Businesses are facing mounting pressure amid sluggish investment, high interest rates, rising production costs and political and economic uncertainty. The National Board of Revenue’s (NBR) move to seek bank account details of more than 200 individuals and companies, and freeze accounts of around 100 people over alleged involvement in fuelling unrest in the garment sector, has added to entrepreneurs’ concerns.
Business leaders warn that indiscriminate account freezes based on political affiliations or past business ties could harm innocent entrepreneurs. They argue that action should be taken only after investigations establish specific evidence of involvement in labour unrest.
The NBR has started unfreezing accounts of some companies after the restrictions disrupted routine operations, including opening letters of credit (LCs), accessing bank loans and paying workers’ wages. However, uncertainty remains as investigations continue, with the revenue authority seeking transaction records covering the past five years from several businesses.
On November 4, the NBR’s Income Tax Intelligence and Investigation Unit and Central Intelligence Cell sent letters to banks seeking information on the accounts of more than 200 individuals and entities. Banks were also instructed to freeze the accounts of around 100 individuals.
NBR officials said the measures were taken based on intelligence agency information. The list reportedly includes former Awami League lawmakers and politically affiliated individuals, as well as businesspeople without known political connections.
Several major export-oriented groups have also come under scrutiny. The accounts of 28 companies under Mondol Group were sought, while those of its chairman Abdul Momin Mondol, managing director Abdul Alim Mondol and several others were frozen. The group exported around $560 million worth of garments in the 2025-26 fiscal year and employs about 50,000 workers.
Companies under Well Group, Envoy Group, Standard Group, Tusuka Group, Nipa Group and Givenchy Group have also come under the NBR’s scrutiny.
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has raised concerns with the government, seeking to prevent further complications for the industry.
BGMEA President Mahmud Hasan Khan Babu said the association had urged the government not to freeze the accounts of factory owners or companies without specific evidence that they had instigated or financed labour unrest.
He said the association was continuing discussions with the government and expected the accounts of those against whom no specific allegations had been established to be released promptly after verification.
Following discussions, the NBR has unfrozen the accounts of several companies, including those under Sheltech Group and Standard Group. Some accounts belonging to Mondol Group and Envoy Group companies have also been released, although those of several individuals remain frozen.
Businesspeople say lifting the restrictions does not fully resolve the problems. The freezes have already complicated LC openings, access to approved credit facilities and other financial transactions. Such incidents could also damage companies’ reputations among foreign buyers, they warn.
