Dhaka, Aug 1 (V7N) — The Criminal Investigation Department (CID) has arrested Wasiur Rahman, Managing Director of Otam Loop Apparels Limited—a corporate guaranteed associate of Beximco Group—on charges of laundering approximately Tk 34 crore (roughly USD 3 million) through trade-based money laundering.
 
The arrest was made on Wednesday from the DIT Project area of Middle Badda in the capital. The development was confirmed on Thursday by Mohammad Abul Kalam Azad, Special Superintendent of Police, Financial Crime Unit, CID.
 
According to CID investigations, Otam Loop Apparels Limited opened three Letters of Credit (LCs) with the Dilkusha local branch of Janata Bank and engaged in export transactions between December 30, 2020, and September 10, 2024. Under Bangladesh Bank regulations, exporters are required to bring back foreign exchange earnings within four months of shipment. However, the company allegedly failed to do so.
 
Investigators concluded that the accused intentionally evaded this requirement, effectively laundering the funds by sending them abroad and not repatriating the export proceeds. Wasiur Rahman, as the Managing Director and shareholder, is accused of playing a central role in orchestrating the financial misconduct.
 
CID stated that the export operations were conducted under the guise of legitimate trade, but involved related or offshore entities to obscure the trail of money. A formal complaint was filed at Motijheel Police Station under the Money Laundering Prevention Act, and Wasiur was presented in court on Thursday. The court granted a one-day remand for further interrogation.
 
This case adds to growing concerns over export-linked financial fraud in Bangladesh’s apparel and textile sectors. In recent years, CID has uncovered several networks that used trade misinvoicing and phantom exports to move tens of millions of dollars offshore.
 
END/KMD/SMA/