The Bangladesh Financial Intelligence Unit (BFIU) has ordered banks to freeze the accounts of Orion Group Chairman Obaidul Karim and its Managing Director, Salman Obaidul Karim, to investigate potential financial misconduct.
This move follows the anti-money laundering agency’s recent directives targeting key individuals associated with one of the country’s largest conglomerates.
In addition to Obaidul Karim and Salman Obaidul Karim, the BFIU has instructed banks to freeze the accounts of two Orion Group directors, Arzuda Karim and Zareen Karim, and two of the chairman’s relatives, Mehadi Hasan and Rezaul Karim, who have business ties with the company.
The freezing orders apply to all their accounts, which will be inaccessible for a 30-day period as authorities investigate further. The BFIU has directed that these individuals be blocked from accessing locker and credit card services during this period.
The BFIU, responsible for combatting financial crime in Bangladesh, sent formal notifications to banks instructing them to comply with the freezing orders. Banks were also requested to provide updated information on the six individuals to determine if they may be operating other accounts under different names or aliases.
Orion Group, established by Obaidul Karim, is a major player in Bangladesh’s business landscape. The conglomerate has vast interests across various sectors, including pharmaceuticals, chemicals, infrastructure development, agribusiness, hospitality, textiles, and aviation.
Given its broad reach and the prominence of its leadership, the freeze on the accounts of its top executives signals a potentially critical development in Bangladesh’s financial and business sectors.
