CID files case against Alif Industries chairman, four others over Tk28.4cr money laundering
The case is currently being investigated by the CID’s Financial Crime Unit
The Criminal Investigation Department (CID) has filed a case against the chairman of Alif Industries Limited and four others on charges of money laundering through the guise of importing goods.
According to the CID, preliminary findings indicate that Alif Industries Limited declared lawful imports but, in practice, brought in goods that were either lower in quantity or different from those declared. Through this process, the company allegedly siphoned off approximately Tk28.40 crore abroad. The funds were reportedly transferred overseas in violation of Bangladesh Bank's foreign exchange management regulations.
Those named in the case are Alif Industries Chairman Md Azizul Islam, Managing Director Md Azimul Islam, Director Md Rafiqul Islam, and Independent Directors Tanim Noman Sattar and Md Azharul Islam.
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CID Special Superintendent of Police (Media) Jasim Uddin Khan confirmed the development today (8 January). He said that based on preliminary inquiries and available evidence, the CID filed a case under the Money Laundering Prevention Act on Wednesday with Gulshan Police Station under the Dhaka Metropolitan Police against the company's chairman, managing director, and other concerned directors and officials.
He said the accused acted together to open six letters of credit (LC) and sales contracts at the Gulshan head office of Export Import Bank of Bangladesh, against which 56 EXP forms were issued. Despite exporting readymade garment products, they allegedly did not bring back the export earnings within the stipulated time, a lapse that was confirmed during the preliminary investigation.
The CID said it reviewed documents from the company's registered office and factory, including import-related papers, LC documents, bank account statements, and other financial records, to confirm the irregularities. The investigation found discrepancies in the declared value and quantity of imported goods, leading to misuse of foreign currency and money laundering, causing financial losses to the state.
The case is currently being investigated by the CID's Financial Crime Unit. Jasim Uddin Khan said the investigation will continue to uncover the full scope of the offence, identify any additional suspects, and complete other legal procedures.
