Beximco Group’s chairman, vice-chairman, and associates have allegedly funneled $97 million (approximately Tk 1,200 crore) overseas over a five-year period via 17 corporate entities engaged in foreign trade, according to findings by the Criminal Investigation Department (CID).
CID Chief Sibgat Ullah disclosed during a press conference at the CID Headquarters in Malibagh that after a rigorous probe, approval has been granted to file charge sheets in 17 money laundering cases involving Salman F Rahman and others.
The charge sheets implicate 28 individuals and 19 entities, including Beximco Group Chairman Ahmed Sohail Fasihur Rahman, his son Ahmed Shahryar Rahman, Vice-Chairman Salman F Rahman, and his son Shayan F Rahman.
Between 2020 and 2024, Sohail, Salman, and their cohorts purportedly utilized 17 corporate entities to carry out the illicit money movements. The entities involved in the alleged activities include Adventure Garments, Apollo Apparels, Autumn Loop Apparels, and others.
Investigations revealed that the companies initiated letters of credit (LCs) or sales contracts through Janata Bank’s Motijheel branch in Dhaka but failed to repatriate the export earnings back to Bangladesh. Instead, the funds were transferred through RR Global Trading in Dubai to various countries such as the UAE, Saudi Arabia, and the UK.
RR Global Trading, owned by Shayan and Shahryar, played a pivotal role in the money transfer process. The CID indicated that between 2020 and 2024, approximately $96.97 million was depicted as export income, yet the funds were not brought back to Bangladesh.
The CID emphasized that in legitimate export transactions, the proceeds should return within 120 days; any delay beyond this timeframe is considered a red flag for potential money laundering activities.
A series of 17 money laundering cases were lodged at the Motijheel Police Station in September 2024, leading to the seizure of assets linked to the accused individuals. These assets include land holdings in Dohar, Dhaka, a flat in Gulshan, and a triplex flat in another location in Gulshan, collectively valued at around Tk 600–700 crore in the current market.
Salman, presently incarcerated, has been formally detained in connection with the cases. Additionally, Wasiur Rahman, the managing director of Autumn Loop Apparels, a subsidiary of Beximco, was arrested earlier by the CID.
Despite the intricate nature of trade-based money laundering investigations, the CID’s Financial Crime Unit expedited the necessary procedures and submitted charge sheets promptly in all 17 cases.