Staff Reporter :
The National Board of Revenue (NBR) has issued a directive to the Office of the Registrar of Joint Stock Companies and Firms, seeking to suspend the transfer of shares belonging to seven prominent business conglomerates: Beximco, Bashundhara, S Alam, Nassa, Summit, Orion, and Third Wave Technologies Limited (Nagad Limited).
Ahsan Habib, the newly appointed Director General of the NBR’s Central Intelligence Cell (CIC), confirmed on Wednesday that he sent the letter on Sunday, just a day after assuming his role.
Legal Basis for Action
According to Section 223 of the Income Tax Act, 2023, the NBR has the authority to initiate interim attachment of property to prevent tax evasion. The letter stated that the move was necessary due to ongoing investigations into alleged financial irregularities, including tax evasion, by these companies.
The NBR has requested the Registrar of Joint Stock to suspend the transfer—whether through purchase, sale, or donation—of shares owned by these conglomerates, citing the public interest as the rationale for this action.
Ongoing Investigations into Financial Irregularities
The CIC had previously launched an investigation into the owners of Beximco, Bashundhara, Summit, Orion, and Nassa, with allegations of financial misconduct, including tax evasion.
As part of the investigation, the intelligence cell issued letters to banks and financial institutions, requesting transaction details related to the owners of these companies. Individuals under scrutiny include Salman F Rahman, owner of Beximco Group; Ahmed Akbar Sobhan, Chairman of Bashundhara Group; Muhammed Aziz Khan, Chairman of Summit Group; Nazrul Islam Majumder, Chairman of NASSA Group; and Obaidul Karim, founder of Orion Group, along with their family members.
Tax Department’s Involvement
The Commissioner of Tax Zone-15, part of NBR’s tax department, had also issued a letter to all banks, requesting detailed information on the bank accounts held by the individuals associated with these conglomerates. The request extended to information on credit cards held by the family members of Saiful Alam, a key figure associated with these companies.
Ahsan Habib, before becoming the Director General of the CIC, was previously the Commissioner of the same tax zone and had overseen some of these earlier inquiries. His new role as the CIC head has now placed him at the center of this critical investigation.
