Janata Bank EDF loan fraud: ACC questions Salman F Rahman on remand

The Anti-Corruption Commission (ACC) has questioned Salman F Rahman, former adviser on industry and investment to ousted prime minister Sheikh Hasina and vice-chairman of Beximco Group, on remand in a case over alleged embezzlement and laundering of Tk136.98 crore from Janata Bank in the name of loans.

A team led by Deputy Director Muhammad Zainal Abedin and Assistant Director Md Al Amin questioned him today (1 February) after bringing him from jail to the commission's headquarters at around 3:45pm in a prison van.

Earlier, the Dhaka Metropolitan Senior Special Judge's Court granted Salman F Rahman a four-day remand following a petition filed by Muhammad Zainal Abedin, also the investigation officer of the case.

According to the ACC, the case was filed by its Dhaka-1 office on 3 November 2025 against Salman F Rahman and others under sections 409, 420, 467, 468, 471, 477(3) and 109 of the Penal Code, section 5(2) of the Prevention of Corruption Act, 1947, and relevant provisions of the Money Laundering Prevention Act, 2012.

ACC sources said preliminary investigation found that loans – including facilities under the Export Development Fund (EDF) – were approved and disbursed by Janata Bank PLC's local office in Dhaka in favour of a newly established company, Skynet Apparels Limited, through abuse of power, collusion, fraud and forgery.

The commission said the company's directors had no prior business experience.

The investigation further found that paper-based import and export transactions were shown through back-to-back letters of credit and Bangladesh Bank Letter of Credit (BBLC) among Beximco Group-linked companies to create so-called "accommodation bills".

Through this process, export proceeds worth $1,555,465.95 were not repatriated, while a total of $14,729,340 – equivalent to Tk136.98 crore – was allegedly embezzled, ACC sources said.

The investigation also found that the embezzled money was sent abroad through a United Arab Emirates-based company named RR Global Trading FZE.

ACC sources said the company is owned by Salman F Rahman's son, Ahmed Shayan Fazlur Rahman, and his nephew, Ahmed Shahriar Rahman, both of whom have been named as accused in the case.

According to the ACC, a total of 11 cases have so far been filed over financial irregularities, corruption, forgery, fraud, embezzlement and money laundering involving Beximco Group-affiliated companies, and all the cases are currently under investigation. Salman F Rahman has been named as an accused in all the cases.

Of the 11 cases, 10 involve the alleged embezzlement of Tk4,934,36,63,966 from Janata Bank PLC by showing the supply of goods under local back-to-back letters of credit issued in favour of various Beximco Group-linked companies.

The ACC said the sales contracts against which Janata Bank issued the local back-to-back LCs were issued by Dubai-based RR Global Trading FZE, jointly owned by Ahmed Shayan Fazlur Rahman and Ahmed Shahriar Rahman, who are sons of Salman F Rahman and his elder brother A S F Rahman respectively.

In addition, another case was filed over the alleged embezzlement and laundering of Tk800 crore from customers through the IFIC Amar Bond scheme by transferring the funds to accounts of Beximco Engineering Limited, Beximco Group and other entities.

As a result, the total amount involved in the 11 cases stands at Tk5,734,36,63,966, according to ACC sources.