$97m money laundering: CID to press charges in 17 cases against Salman F Rahman, others
Investigators found that these companies opened Letters of Credit (LCs) or export contracts through Janata Bank PLC’s Motijheel branch, Dhaka, but failed to repatriate export proceeds
The Criminal Investigation Department's (CID) Financial Crime Unit has received approval to submit charge sheets in 17 cases against Beximco Group Vice Chairman Salman F Rahman and several others for allegedly laundering around $97 million under the guise of foreign trade between 2020 and 2024.
According to a CID press release issued today (9 November), the investigation found that Beximco Group Chairman ASF Rahman, Salman F Rahman, also former prime minister Sheikh Hasina's adviser on private industry and investment, and several associates were involved in laundering money abroad through 17 corporate entities during this period.
Keep updated, follow The Business Standard's Google news channel
The entities used for the alleged transactions include Adventure Garments, Apollo Apparels, Autumn Loop Apparels, Bextex Garments, Cosmopolitan Apparels, Cozy Apparels, Esses Fashion International Knitwear and Apparels, Kanchpur Apparels, Midwest Garments, Peerless Garments, Pink Maker Garments, Platinum Garments, Skynet Apparels, Springful Apparels, Urban Fashions, and Winter Spring Garments Limited.
Investigators found that these companies opened Letters of Credit (LCs) or export contracts through Janata Bank PLC's Motijheel branch, Dhaka, but failed to repatriate export proceeds.
Instead, the export earnings were allegedly funnelled abroad through RR Global Trading in Dubai — owned by Ahmed Shayan Fazlur Rahman, son of Salman F Rahman, and Ahmed Shahriar Rahman, son of ASF Rahman.
The funds were allegedly transferred to the UAE, Saudi Arabia, South Africa, the UK, the USA, Ireland, and other countries, constituting trade-based money laundering, according to the specialised units of the Bangladesh Police.
Following the findings, the CID filed 17 money laundering cases at Motijheel Police Station on 17 and 18 September 2024 under the Money Laundering Prevention Act, 2012.
In compliance with court orders, the CID had already seized several properties belonging to the accused.
These include 2,000 decimals of land with structures in Dohar, Dhaka; a 6,189.54-square-foot flat in The Envoy Building, Gulshan; and a 2,713-square-foot triplex flat at Plot 31, Road 698/A, Gulshan residential area.
In addition, the court had ordered the freezing of multiple bank accounts and imposed travel bans on the accused.
The CID said the total estimated value of the seized assets stands at Tk600–700 crore.
The cases name a total of 28 individuals and 19 entities, including ASF Rahman, Salman F Rahman, Ahmed Shayan Fazlur Rahman, and Ahmed Shahriar Rahman, accusing them of laundering money abroad through fraudulent trade mechanisms.
Salman F Rahman, who is currently in jail, has been shown arrested in these cases.
The CID also arrested Wasiur Rahman, managing director and shareholder of Beximco's associate company Autumn Loop Apparels Ltd, in July 2025.
