Bashundhara Group, one of the largest local conglomerates, has denied allegations made by the Criminal Investigation Department (CID) regarding inquiry into allegations of land grabbing and money laundering, alongside other irregularities.
In a letter sent to Chief Adviser of the Interim Government Dr Muhammad Yunus on October 2, Bashundhara Group's Chairman Ahmed Akbar Sobhan said that recent unsubstantiated accusations, also picked up by some media outlets, have damaged the group’s reputation, business operations, and the livelihood of thousands of its employees, the conglomerate stated in a press release issued on October 3.
On September 5, the CID issued a press release, declaring it would open an inquiry regarding allegations of land grabbing, money laundering, and other irregularities.
Bashundhara Group's release mentioned them denying all such claims, stressing that no court or legal authority has ruled against the company on these matters.
Similarly, such accusations and media publications harmed the conglomerate’s local and global standing, it further said.
Such serious accusations should be based on thorough investigations and credible evidence, rather than speculation. "Media coverage of these speculations, prior to any inquiry or investigation as per the law, has caused confusion among the Group’s stakeholders, trade partners, and financial institutions."
A key allegation was based around the group's real estate wing for illegally seizing government land and purported lack of regulatory approval for part of its residential projects.
Bashundhara’s chairman has responded that these matters fall exclusively under the jurisdiction of civil courts, and to date, no court has ruled against the group based on such claims, the release said.
Furthermore, allegations of siphoning funds abroad and involvement in trade-based money laundering were also deemed baseless.
Moreover, the group denied the unsubstantiated accusations of gold smuggling and tax evasion, emphasizing that no such formal complaints had ever been lodged, and no official investigation had been undertaken to substantiate these allegations.
The letter to the interim government underscored that since its inception in the 1980s, Bashundhara Group has played a critical role in Bangladesh’s economic development.
The group’s ventures in real estate, bitumen, cement, paper, food, shipping, and essential commodities contribute to the country’s housing, infrastructure, and food security.
Bashundhara chairman Sobhan's letter to the chief adviser further stressed that the ongoing defamatory campaign threatens to destabilize the conglomerate’s widespread business operations across diverse industries.
Such outcomes would inevitably have a ripple effect on the national economy, jeopardizing thousands of jobs and harming Bangladesh’s international credit rating on the global stage, the release further stated.
Therefore, Bashundhara Group urged the interim government, led by Dr. Muhammad Yunus, to protect its businesses, the livelihoods of thousands of employees, and its hard-earned reputation.
Ahmed Akbar Sobhan also emphasized that even though the conglomerate has fostered positive relationships with successive governments during the last four decades to ensure business continuity, none of his family members were ever involved in politics.
He further reaffirmed the Group’s commitment to contributing to Bangladesh’s socio-economic development and upholding transparency, fairness, and accountability in all its endeavours.
