The Anti-Corruption Commission (ACC) has launched an unprecedented investigation into allegations of fraud and money laundering of about 30 billion US dollars (about 3 lakh crore taka in Bangladeshi currency) against the multinational tobacco company British American Tobacco (BAT) Bangladesh, which is listed on the stock market. The anti-corruption agency has already sent letters to various government departments to investigate the allegations of skillful seizure of state assets and embezzlement of this huge amount of money over the past 55 years.
A senior source in the ACC confirmed that a formal decision to investigate the allegations of this mega scam was recently taken from the commission’s head office. Currently, various legal and financial aspects of the allegations are being scrutinized in depth.
Documents requested and ACC’s position:
When asked about this, ACC Deputy Director Md. Akhtarul Islam told the media:
”In order to uncover the truth of the allegations, we have already sent letters to various relevant institutions including the Registrar of Joint Stock Companies and Firms (RJSC) seeking information and documents. After a thorough review of the information and documents received, legal action will be taken if the allegations are found to be true.”
How the game of grabbing ‘state resources’ began:
From the specific charge sheet submitted to the ED, it is known that this fraud began during the partition of the country.
Background: After the partition of Pakistan in 1947, the Pakistan Tobacco Company (PTC) started its operations in Karachi. As part of its business expansion, the company later established two large and modern manufacturing plants in Chittagong and Dhaka, in the then East Pakistan.
Fraud after Independence: After the great liberation war in 1971, the sole ownership of this huge amount of abandoned assets was supposed to be transferred to the Bangladesh government as per the rules. But there are allegations that the government assets were strategically taken under the control of the multinational company British American Tobacco (BAT) using the then political influence, abuse of power and forgery of documents.
Powerful Syndicate Behind the Scenes:
The indictment has named the main masterminds behind this fraud. A powerful syndicate led by Jamaluddin Ahmed, the then finance manager of PTC and later a high-ranking government official, played a direct role in this entire process.
This historic fraud of protecting the interests of multinational companies from government positions and handing over state assets to private interests or foreign companies has caused huge financial losses to the Bangladeshi state over the past five decades.
Loss Account at a Glance: According to the preliminary data of the ACC, the financial loss to the state due to this fraud in the last 55 years (estimated) has been highlighted.
The total financial loss and money laundering is 20 to 30 billion US dollars.
Converted to Bangladeshi currency, it is about 3,00,000 crores (three lakh crores).
The period of the complaint is from the past 55 years (since independence to the present).
Main assets: Two large manufacturing factories and land in Dhaka and Chittagong.
According to the concerned quarters, this is one of the largest corporate fraud and money laundering cases in the history of the country. The ACC investigation is expected to reveal the history of a huge state loot that has been hidden for half a century.