Two companies under Meghna Group have withheld gas bills amounting to approximately Tk862 crore from Titas Gas Transmission and Distribution Company, with the debt accumulating for years under the protective cloak of close ties to the ruling Awami League.
Whenever Titas officials attempted to recover dues, they were swiftly removed from their posts, insiders allege.
In the vacuum of accountability, Meghna Group has effectively capitalised on the unpaid bills, treating the arrears as informal capital for its business expansion.
Titas sources confirmed that Everest Power Ltd alone owes Tk770 crore, while Meghna Sugar Refinery has outstanding bills totalling Tk92 crore. Despite repeated notices, the state-owned gas supplier has failed to recover the sums.
Everest Power Generation Company was launched in 2010 as a captive power plant, with its gas connection approved through what was widely acknowledged as direct intervention by then prime minister Sheikh Hasina—who personally inaugurated the power station, much to the astonishment of senior energy officials.
Since then, Mostafa Kamal, Meghna Group’s chairman, has reportedly enjoyed unfettered operational freedom.
Originally designed for 25MW production, the plant was upgraded to 50.70MW in 2014, transforming from a captive plant into a small independent power producer (IPP).
It supplies electricity to the Bangladesh Rural Electrification Board and to industrial units within the Meghna Economic Zone.
According to BERC directives, gas used to supply the rural board must be billed at IPP rates, while that sold elsewhere should be paid at the captive rate.
However, Everest has reportedly ignored the directive, continuing to pay only the lower captive rate.
Titas Managing Director Shahnawaz Parvez said that the issue must be resolved.
“It is extremely unfortunate that a company of this scale is not settling its dues. They have used various pressure groups to evade accountability, and Titas has suffered financial harm as a result. We are preparing to adopt a hardline position,” he said.
Over the years, Meghna Group has allegedly exploited its political proximity, manipulating markets in edible oil and other essentials to pocket thousands of crores in profit.
Allegations against Mostafa Kamal include under-invoicing, VAT evasion, and large-scale capital flight.
On 8 April, the Anti-Corruption Commission (ACC) issued a directive to begin an investigation into the reported laundering of foreign currency equivalent to Tk80,000 crore.
Separately, on 10 April, the Bangladesh Financial Intelligence Unit (BFIU) instructed all banks and financial institutions to freeze the accounts of Mostafa Kamal, his wife Beauty Akhter, and their children. The directive also includes any businesses operated solely under their names.
In addition to unpaid bills, Meghna Group is reportedly burdened with massive bank loans, with liabilities under 55 entities exceeding Tk16,768 crore.
Meghna Sugar Refinery alone secured Tk3,018 crore in loans despite being on the list of defaulters. Intelligence sources believe a significant portion of these funds has been illicitly transferred abroad.
A confidential intelligence report, submitted to the National Board of Revenue (NBR), highlights a staggering trail of irregularities. It alleges that between 2000 and 2020, Mostafa Kamal under-invoiced imports worth Tk79,762 crore, evaded mandatory insurance policies on dutiable goods, misappropriated Tk1,519 crore from National Insurance, and defrauded over Tk1,000 crore in VAT, stamp duties, and banking commissions.
Meghna Group also faces accusations of illegal land grabs, unauthorised river encroachment for industrial expansion, and forcibly seizing private property along the Meghna River.
Efforts to obtain comments from Meghna Group proved unsuccessful. Multiple calls to Senior General Manager (Brand) Kazi Mohiuddin Ahmed went unanswered, despite the WhatsApp messages being marked as read.
