Mostafa Kamal, the chairman of Meghna Group of Industries (MGI), is facing serious allegations of money laundering, tax evasion, and financial fraud.
According to recent intelligence and investigative reports, Kamal and his business entities have allegedly laundered over Tk1 lakh crore over a period of 21 years through under-invoicing, fake insurance policies, and other financial irregularities.
A government intelligence agency’s recent report claims that between 2000 and 2020, Meghna Group under-invoiced imports worth approximately Tk79,762 crore issued against Letters of Credit (LCs) to transfer foreign currency out of the country. Alongside this, around Tk1,519 crore was reportedly misappropriated through fraudulent insurance cover notes. These irregularities occurred via MGI’s affiliation with Bangladesh National Insurance Company, where Mostafa Kamal holds the chairman position.
The investigation also found that MGI did not follow mandatory insurance requirements on numerous assets, including 60–70 vessels, over a thousand vehicles, and dozens of industrial plants. It is estimated that the group misappropriatedTk 240 crore from fire insurance policies and Tk40 crore from motor vehicle policies over two decades.
Additionally, fraudulent practices surrounding the issuance of LC-related policies led to further tax and VAT evasion. The total misappropriated insurance-related funds exceed Tk1,518 crore, and state revenue losses amount to over Tk734 crore due to these practices.
Despite these detailed reports and longstanding allegations, the National Board of Revenue (NBR) has yet to take decisive action against the group. This inaction has drawn sharp criticism from civil society, including Transparency International Bangladesh (TIB), which cited the NBR’s institutional weakness and alleged collusion with corrupt business figures.
Mostafa Kamal’s companies are also reportedly burdened with large bank loans. According to Bangladesh Bank data, MGI’s 55 businesses owe over Tk16,768 crore to 31 banks and three financial institutions, including massive debts tied to its sugar, flour, and steel units.
While MGI has not issued any official response to the allegations, officials from Customs Intelligence have confirmed that the reports are under active scrutiny. They noted a significant mismatch between the declared and assessed value of imported goods, which may suggest intentional manipulation of trade documents.
Authorities have hinted that if these allegations are proven true, action will be taken under the Money Laundering Prevention Act.
