development company named 'Ulka Games Pvt. Ltd.' In the year 2019.
Later in 2019, Moonfrog's 0.01 percent was awarded to Ulka Games for the development of the gaming sector in the country through a contract of about 1.5 crore taka. Although there is approval for development in the gaming sector in the country, but since there is no approval for online gambling or casino, Ulka Games presents various wrong information and managed to get legal validation from the concerned department.
However, in March 2021, Bangladesh's Ulka Games and India's Moonfrog Lab were acquired by Sweden-based leading gaming company Steelfront. Steelfront Group said in a press release that 91 percent of Moonfrog Lab's shares have already been transferred for $90 million. The rest will be paid in installments over the next three years.
