CID arrests Autumn Loop MD for siphoning off Tk 340m

Criminal Investigation Department (CID) arrested on Thursday Wasiur Rahman, managing director (MD) of Autumn Loop Apparels - an associate organisation of Beximco Group, for his alleged involvement in siphoning off over Tk 340 million (Tk 34 crore) abroad.

Abdul Kalam Azad, special police super of CID's Financial Crime Unit, told the media that Wasiur Rahman was nabbed during a raid in the capital's middle Badda DIT project area on the day.

Jashim Uddin Khan, special police super (media) of CID, said Autumn Loop Apparels took three letters of credit (LCs) from Janata Bank Dilkusha branch in the capital.

The business entity exported goods in the name of import - from 30 December 2020 to 10 September 2024. As per the Bangladesh Bank circular, it is mandatory to bring back the export value (money) to the country within four months of shipment.

But the said business did not bring back the money intentionally. It was engaged in siphoning off money abroad, and thus committed money laundering.

Wasiur Rahman was discharging his duties not only as the MD, but also a shareholder of the company. He and other accused persons siphoned off Tk 340 million abroad.

A case was filed with Motijheel Police Station under the Money Laundering Prevention Act. The CID Financial Crime Unit is now investigating the case.

Wasiur Rahman was presented before the court, and remand was sought against him. Investigation is also going on to ascertain the assets, amassed by Wasiur and his associates abroad.

Besides, investigation is also going on regarding the role of Salman F Rahman, the founder and vice chairman of Beximco. It is alleged that Salman created opportunities to siphon off money abroad through his relatives and close persons by launching multiple business entities.

talhabinhabib@yahoo.com