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The conglomerate has been accused of laundering $83 million abroad under the guise of its export business
Published : 18 Sep 2024, 01:06 PM
The Criminal Investigation Department of police has initiated 17 cases against Beximco Group owner Salman F Rahman and 28 others for laundering $83 million abroad under the guise of the conglomerate’s export business.
Citing an investigation conducted per the Anti-Money Laundering Act, the CID said in a press release issued on Wednesday that a total of 17 entities associated with the Beximco Group and Salman, founder and vice chairman of the business conglomerate, and his brother ASF Rahman, chairman of the company, exported goods against 93 LCs or Sales Contracts from Janata Bank at different times from 2012 to 2024.
"Initial evidence has been found that the export value of around $83 million, which is about Tk 10 billion in local currency, has been smuggled abroad without bringing it to Bangladesh even after the expiry of the stipulated time."
The entities that exported goods to various countries, including the United Arab Emirates, are Adventure Garments Ltd, Apollo Apparels Ltd, Autumn Loop Apparels Ltd, Bextex Garments Limited, Cosmopolitan Apparels Ltd, Cozy Apparels Ltd, Esses Fashion Ltd, International Knitwear and Apparels Ltd, Kanchpur Apparels Ltd, Midwest Garments Ltd, Peerless Garments Ltd, Pink Maker Garments Ltd, Platinum Garments Ltd, Skynet Apparels Ltd, Springful Apparels Ltd, Urban Fashions Ltd, and Winter Sprint Garments Ltd, the CID said, citing the assessment of documents found in the initial investigation.
“The existing law of Bangladesh compels return of the products’ export price within four months, but instead of doing so, it has been initially proved that Salman and other individuals associated with the Beximco Group had smuggled the money abroad.
”Of the products, most of them have been exported to Sharjah, UAE and Saudi Arabia addresses of RR Global Trading FZE, jointly owned by Salman’s son Ahmed Shayan Fazlur Rahman and Ahmed Shahriar Rahman, son of ASF Rahman.
These accused have smuggled the money to different countries, including Germany, the Netherlands, the United Kingdom, Turkey, and Sri Lanka through foreign trade without bringing the export price back to Bangladesh, the CID said.
The financial crime unit of CID filed the cases with Motijheel Police Station in Dhaka as the incidents of money laundering abroad with assistance from an organised criminal group by the Beximco Group head Salman and his accomplices appeared in the investigation.
Another investigation is underway against Salman and other entities associated with Beximco Group for allegedly taking out loans worth Tk 334.7 billion from different banks and laundering them abroad, along with other financial irregularities, the CID statement read.
