Founder and chairman of Bangladesh-based Nassa Group, Nazrul Islam Mazumder has been accused of being involved in laundering US$3 million to the US through trade-based money laundering (TBML).

He used letters of credit (L/Cs) to facilitate this by allegedly manipulating trade documents to channel his funds to accounts in the US where he had business and personal connections.

Multiple L/Cs

Bangladesh's Criminal Investigation Department (CID) has alleged that Nazrul laundered US$3 million to the US by exporting goods using no fewer than 130 L/Cs and sales contracts.

These transactions were apparently conducted through Firoza Garments, a sister company of Nassa Group, via National Bank from 2020 to 2024.

Prominent connections

Nazrul led the Nassa Group for nearly 17 years during the Awami League-led government

under the leadership of Sheikh Hasina until she was ousted as prime minister of Bangladesh earlier this year.

The group is one of the largest garment manufacturing companies in Bangladesh, which allowed him to develop strong networks within the financial and industrial sectors as well as senior figures in the Awami League.

He subsequently became the chairman of Exim Bank (Bangladesh) and president of the Bankers Association of Bangladesh, largely due to his influential standing in the country's business and banking sectors.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.