https://www.khaborwala.com/alif-industries-directors-charged-in-major-money-laundering-probe

The Financial Crime Unit of the Criminal Investigation Department (CID) has initiated legal proceedings against five senior executives of Alif Industries Limited. The allegations, filed on Wednesday, 7 January 2026, at Gulshan Police Station, suggest a sophisticated trade-based money laundering scheme involving the siphoning of nearly $28.4 million (approximately BDT 3.4 billion) under the guise of import and export activities.

The Scope of the Allegations

According to a formal communiqué released by the CID on Thursday, the investigation centres on the misuse of credit facilities at the corporate head office of the Export Import Bank of Bangladesh (EXIM Bank) on Gulshan Avenue. The accused reportedly secured 56 Export Permits (EXPs) through six Letters of Credit (LCs) and sales contracts.

Initial inquiries conducted by the CID reveal that although ready-made garments (RMG) were ostensibly exported, the resulting foreign currency earnings were never repatriated to Bangladesh, even after the mandatory legal deadlines had expired. Furthermore, the firm is accused of manipulating import documentation—either by importing goods of lower value than declared or by shipping entirely different commodities—to facilitate the illegal transfer of funds abroad.

Violation of Central Bank Policies

The CID’s investigation confirms that the actions of Alif Industries Limited constitute a direct violation of the Foreign Exchange Regulation Act and the guidelines set forth by Bangladesh Bank. By failing to bring export proceeds back into the country and using "over-invoicing" for imports, the company caused significant damage to the national exchequer during a period of heightened scrutiny over foreign exchange reserves.

Investigators scrutinised factory records, import-export ledgers, bank statements, and LC documents to establish a prima facie case of financial malpractice. The case has been formally lodged under the Money Laundering Prevention Act, with the CID promising to identify any unidentified accomplices involved in the wider network.

Commitment to Financial Integrity

The CID has reiterated its "zero-tolerance" stance against trade-based money laundering. A spokesperson stated that the Financial Crime Unit is prioritising the recovery of laundered assets and ensuring that high-profile corporate figures are held accountable for economic sabotage. The investigation remains active as authorities seek to uncover the full extent of the offshore accounts used to harbour the diverted funds.