Bangladesh’s Meghna Group Probed Over $32M Vessel Fraud

Bangladesh's Meghna Group of Industries is under investigation after regulators found it may have used a fake vessel purchase to siphon $32.6 million abroad. The Bangladesh Financial Intelligence Unit found that Unique Cement Industries, a Meghna Group company, opened a letter of credit on March 29, 2026, to buy the bulk carrier MEGHNA PEARL. The problem: Meghna Group already owned the ship.

The beneficiary of the letter of credit was Meghna Trade and Commerce PTE Ltd, a Singapore entity the group set up in 2018 without the central bank's approval. Lloyd's vessel data shows the group had commercial control of MEGHNA PEARL since at least October 2019, years before the supposed sale. The BFIU suspected collusion between group officials and staff at Meghna Bank, which approved the credit.

Bangladesh's Anti-Corruption Commission and its Criminal Investigation Department have both opened formal probes. A Dhaka court imposed a travel ban on Meghna Group chairman Mostafa Kamal in May 2025 following an earlier ACC application.

The vessel drawing tracking attention on MarineRadar, MEGHNA LEGACY, is a separate Meghna Group bulk carrier. It is currently underway to Vancouver with an ETA of September 6.