Beximco Group, specifically its companies Beximco Limited and Bextex Garments, is accused of embezzling over Tk1,000 crore through dubious transactions with five banks, according to allegations recently brought to light.
The companies opened letters of credit (LCs) amounting to Tk600 crore with Sonali, Janata, Agrani, Rupali, and the private Exim Bank in 2011.
Over time, the amount, including accrued interest, surpassed Tk1,000 crore, placing these banks in a precarious financial position.
The Anti-Corruption Commission (ACC) has now sought documentation concerning Beximco Group’s transactions and has sent letters to 70 organisations, summoning records pertaining to Salman F Rahman, a key figure in the group, and his family members.
Despite collecting information about irregularities during that period, the ACC was reportedly unable to take action earlier due to Rahman’s influential position as an adviser to the then-prime minister Sheikh Hasina.
The dealings involved the issuance of LCs, where Sonali Bank acted on behalf of Bextex, while Janata, Agrani, Rupali, and Exim Banks represented Beximco Limited.
The money was siphoned off from Sonali Bank, resulting in outstanding payments amounting to Tk645 crore by the end of 2011.
Beximco Limited also failed to settle further local LCs, with the total sum exceeding Tk1,000 crore.
ACC’s probe comes amid fresh allegations that Salman F Rahman, along with 28 others, has been involved in laundering Tk1,000 crore ($83 million) abroad under the guise of export-import operations.
The Criminal Investigation Department (CID) filed 17 cases against them on 18 September, accusing them of financial misconduct.
Initial CID investigations have reportedly confirmed the authenticity of some allegations, including the laundering of around Tk33,470 crore taken as loans in the name of various entities within the Beximco Group.
Additionally, the ACC has summoned records of loans tied to 17 companies owned by Salman F Rahman and his family.
These businesses, including several prominent garment manufacturers, are now subject to an investigation concerning alleged financial misconduct and loan defaults amounting to thousands of crores.
ACC has requested the necessary documents from 63 government and private banks and financial institutions within four working days.
In previous correspondence, the ACC had already called for loan-related documents from eight banks on 23 September, some of which have since been submitted.
This latest move indicates the ACC’s determination to scrutinise the financial dealings of the influential Beximco Group amidst growing public and institutional concern over the alleged massive embezzlement and money laundering operation.
