Law enforcement agencies in Bangladesh have uncovered evidence suggesting that Salman F Rahman, owner of the Beximco Group, and members of his family laundered approximately Taka 12,000 crore during the Covid-19 period by exporting goods without repatriating the proceeds to the country.
According to investigators, the Anti-Corruption Commission (ACC) has also gathered information indicating that Beximco Group and its associated entities, through the abuse of unlawful influence, obtained loans worth an estimated Taka 36,000 crore from various state-owned and private banks. Authorities allege that a significant portion of these funds was subsequently misappropriated and siphoned off abroad.
Investigations have identified at least 31 companies that exported goods but failed to bring export earnings back to Bangladesh. Of these, 17 companies are reportedly linked directly to Salman F Rahman.
The Criminal Investigation Department (CID) has stated that members of Rahman’s family laundered substantial sums during the Covid-19 period under the cover of exporting garments and face masks through these 17 companies. CID officials have submitted charge sheets against Salman F Rahman and 28 other individuals in connection with the case.
Investigators said that during the tenure of the Awami League government, Beximco Group and its interest-linked companies secured loans amounting to several thousand crore taka from state-owned Janata Bank through 17 firms. Using the loan funds, the companies manufactured garments and masks for export. Under back-to-back letters of credit (LCs), the export earnings were required to be repatriated to Bangladesh.
Although the goods were exported, authorities allege that export proceeds totalling US $ 969,666,802.28—equivalent to around Taka 12,000 crore—were not brought back into the country. Investigators said the unrepatriated funds were invested in Dubai through companies owned by the Beximco Group. The CID filed 17 cases related to these allegations on 17th September 2024.
Between 2020 and 2024, companies alleged to have been involved in money laundering through foreign trade include Skynet Apparels Ltd, Urban Fashions, Autumn Loop Apparels Ltd, Apollo Apparels Ltd, Adventure Garments Ltd, Pink Maker Garments Ltd, Peerless Garments Ltd, Midwest Garments Ltd, Kanchpur Apparels Ltd, Cozy Apparels Ltd, Bextex Garments Ltd, Cosmopolitan Apparels Ltd, Springful Apparels Ltd, Winter Spirit Garments Ltd, International Knitwear Apparels Ltd, Aces Fashion Ltd and Platinum Garments Ltd.
CID officials also said that Alif Industries Ltd was involved in money laundering under the guise of foreign trade. On 8th January, the CID filed a case against the company’s chairman, managing director and several other directors.
According to CID findings, Alif Industries violated foreign exchange management regulations and siphoned off large sums abroad through serious irregularities in import and export declarations. The company obtained 56 export permission certificates (EXPs) against six letters of credit or sales contracts issued by the corporate branch of Export Import Bank of Bangladesh PLC at Gulshan-1.
Although readymade garment products were exported against those EXPs, investigators said the export proceeds were not repatriated within the stipulated timeframe. The company is also accused of declaring lawful imports while actually importing goods of lower quantities or of a different nature than declared.
Through these alleged irregularities, authorities estimate that approximately US $ 284,088,814 was laundered abroad.
