The National Board of Revenue (NBR) has directed the Registrar of Joint Stock Companies & Firms (RJSC) to halt the transfer of shares in seven leading conglomerates, including S Alam Group and Beximco Group, as part of a wider investigation into alleged financial irregularities and tax evasion.
The NBR’s Central Intelligence Cell (CIC) issued an order to block the transfer or sale of shares—whether by donation or other means—of companies such as Bashundhara Group, Orion Group, Summit Group, Beximco Group, S Alam Group, Nassa Group, and Third Wave Technologies Ltd (Nagad Ltd).
“There are serious allegations of financial irregularities, including tax evasion, against these companies,” the CIC said in its letter to the RJSC, emphasizing that cooperation from the registrar’s office is essential for protecting national interests.
This latest move comes after the NBR had, over a month ago, requested detailed banking information on the heads of five major business groups, including Salman F Rahman, vice-chairman of Beximco Group, Nazrul Islam Mazumder, chairman of Nassa Group, Mohammed Aziz Khan, chairman of Summit Group, Ahmed Akbar Sobhan, chairman of Bashundhara Group, and Mohammad Obaidul Karim, chairman of Orion Group.
The NBR is investigating their tax compliance, seeking details on various accounts and financial instruments held by these business leaders and their families from July 2015.
In a separate inquiry, Chattogram-based businessman Mohammed Saiful Alam, chairman of S Alam Group, is also under scrutiny, with the NBR field offices requesting account details related to his family members. Additionally, the VAT Commissionerate Chattogram has formed teams to audit the VAT compliance of 18 concerns within the S Alam Group.
The NBR’s investigation, launched by its CIC, is part of a broader effort to detect tax evasion and financial irregularities. The authority utilizes powers under the Income Tax Act 2023 and the Money Laundering Prevention Act 2012 to do so.
