Beximco subsidiary Autumn Loop Apparels MD arrested over laundering Tk34 crore abroad
The Criminal Investigation Department (CID) has the managing director and shareholder of Autumn Loop Apparels Limited — a corporate-guaranteed subsidiary of the Beximco Group — on charges of laundering approximately Tk34 crore abroad under the guise of internal trade.
Wasiur Rahman, 50, was arrested from the Madhyabadda DIT Project area in Dhaka by a CID team led by Inspector Md Sayedur Rahman, said a press release.
According to CID, Autumn Loop Apparels Limited secured three Letters of Credit (LCs)/Sales Contracts from the Dilkusha branch of Janata Bank between 30 December 2020 and 10 September 2024.
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The company reportedly exported goods under the pretense of domestic trade. However, despite mandatory Bangladesh Bank regulations requiring repatriation of export proceeds within four months, the company failed to return the earnings to the country.
Initial investigations suggest that the company deliberately withheld repatriation of export earnings, thereby committing money laundering under Section 2(a)(2) of the Prevention of Money Laundering Act, 2012 (Amended 2015).
The CID further alleges that Wasiur Rahman and his associates systematically laundered approximately Tk34 crore by exporting goods to affiliated or "interested" foreign entities.
A case has been filed at Motijheel Police Station under Sections 4(2)/4 of the Prevention of Money Laundering Act, 2012 (Amended 2015).
The case is now under investigation by the CID's Financial Crime Unit.
Wasiur Rahman was presented before the court, and a remand application was submitted to facilitate further investigation.
The CID is also probing whether he or his associates hold any undisclosed or illegal assets abroad.
Additionally, investigators are examining the potential involvement of Salman F Rahman, founder and vice chairman of the Beximco Group. Allegations have surfaced that he may have facilitated money laundering by establishing multiple companies under the names of family members to transfer funds overseas, said the CID release.
