The Money Changer’s Association of Bangladesh has appealed to the government for immediate action to ensure the safety and security of legal money exchange institutions across the country, following a surge in violent incidents targeting licensed businesses.
At a press conference held at the Dhaka Reporters Unity (DRU), the association’s General Secretary, Gautam Dey, urged Home Affairs Adviser Jahangir Alam Chowdhury to intervene and provide protection to law-abiding money exchangers. He stated that since the July-August movement, incidents of robbery, mugging, and harassment have escalated sharply, affecting licensed businesses operating under Bangladesh Bank regulations.
President of the association, M.S. Zaman, expressed grave concern over the deteriorating security situation. He highlighted several alarming incidents, including an October 19, 2024 robbery where miscreants looted Tk 5 million from Rasel Ali, manager of Delta Bureau de Change, located in Kerry Plaza, Satmasjid Road.
Another violent incident occurred on May 28, 2025, in Mirpur, Dhaka. Six armed robbers attacked Rasel Rana, owner of Mahmud Money Exchange, and his brother-in-law Zahidul Haque. The assailants fired blank shots, assaulted the victims with sharp weapons, and fled with approximately Tk 2.2 million in cash and Tk 800,000 worth of foreign currency. Six suspects were arrested in connection with the attack on June 18, and the Detective Branch of police confirmed they were professional robbers.
Gautam Dey reported that an estimated Tk 400–500 million has been looted or stolen from legal money exchangers since mid-2024. He alleged that many such incidents go unreported or unresolved, leaving operators vulnerable and fearful.
The association also raised concerns about the growing influence of illegal money exchangers, who they suspect may be involved in some of the criminal activities. President Zaman explained that unlicensed operators offer more attractive rates, drawing customers away from legitimate businesses. As a result, licensed money changers are often forced to operate at minimal profit margins or incur losses.
He further warned that illegal money exchange operations and informal remittance networks, such as “hundi,” are draining foreign currencies like US dollars and Saudi riyals from the country. This exacerbates the scarcity of foreign currency in the legal market and damages the reputation and viability of legitimate businesses.
Adding to the burden, law enforcement agencies occasionally target licensed businesses during crackdowns, mistaking them for illegal operations. This, according to the association, creates further distrust and damages the credibility of the sector.
The Executive Committee of the Money Changers’ Association issued a strong call for coordinated action from the Home Affairs Adviser, Economic Affairs Adviser, the Governor of Bangladesh Bank, and top law enforcement officials. They demanded effective measures to protect legal money exchangers and to clamp down on unregulated, unauthorized, and illegal operators across the country.
Among the key figures present at the press conference were Organizing Secretary K.M. Maksudur Rahman, Treasurer Md. Sabuj Molya, and other members of the Executive Committee.