Bangladesh’s Anti-Corruption Commission (ACC) has launched an inquiry into allegations of fraud and money laundering involving multinational tobacco company with claims suggesting the country may have lost between $20 billion and $30 billion over the past 55 years.
The state anti-graft agency has reportedly begun sending letters to various government offices as part of its investigation into the allegations of financial irregularities and illicit asset transfers involving the company.
A senior ACC official confirmed on Saturday that the commission recently decided to verify the allegations and has started collecting relevant information and documents.
Speaking on the matter, ACC Deputy Director Aktarul Islam said the commission had contacted several institutions, including the Registrar of Joint Stock Companies and Firms, to uncover the facts behind the allegations.
“If evidence of fraud is found after reviewing the documents, legal action will be taken in accordance with the law,” he said.
According to the complaint submitted to the ACC, the Pakistan Tobacco Company (PTC) was established in Karachi following the partition of India in 1947 and later built two major factories in Chattogram and Dhaka.
After Bangladesh gained independence in 1971, the factories were legally supposed to become abandoned properties under the ownership of the Bangladesh government, the complaint alleged. It further claimed that PTC had already received substantial compensation from Karachi for those assets.
The allegations state that a syndicate led by Jamaluddin Ahmed, who was reportedly serving in a high-level government position in Bangladesh at the time and had previously worked as finance manager of PTC, used political influence and fraudulent means to facilitate the transfer of these state assets to British American Tobacco.
The complaint alleges that Bangladesh has suffered financial losses ranging from $20 billion to $30 billion as a result of the alleged fraud and illicit asset transfer over the last five decades.
The ACC has not yet announced any formal charges, and the investigation remains ongoing.
