CID starts probe into Beximco money laundering

The Criminal Investigation Department (CID) of police has launched a probe into allegations of massive laundering of money abroad by Beximco Group, and individuals and institutions related to its interests, reports UNB.

The financial crime unit of CID is starting an investigation against Salman F Rahman's Beximco Group under the Money Laundering Act, said Additional Superintendent of Police Azad Rahman (CID - media wing).

According to a preliminary review, Beximco Group has taken loans from seven banks through fraud in the past 15 years and smuggled them abroad. "The Beximco Group has taken a total of Tk 334.70 billion loan.

Among them Tk 216.81 billion came from Janata Bank, Tk 52.18 billion from IFIC Bank, Tk 2.95 billion from National Bank, Tk 56.71 billion from Sonali, Agrani and Rupali banks and Tk 6.05 billion from AB Bank," a CID official said, on condition of anonymity.

Besides, there are allegations that Beximco Group has bagged Tk 270.00 billion from the market through fraud and forgery in the last few years, he added.

Most of the money of Beximco Pharmaceuticals, a joint venture established in Saudi Arabia, was laundered from Bangladesh through over-invoicing, under-invoicing and hundi - an illegal cross border transaction system, added the official.