Serious allegations have emerged against two companies of the Beximco Group— Beximco Limited and Bextex Garments. They are accused of embezzling a staggering one thousand crore taka through transactions among five banks.
In 2011, these two companies secured loan agreements totaling six hundred crore taka from state-owned banks Sonali, Janata, Agrani, and Rupali, as well as the private sector's Exim Bank. Over time, the accumulated interest pushed the total amount beyond one thousand crore taka, placing these banks in a vulnerable situation.
The Anti-Corruption Commission (ACC) has issued letters to 70 organizations, seeking documents related to Salman F Rahman, a prominent figure of Beximco, and his family members. ACC sources indicate that the commission collected information on irregularities from that period.
However, they faced obstacles in taking action due to the influence of Salman F Rahman, who was serving as the private sector investment and industrial advisor to the Sheikh Hasina government.
The two companies of Beximco Group engaged in trade through local letters of credit (LCs) facilitated by banks. Sonali Bank issued payment acknowledgments on behalf of Bextex, the yarn seller, while Janata, Agrani, Rupali, and Exim Bank did so for Beximco Limited. These acknowledgments were subsequently utilized to withdraw funds from Sonali Bank.
By December 2011, approximately six hundred fifty crore taka had become overdue.
Additionally, Beximco Limited failed to settle payments for several other local letters of credit. In total, the two companies are alleged to have embezzled over one thousand crore taka.
The ACC has also sent letters requesting documents related to loans and other relevant papers from 17 companies owned by Salman F Rahman and his family members.
He is accused of embezzling approximately thirty-six thousand crore taka after taking out loans, as well as transferring thousands of crore taka abroad.
According to ACC sources, the transaction details of the two Beximco Group companies were recorded in the banks. However, there was no information available on whether Beximco Limited had actually purchased yarn from Bextex.
A significant portion of the funds from the banks was invested in the stock market. Investigations by officials from the Anti-Corruption Commission (ACC) revealed that Beximco Limited opened import letters of credit (LCs) in local currency with Janata, Agrani, Rupali, and Exim Bank.
Meanwhile, Bextex submitted sales letters of credit to these four banks through Sonali Bank, seeking financial guarantees.
The four banks have made payments to Bextex based on the acknowledgments of fund receipt on behalf of Beximco Limited. However, these banks have not settled the payments to Sonali Bank.
The local letters of credit have a validity period of 180 days. Data indicates that these LCs were opened at one bank at various times in February 2011, which means they expired at different times in August of the same year.
It has been reported that Sonali Bank sent a letter to the Bangladesh Bank seeking dispute resolution at that time.
In that letter, they indicated that as of December 2011, the overdue receivables for Sonali Bank amounted to 645 crore taka. Of this total, approximately 350 crore taka was due against 14 acknowledged letters of credit from Janata Bank. They also had receivables of 109 crore taka from seven LCs with Agrani Bank, 75 crore taka from nine LCs recognized by Rupali Bank, and 111 crore taka from five LCs acknowledged by Exim Bank.
Additionally, it was reported that more than the claimed amount of 645 crore taka was stuck as overdue funds awaiting resolution at the Bangladesh Bank.
On September 18, the Criminal Investigation Department (CID) filed 17 cases against 28 individuals, including Salman F Rahman of the Beximco Group, over allegations of laundering nearly one thousand crore taka (83 million USD) under the guise of export trade.
According to Azad Rahman, Special Superintendent of Police at the CID, preliminary evidence has been found supporting the allegations of money laundering against Salman F Rahman, the founding Vice Chairman of Beximco Group, and his brother, A. S. F. Rahman, the Chairman of the group.
The CID has also initiated separate inquiries into allegations of financial irregularities, including the diversion of approximately 33,470 crore taka in loans taken in the names of various Beximco Group entities and shell companies.
ACC sends letters to 70 organizations:
Letters have been sent requesting documents related to loans and other pertinent information from 17 companies owned by Salman F Rahman and his family members.
He is accused of embezzling approximately thirty-six thousand crore taka after taking out loans, as well as transferring thousands of crore taka abroad. Reports indicate that the sub-director and head of the investigation team, Md. Monjur Alam, issued the request letters from the ACC's headquarters on Tuesday.
The letter requests documentation from 63 government and private banks, financial institutions, and various departments, including RAJUK, the Public Works Department, and the Registrar. It asks that these documents be submitted within the next four working days.
The letter states that personal documents of former Prime Minister's private sector investment advisor and Chairman Salman F Rahman, as well as those of his son, Ahmed Shayan Fazlur Rahman, must be submitted.
Additionally, it requests bank accounts, savings certificates, DPS, loan documents, credit cards, and other records associated with Beximco and its 17 affiliated companies, including Adventure Garments Limited, Apollo Apparels Limited, Autumn Loop Apparels Limited, Bextex Garments Limited, Cosmopolitan Apparels Limited, Cozy Apparels Limited, Esses Fashions Limited, Int'l Knitwear & Apparels Limited, Kanchpur Apparels Limited, Midwest Garments Limited, Peerless Garments Limited, Pink Maker Garments Limited, Platinum Garments Limited, Skyline Apparels Limited, Springul Apparels Limited, Urban Fashions Limited, and Winter Sprint Garments Limited, both in their names and jointly.
Earlier, on September 23, letters were sent to eight banks requesting all loan-related documents of companies owned by Salman F Rahman and other family members. Some of these documents have reportedly been received by the ACC.
(Translated by ARK/Bd-Pratidin)
