CID investigating money laundering charges against Beximco Group

The agency’s financial crime unit initiates the probe under the money laundering act

The Criminal Investigation Department of police has initiated an investigation into allegations of money laundering and smuggling funds out of Bangladesh involving Beximco Group, along with associated individuals and entities.

The business conglomerate is owned by Salman F Rahman, the private industries and investment advisor to former prime minister Sheikh Hasina.

He was arrested in a murder case after the Hasina government’s fall.

CID’s financial crime unit initiated the probe under the Money Laundering Prevention Act, the intelligence and investigation wing of police, said in a statement on Sunday.

Beximco Group took out loans from seven banks through fraud and deception over the last 15 years and smuggled them abroad, the CID said, citing an initial investigation.

Among Tk 334.7 billion loans taken by the conglomerate, Tk 216.81 billion was borrowed from the Janata Bank, Tk 52.18 billion from the IFIC Bank, Tk 2.95 billion from the National Bank, Tk 56.71 billion from the Sonali, Agrani, and Rupali banks; and Tk 6.05 billion from the AB Bank.

In addition, the group snatched Tk 270 billion through scams from the market over the past several years, the statement read.

Most of the money of Beximco Pharmaceuticals, set up with joint investment in Saudi Arabia, was allegedly smuggled from Bangladesh through over-invoicing, under-invoicing and hundi, the CID said.