CID Files 17 Money Laundering Cases Against Beximco Group

Under the pretence of the conglomerate’s export business, the Criminal Investigation Department of police has opened 17 cases against Salman F. Rahman, the owner of Beximco Group, and 28 other people for money laundering abroad totalling $83 million.

The CID said in a press release on Wednesday that 17 entities connected to the Beximco Group, including Salman, the founder and vice chairman of the business conglomerate, and his brother ASF Rahman, the chairman of the company, exported goods against 93 LCs or Sales Contracts from Janata Bank at various points between 2012 and 2024. The investigation was carried out in accordance with the Anti-Money Laundering Act.

“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.”

Adventure Garments Ltd, Apollo Apparels Ltd, Autumn Loop Apparels Ltd, Bextex Garments Limited, Cosmopolitan Apparels Ltd, Cosy 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 are the entities that exported goods to a number of nations, including the United Arab Emirates. The CID made this determination based on an evaluation of documents discovered during the initial investigation.

“It was first established that Salman and other members of the Beximco Group had smuggled the money overseas, despite the fact that Bangladesh’s current legislation requires the return of the product’s export price within four months.

Of the products, the majority have been exported to RR Global Trading FZE’s addresses in Sharjah, United Arab Emirates, and Saudi Arabia. These companies are jointly owned by Ahmed Shayan Fazlur Rahman, Salman’s son, and Ahmed Shahriar Rahman, ASF Rahman’s son.

Through international trade, the accused have smuggled the money to several nations, including Germany, the Netherlands, the United Kingdom, Turkey, and Sri Lanka, without returning the export price to Bangladesh, according to the CID.

As the investigation revealed instances of money laundering overseas by the head of the Beximco Group, Salman, and his associates with support from an organised criminal group, the CID’s financial crime unit filed cases with the Motijheel Police Station in Dhaka.

The CID statement stated that further investigation is in progress against Salman and other entities connected to Beximco Group for allegedly taking out loans totalling Tk 334.7 billion from various banks and laundering them overseas in addition to other financial irregularities.