MUSTAFA ZAMIL AHMED Vs. GOVERNOR OF BANGLADESH BANK

JUDGEMENT

(1.) The petitioner proprietor of Jeni Money Exchange Company was a licensee as money changer under section 3 of the Foreign Exchange Regulation Act from the Bangladesh Bank initially for a period of 1 year with provision for renewal.

(2.) Upon an allegation made by the Assistant Manager, Security, Bangladesh Biman that valuable Bank securities were stolen from the strong room of the cargo godown of theirs, the Cantonment police arrested 6 persons including the petitioner and recovered travellers cheque valued US dollars 5,93,000.00 equivalent to Taka 2,73,49,100.00 from their possession on the basis of confessional statement.

(3.) Pursuant to this case Bangladesh Bank asked the petitioner to showcause why his money changer licence should not be cancelled and also suspended the said licence pending enquiry by two orders of the same date.