The National Board of Revenue (NBR) has unearthed the largest hundi operation in the country, allegedly disguised as a perfume business.
The Central Intelligence Cell (CIC) of the NBR has uncovered evidence of billions of taka being laundered abroad through this network.
According to reports published in newspapers, the company in question is Al Haramain Perfumes, owned by businessman Mohammad Mahtabur Rahman Nasir from Sylhet.
Nasir, a US citizen, currently resides in the United Arab Emirates (UAE) under a Golden Visa.
Citing sources from the CIC, reports indicate that Nasir's business empire spans 86 countries, including the UAE, Saudi Arabia, Oman, Qatar, Kuwait, Bahrain, the US, and the UK.
While his business ostensibly involves perfume trade and import-export, investigators have found that his primary operation is money laundering through hundi.
A CIC team recently visited the UAE to gather intelligence on Nasir’s properties and financial transactions. Letters have also been sent to relevant governments requesting information on his assets in other countries.
In Bangladesh, the CIC has conducted multiple raids at Nasir’s residence in Sylhet, seizing documents related to 104 properties and other financial records.
On 22 January, the CIC froze bank accounts belonging to Nasir, his family members, and key associates.
This includes his brother Mohammad Oliur Rahman, son Mohammad Emadur Rahman, nephews Mohammad Ashfaqul Rahman and Mohammad Ehsanur Rahman, and Al Haramain Group's Executive Director Syed Sabbir Ahmed.
In addition to freezing bank accounts, income tax records have been reviewed, and detailed information has been requested from land registry offices.
A senior CIC official revealed that Al Haramain Perfumes showrooms worldwide are being used for hundi transactions.
In Dhaka’s Bashundhara City showroom, for instance, if someone deposits money, an equivalent amount in dirhams is paid out at City Centre in Dubai.
These transactions involve hundreds of crores of taka, with records maintained only in specialised ledgers.
The official further stated that Nasir also runs an extensive gold smuggling network.
Surveillance at Al Haramain showrooms in Dhaka and Dubai found almost no actual perfume sales, raising suspicions about their real purpose.
Besides the CIC, the Bangladesh Bank, Bangladesh Financial Intelligence Unit (BFIU), and other intelligence agencies are also investigating Nasir's financial activities.
On 12 March, the Bangladesh Bank dissolved the board of NRB Bank PLC, where Nasir served as Chairman for over nine years.
In response to the allegations, Nasir denied any involvement in hundi or illicit businesses.
“My main source of income is Al Haramain Perfumes. While it may be loss-making in Bangladesh, it is a highly successful brand worldwide. I have never been involved in hundi or any illegal business. Outside the Middle East, I have no other business ventures,” he claimed.
He also alleged political persecution, stating: "During Sheikh Hasina’s rule, MPs and ministers would inform me before arriving in Dubai. If they travelled, I had to arrange cars for them at the airport. The embassy would even instruct me on hospitality arrangements. Back then, not hosting them was an offence—now, hosting them has become one."