Business and trade in the country are facing a period of stagnation. Entrepreneurs are under pressure from four main factors: slow investment, high interest rates, rising production costs, and political-economic uncertainty.
Against this backdrop, the National Board of Revenue (NBR) has sought information on the bank accounts of more than 200 individuals and institutions and moved to freeze the accounts of about 100 people, accusing them of fueling labour unrest in the ready-made garment (RMG) industry. The government’s steps have raised fresh concerns among the business community.
Businessmen allege that indiscriminate freezing of bank accounts—based on political affiliations or past business links—can harm innocent entrepreneurs. They argue that if anyone is accused of involvement in labour unrest, action should follow a proper investigation backed by specific evidence.
Complications have already emerged in normal operations, including opening letters of credit (LCs), utilising bank loans, and paying workers’ wages. In response, the NBR has begun releasing the accounts of several institutions.
However, this has not brought full relief. Even after accounts are unfrozen, the NBR continues to examine transaction data from the past five years for some firms, leaving uncertainty over the resumption of normal business.
On 4 November, amid labour unrest in the RMG sector, the NBR’s Income Tax Intelligence and Investigation Unit (ITIIU) and Central Intelligence Cell (CIC) wrote to various banks seeking details of the accounts of more than 200 individuals and institutions. Of these, the accounts of about 100 people were ordered to be frozen.
NBR officials said the steps were taken on the basis of information from intelligence agencies. The list includes former members of parliament and politically affiliated figures from the ousted Awami League government, as well as many businessmen with no political links.
The list features several of the country’s leading export groups. Mondol Group had accounts of 28 of its institutions sought; the accounts of its chairman, Abdul Momin Mondol, managing director Abdul Alim Mondol, and several others were frozen. The group exported around USD 560 million worth of garments in the 2025-26 fiscal year and employs about 50,000 workers.
Accounts and transactions linked to Well Group, Envoy Group, Standard Group, Tusuka Group, Nippon Group, and Givenchy Group have also come under NBR scrutiny.
In this situation, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has conveyed its concern to the highest levels of government to avoid further complications.
BGMEA President Mahmud Hasan Khan Babu said the association has requested the government not to freeze the bank accounts of any factory owner or institution without specific evidence of funding or instigating labour unrest. He added that BGMEA is maintaining communication with the government and expects accounts of those without specific allegations to be released quickly after verification.
Following discussions, the NBR has unfrozen accounts of Sheltech Group, Standard Group, and several institutions of Mondol Group and Envoy Group. However, the accounts of some related individuals remain frozen.
Businessmen say that merely releasing accounts does not solve all problems.
During the freeze period, many firms faced difficulties in opening LCs, using approved bank credit limits, and conducting other financial transactions. Such incidents can also send a negative signal to foreign buyers about a company’s image and reliability.