ACC–NBR Launch Joint Investigation into Apple Gadgets over Money Laundering and Smuggling
The Anti-Corruption Commission (ACC) has launched an investigation into Apple Gadgets Limited, a well-known electronics retailer in the capital, over serious allegations of money laundering, smuggling, and acquisition of illegal assets. At the same time, based on specific evidence of tax evasion, the Central Intelligence Cell (CIC) of the National Board of Revenue (NBR) has sought bank account details of three top officials of the company. This coordinated action by the two government agencies has created significant unrest in the country’s gadget import and electronics market.
According to sources, the company’s owner and Managing Director, Mohammad Saif Mahmud, has long faced allegations of illegally importing smartphones. Taking these allegations into account, the ACC’s Special Investigation Unit formally ordered an inquiry on December 17. The allegations state that the company smuggles high-end flagship smartphones from Vietnam, China, Dubai, and India by using so-called “luggage party” channels, while illegally transferring US dollars abroad.
Investigators claim that the smuggled phones are sold in the local market as “unofficial” devices, and the proceeds from these sales are again laundered overseas through hundi networks. It is alleged that this syndicate has laundered more than thousands of crores of taka. Furthermore, refurbished and stolen phones are allegedly promoted through popular YouTubers to attract young buyers, while a large portion of sales revenue is conducted outside formal banking channels. As a result, the government is losing substantial tax revenue, and additional pressure is being placed on the country’s foreign currency reserves.
Meanwhile, the NBR has intensified efforts to verify income and expenditure transparency. Sources say that, in addition to Mohammad Saif Mahmud, bank transaction details of directors Shariful Islam and Abdullah Al Faruqi have been requested. Information on their savings accounts, current accounts, fixed deposit receipts (FDRs), and credit card transactions has been sought from all scheduled banks and financial institutions across the country.
Another source stated that the company imports illegal mobile phones worth crores of taka annually, depriving the government of an estimated crores of taka in revenue each year. Experts warn that if such irregularities through luggage-party channels continue, legitimate manufacturers and importers will suffer severe losses.
NBR officials confirmed that the bank information received will be cross-checked with submitted income tax returns. Under the Income Tax Act 2023, strict legal action will be taken against those concerned if any discrepancies are proven.
