The Criminal Investigation Department (CID) of police on Sunday confirmed it has launched investigations into Beximco Group’s suspected laundering of Tk33,470 crore, and illegal money transfers by Padma Bank chairman Chowdhury Nafeez Sarafat during Awami League’s 15-year rule.

The Beximco conglomerate, owned by Awami League leader Salman F Rahman, also illegally amassed Tk27,000 crore through market manipulation and forgery.

Salman F Rahman was arrested on 13 August, while trying to flee by boat in the wake of Awami League government’s ouster in a bloody student-led movement, and has been implicated in a number of student killing cases since then.

He and his group Beximco were long suspected to be behind stock market rigging, bank capital misappropriation and money laundering.

According to CID's initial probe, Beximco Group secured Tk33,470 crore loans from seven banks over the past 15 years and subsequently laundered the money abroad.

The group reportedly borrowed Tk33,470 crore from these banks—Tk21,681 crore from Janata Bank, Tk5,218 crore from IFIC Bank, Tk295 crore from National Bank, Tk5,671 crore from Sonali, Agrani, and Rupali Banks, and Tk605 crore from AB Bank.

In addition to these loans, Beximco Group is also accused of embezzling Tk27,000 crore from the capital market through fraudulent activities over the last 15 years.

Besides, a significant portion of the finances of Beximco Pharmaceuticals is alleged to have been laundered through over invoicing, under invoicing, and the use of informal money transfer systems such as hundi.

The CID also reported that Nafeez Sarafat, along with his associates and business firms, is suspected to be involved in money laundering activities, and that an investigation has started into these activities.

BDST: 2138 HRS, SEP 1, 2024
MN