A group of people linked to a buying house operation has allegedly siphoned millions of dollars from Bangladesh’s garment sector, leaving at least 15 factories in Gazipur and Savar struggling with unpaid dues estimated at around $2 million, according to affected business owners and officials.
The network, reportedly led by Genex Infosys former chairman Adnan Imam, known as influential during the Awami League tenure, along with Indian nationals Manish Chauhan and Anurag Chauhan, began operations in 2018 through a buying office named Noize Jeans Ltd in Uttara.
Industry insiders say the business initially gained the confidence of local manufacturers by placing regular orders and ensuring timely payments.
However, within a year, factory owners say payments became irregular, with delays eventually turning into long-standing defaults despite completed shipments. Because, transactions with factories are conducted through sales contracts and purchase orders (POs).
Factories open back-to-back letters of credit against these sales contracts and procure raw materials, often nominated by Noize Denim.
After shipment, Noize Denim instructed factories to send shipping documents directly to its offices in the United States or Hong Kong, rather than through a bank.
This practice created an opportunity for goods to be released in the United States without payment.
Industrial Police sources say members of the group have since left Bangladesh, leaving behind significant liabilities. Several factories affected by the alleged defaults have faced severe financial strain, with some forced to shut down operations altogether.
Officials confirmed that multiple complaints have been filed—both written and verbal—prompting an ongoing inquiry. Although the Dhaka operations of Noize Jeans Ltd and its affiliated entity Ultimate Fashion Ltd were suspended last year, sources allege the network remains active through overseas offices in Dubai, Hong Kong and India under the name “Lovegen.”
Authorities say the group continues to conduct business through foreign entities and local intermediaries, maintaining supply links with Bangladeshi factories while remaining beyond the immediate reach of domestic regulators.
Minhaj Mannan Emon, a director of the Dhaka Stock Exchange, alleges that the group—already facing accusations related to banking and capital market irregularities—has caused significant damage to the country’s apparel sector.
He warned that more entrepreneurs could fall victim if enforcement measures remain weak, adding that while factory owners struggle to survive, those accused are reportedly investing in luxury assets abroad.
Several affected entrepreneurs describe years of unpaid dues. Alim Al Razi, owner of Orbit Apparel, says his factory is among the worst hit, with around $98,000 unpaid for more than two and a half years. He says repeated assurances of payment never materialised, and he was eventually forced to shut down his factory.
Amirul Islam of Looptob Fashion says he is owed around $250,000. He adds that he can no longer open back-to-back letters of credit or secure new orders and is now surviving through subcontracting. He says many other factories are facing similar difficulties.
Sources also allege that members of the group are currently based in several countries, including the United Kingdom, Thailand and Spain, while operating through a network spanning Hong Kong, Dubai and India, making financial tracking more difficult.
Intelligence sources claim that funds linked to the group were laundered abroad and invested in high-value real estate. They allege that a luxury apartment in New York was purchased in 2024 for around $2 million and that properties worth approximately $15 million were acquired in Dubai using funds originating from Bangladesh. These claims could not be independently verified.
Separately, audit findings indicate that Adnan Imam and his affiliated companies defaulted on around Tk 2,000 crore between 2018 and 2024 to United Commercial Bank through a series of irregular loan transactions. The allegations have led the bank’s newly restructured board to seek a formal investigation by the Anti-Corruption Commission.
The audit also found that the bank suffered losses from purchasing shares of Genex Infosys at inflated prices without adequate due diligence or risk assessment.
Speaking to TIMES of Bangladesh, State Minister for Foreign Affairs Shama Obaed said the government is working through relevant institutions, including the finance ministry and Bangladesh Bank, to take action against those involved in embezzling and laundering money abroad.
She added that the foreign ministry is ready to provide diplomatic support if needed to recover laundered funds.
Attempts to contact Rashedul Islam Faisal, head of accounts and coordinator of Noize Jeans in Bangladesh, were unsuccessful, as the phone number associated with him was found switched off.
