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TL;DR
- CID investigating Beximco Group for alleged Tk33,470cr smuggling and financial crimes
- Beximco obtained loans from various banks, including Tk21,681cr from Janata Bank
- Allegations of fraudulently obtaining Tk27,000cr from market through forgery
- CID to file case against Beximco vice chairman Salman F Rahman under Money Laundering Prevention Act
The Criminal Investigation Department (CID) of Bangladesh Police has initiated an official inquiry into Beximco Group’s alleged smuggling of Tk33,470 crore abroad by taking loans from banks, embezzlement, illegally amassing wealth, share market fraud, and other financial crimes. The Financial Crime Unit of CID launched the investigation, as stated in a press release issued by the agency on September 1, 2024.
Al Mamun, additional superintendent of police of CID’s Financial Crimes Unit, confirmed to The Business Standard that the agency has begun inquiries into money laundering allegations against several companies, including S Alam and Beximco.
According to CID officials, the agency is preparing to file a case against Beximco Group vice chairman Salman F Rahman, along with various institutions and individuals associated with the business group, under the Money Laundering Prevention Act.
The CID press release revealed that Beximco Group has obtained a total of Tk33,470 crore in loans from various banks, including Tk21,681 crore from Janata Bank, Tk5,218 crore from IFIC Bank, Tk295 crore from National Bank, Tk5,671 crore from Sonali, Agrani, and Rupali banks, and Tk605 crore from AB Bank.
Furthermore, there are allegations that Beximco Group has fraudulently obtained Tk27,000 crore from the market through forgery in recent years.
CID data also indicates that a significant portion of the funds from Beximco Pharmaceuticals, a joint venture in Saudi Arabia, have allegedly been laundered out of Bangladesh through over-invoicing, under-invoicing, and hundi, an illegal money transfer method.
The investigation into Beximco Group’s alleged financial crimes comes amidst heightened scrutiny of large-scale money laundering and financial irregularities in Bangladesh. The outcome of the CID’s inquiry is expected to have significant implications for the country’s business and financial sectors.
Source: TBS News
