NASSA Group chairman Nazrul laundered USD 3m to the US: CID

The Criminal Investigation Department (CID) has found that the detained NASSA Group chairman Nazrul Islam Majumder has laundered USD 3 million to the US through “trade based money laundering”.

According to a press release of the CID, its preliminary inquiry has found that Nazrul siphoned off the money to the US by exporting goods against 130 LCs/sales contracts in the name of Firoza Garments Ltd, a sister concern of NASSA Group, from the National Bank Ltd. from 2020 to 2024.

The CID has claimed that they have proof in their hands that Nazrul earned $3 billion through exporting goods and did not bring back the money to the country despite passage of the stipulated time aimed at laundering the amount.

The CID has also received a complaint that Nazrul purchased a house in the United Kingdom (UK) after his daughter Anika Islam’s name by laundering money.

The CID release also said Nazrul evaded taxes of millions by selling the raw materials which he imported from abroad under tax-free bond coverage and sold those in the country’s open markets.

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, who was also chairman of the Exim Bank and president of Bankers Association of Bangladesh (BAB) was arrested from the city’s Gulshan area by police on Tuesday night.