According to the findings of the Criminal Investigation Department (CID), Nazrul Islam Majumder, the head of the NASSA Group, who is now jailed, used “trade based money laundering” to launder USD 3 million to the US.
According to a news release of the CID, its preliminary inquiry has established that Nazrul siphoned off the money to the US by exporting items against 130 LCs/sales contracts in the name of Firoza Garments Ltd, a sister firm of NASSA Group, from the National Bank Ltd. from 2020 to 2024.
According to the CID, they have evidence that Nazrul made $3 billion from the export of products but failed to repatriate the money to the country within the allotted time frame for money laundering.
A complaint has also been filed with the CID alleging that Nazrul used money laundering to buy a residence in the UK under the name of his daughter Anika Islam.
According to the CID statement, Nazrul also sold the raw materials he imported from overseas under tax-free bond coverage, avoiding millions of dollars in taxes by doing so. He then sold those goods on the open markets in the nation.
The release also said that Nazrul took out loans of Tk 210 billion in favour of four organisations of NASSA Group and laundered billions of taka in different countries including the UAE, the UK, Canada, Singapore and Thailand through under voicing and over voicing under the guise of export and import.
Nazrul Islam Majumder, the president of the Bankers Association of Bangladesh (BAB) and the chairman of Exim Bank, was taken into custody by police on Tuesday night from the Gulshan neighborhood of the city.
, Nazrul Islam Majumder, the head of the NASSA Group, who is now jailed, used "trade based money laundering" to launder USD 3 million to the US.){kind=link}