Bashundhara refutes the CID’s allegations and calls for the intervention of the chief counsel

Bashundhara Group, one of Bangladesh’s largest conglomerates, has sought support from the caretaker government to protect its business, the jobs of thousands of workers and its reputation both at home and abroad, following what it considers a smear campaign by some agencies. state .

In a letter addressed to Chief Advisor Professor Muhammad Yunus on October 2, the group’s chairman, Ahmed Akbar Sobhan, expressed concern over what he described as defamatory statements and propaganda disseminated by government bodies in the media, both at home and abroad.

The conglomerate, which employs over 80,000 people, cited a recent press release from the police’s Criminal Investigations Division (CID) as an example.

On September 5, 2024, CID issued a widely reported statement in the media accusing the company, its president and managing director of various crimes, including land grabbing, money laundering and smuggling – all without – according to Bashundhara – any legal basis .

The CID release alleged that Bashundhara had illegally acquired 1,016 acres of land, including 800 acres of government land and 216 acres of Bhawal Raj estate. She further alleged that most of the company’s housing projects had not obtained proper clearance and only a small portion had been approved by Rajuka, the city’s development authority.

In response, Bashundhara argued that the power to determine the veracity of such serious allegations rests with the courts and so far no ruling has been issued against the group over land grabbing.

The company also dismissed allegations of financial fraud, including allegations that funds were siphoned abroad through fraudulent loans, as speculative and baseless.

Bashundhara maintains that such serious claims should be based on thorough research and concrete evidence. He then criticized the media for “irresponsible” dissemination of the allegations without proper verification, accusing both the CID and news outlets of undermining journalistic standards.

“No bank or financial institution, including the central regulatory bank, has ever raised any allegations of misconduct. On the contrary, in its 40-year history, the Bashundhara Group has always maintained a spotless loan repayment record without any incident of default.” reads the letter.

“Moreover, the valuation of land mortgaged to banks as security for their loans has increased manifold over the years, providing banks with continued security.”

The Bashundhara Group also rejected allegations of commercial money laundering in connection with the import of bitumen, saying it had never imported the material. The group also rejected what it described as vague and fabricated accusations of gold smuggling and tax evasion, saying they were made without legal basis or credible evidence.

According to Bashundhara, these accusations – spread by the CID and amplified by the media through the so-called “yellow journalism” – were publicized even before the actual investigation.

“The dissemination, publication and dissemination of these unsubstantiated, vague allegations, made without any investigation or without due process of law, has seriously damaged and damaged the group’s reputation and caused significant damage to its business operations, and has also adversely affected thousands of employees and their family members whose their livelihoods are directly related to the Bashundhara Group,” the letter said.

“We therefore request Your Excellency (Principal Adviser) to instruct the authorities concerned to withdraw and remove from the CID website the said press release and take all necessary actions to curb and prevent the spread of disparaging and defamatory disinformation which is deliberately disseminated to the public at home and abroad,” said Ahmed Akbar Sobhan.