NBR uncovers country’s largest hundi operation disguised as perfume trade

The National Board of Revenue (NBR) has uncovered the country’s largest hundi operation, which was allegedly disguised as a perfume business.

The Central Intelligence Cell (CIC) of the NBR found evidence that billions of taka were being laundered abroad through this network.

Reports indicate that the company involved is Al Haramain Perfumes, owned by Mohammad Mahtabur Rahman Nasir, a businessman from Sylhet. Nasir, a US citizen, resides in the UAE under a Golden Visa.

According to CIC sources, Nasir’s business spans 86 countries, including the UAE, Saudi Arabia, Oman, Qatar, Kuwait, Bahrain, the US, and the UK. Though the business officially involves the trade and import-export of perfumes, investigations reveal that its main activity is money laundering via hundi.

A CIC team visited the UAE to gather intelligence on Nasir’s properties and financial dealings. They have also requested information from other governments about his assets.

In Bangladesh, the CIC conducted multiple raids on Nasir’s Sylhet residence, seizing documents related to 104 properties and other financial records. On 22 January, the CIC froze the bank accounts of Nasir, his family, and key associates, including his brother Mohammad Oliur Rahman, son Mohammad Emadur Rahman, nephews Mohammad Ashfaqul Rahman and Mohammad Ehsanur Rahman, and Al Haramain Group’s Executive Director Syed Sabbir Ahmed.

In addition to freezing bank accounts, income tax records have been scrutinized, and further details have been requested from land registry offices.

A senior CIC official revealed that Al Haramain Perfumes’ showrooms worldwide are involved in hundi transactions. For example, at the Bashundhara City showroom in Dhaka, when money is deposited, an equivalent amount in dirhams is disbursed at the City Centre in Dubai.

These transactions involve hundreds of crores of taka, with records only maintained in specialized ledgers. Investigations also suggest Nasir runs an extensive gold smuggling network.

Surveillance at the showrooms in Dhaka and Dubai found that actual perfume sales were nearly nonexistent, raising suspicions about their real purpose.

In addition to the CIC, Bangladesh Bank, the Bangladesh Financial Intelligence Unit (BFIU), and other intelligence agencies are investigating Nasir’s financial activities. On 12 March, the Bangladesh Bank dissolved the board of NRB Bank PLC, where Nasir had served as chairman for over nine years.

Nasir, however, has denied any involvement in hundi or illicit businesses. He claims, “My main source of income is Al Haramain Perfumes. While it may be loss-making in Bangladesh, it is a highly successful brand worldwide. I have never been involved in hundi or any illegal business. Outside the Middle East, I have no other business ventures.”

He also alleged political persecution, stating, “During Sheikh Hasina’s rule, MPs and ministers would inform me before arriving in Dubai. If they traveled, I had to arrange cars for them at the airport. The embassy would even instruct me on hospitality arrangements. Back then, not hosting them was an offense—now, hosting them has become one.”