The Beximco Group has reportedly borrowed over Tk 40,000 crore from various banks and financial institutions in Bangladesh, raising serious concerns over collateral and transparency. Of this staggering amount, Tk 28,544.14 crore was taken in the name of one organisation, Beximco Textiles and Apparels Limited, while Tk 12,000 crore was allegedly borrowed under the names of 16 non-existent companies.Labour and Employment Adviser Brigadier General (Retd) Dr M Sakhawat Hossain termed the alleged scam as a bigger financial scandal than the Bangladesh Bank reserve theft. He made these remarks during a press conference at the ministry on Tuesday (January 28), following a meeting of the Advisory Council Committee on Labour and Business Issues at Beximco Industrial Park.

Sakhawat Hossain highlighted that the loans were likely obtained without adequate collateral, raising red flags about the due diligence processes of the lending institutions. The loans from 11 banks and one financial institution break down as follows:

Janata Bank: Tk 23,285 crore

Sonali Bank: Tk 1,424 crore

Agrani Bank: Tk 420 crore

Rupali Bank: Tk 986.72 crore

National Bank: Tk 315 crore

United Commercial Bank (UCB): Tk 333 crore

AB Bank: Tk 983 crore

Exim Bank: Tk 497 crore

Global Islami Bank: Tk 600.56 crore

Dutch-Bangla Bank: Tk 930.57 crore

IFIC Bank: Tk 780.22 crore

Bangladesh Infrastructure Finance Fund Limited (BIFFL): Tk 860.96 crore

The combined total for Beximco Textiles and Apparels Limited amounts to Tk 28,544.14 crore, while the additional Tk 12,000 crore borrowed in the name of non-existent entities brings the total debt to over Tk 40,000 crore.

Sakhawat compared the situation to the 2016 heist of Bangladesh Bank’s reserve, where hackers stole nearly $101 million. "This appears to be a bigger scam," he said, emphasizing that the loans represent public money derived from taxes and citizen deposits in banks.

He further stated, "This is money from the people—your money, my money. We must ask the banks if these loans have turned into non-performing loans (NPLs). An investigation will be initiated to determine how this money was borrowed and why proper oversight was not exercised."

The adviser urged authorities to investigate how such significant sums were disbursed without adequate safeguards. He emphasised the need to hold banks accountable for their role in the alleged mismanagement, ensuring that public funds are not misused.