CID to probe allegation of money laundering against Bashundhara Group

The Criminal Investigation Department (CID) of Bangladesh has launched an investigation into alleged money laundering by Bashundhara Group’s chairman Ahmed Akbar Sobhan and MD Sayem Sobhan Anvir. The probe covers accusations of embezzlement, fraud, duty and VAT evasion, and under/over-invoicing. The group is suspected of laundering money to multiple countries and fraudulently acquiring land. They allegedly borrowed over 42,000 crore taka from banks by inflating land prices. The investigation also includes claims of illegal land grabbing and unauthorized development projects.READ FULL