Meghna Group Chairman Mustafa Kamal began his journey as a humble salt vendor before ascending to become one of Bangladesh’s leading industrialists.
His rise, while seemingly a tale of success, has been tainted by serious allegations of corruption, money laundering, and fraud, casting a shadow on his business empire.
According to official government records, Mustafa Kamal’s vast wealth is primarily the result of illicit activities.
Over the past 20 years, it is estimated that he has laundered at least Tk1 lakh crore, with around Tk80,000 crore siphoned through under-invoicing.
During this time, he has acquired ownership of 70 industrial units.
Documents from intelligence agencies, the Anti-Corruption Commission (ACC), and the National Board of Revenue (NBR) indicate that this industrialist has also evaded thousands of crores in taxes, duties, and VAT.
A formal complaint regarding money laundering has already been filed with the ACC for further investigation.
The NBR has been handed a detailed intelligence report highlighting Meghna Group’s numerous irregularities and fraudulent activities. This report, signed by Air Commodore Md Kamrul Ershad Matin, was submitted to the NBR Chairman on 20 June.
It reveals that between 2000 and 2020, Meghna Group evaded approximately Tk79,762 crore through under-invoicing.
Additionally, the company avoided mandatory insurance policies for imported goods, vehicles, and ships, amounting to Tk1,519 crore in unfulfilled obligations.
Furthermore, the company embezzled over Tk1,000 crore in VAT, stamp duty, and bank commissions.
Mustafa Kamal allegedly leveraged his close ties with the now-ousted Awami League government to facilitate his illicit activities.
He has been accused of appropriating land along the Meghna River, causing environmental damage by filling up rivers to construct industrial establishments.
Additionally, Kamal is reported to have taken Tk8,000 crore in loans from nine private banks, with little hope of repayment for most of these funds.
By importing baby food at inflated prices while under-invoicing the value for customs, Kamal not only dodged substantial duties but also laundered vast sums of money abroad.
The NBR’s former member Abdul Mannan Patwari remarked that under-invoicing remains a significant issue in Bangladesh, with the customs authorities unable to detect every instance, thus allowing businesses like Meghna Group to defraud the government on a large scale.
In one striking example, between 2009 and 2010, the government lost Tk1,500 crore in duties due to Meghna Group’s under-invoicing of milk imports.
While the average market price per tonne was $3,790, the group declared it at $2,700. Investigations into this case, initially led by the ACC, stalled for undisclosed reasons.
Kamal also secured loans amounting to Tk3,000 crore from nine private banks, including Bank Asia, BRAC Bank, and Dhaka Bank.
Moreover, he is accused of taking an additional Tk5,000 crore in loans under false names, exploiting his influence to evade accountability.
A National River Protection Commission investigation revealed that Meghna Group had illegally occupied 241.27 acres of land.
Despite a High Court ruling declaring river occupation a criminal offence, Kamal ignored these legal constraints, thanks to his connections with the former Awami League government.
Apart from his role at Meghna Group, Mustafa Kamal also serves as the chairman of Bangladesh National Insurance Company, a position he has held since the company’s inception in 1995.
However, internal conflicts among the directors have marred the company’s performance in recent years, with Kamal at the centre of these controversies.
The NBR is now under increasing pressure to investigate and address the allegations against Mustafa Kamal, whose meteoric rise in the business world has been heavily marred by accusations of corruption and unlawful enrichment.
