Published: 06:45 AM, 06 April 2026
Investors are losing hope over getting back money from GMG Airlines
Beximco Group's business concern GMG Airlines has vanished with 300 crore taka mischievously taken from investors. It has been more than 16 years that the hapless people who invested their hard-earned cash in GMG Airlines but now their hope is dimming out about getting back the money they engaged with this organization. Financial sources have informed that GMG Airlines sold out their placement shares and grabbed this enormous sum of money from investors which was a very big scam. GMG Airlines also did forgery on their financial report and thus they were able to cheat on their investors.
The victimized people have been running around different offices to get back their money but no regulatory authorities are showing any concern about the recovery of such a mammoth amount of siphoned away funds. It has astonished economists for what reasons Bangladesh Bank and Bangladesh Securities and Exchange Commission (BSEC) are not acting upon this issue while an elected government is in power.
GMG Airlines also borrowed 165 crore taka from Sonali Bank. The whole loan amount has turned into a bad debt. Banks have no way to recover defaulted loans from GMG Airlines since it has been laid off for around 15 years. Financial scholars have suggested that Beximco Group owner Salman F Rahman should be interrogated extensively to ascertain the whereabouts of all these missing investments.
On the other hand, it has been reported that the Civil Aviation Authority of Bangladesh (CAAB) is struggling to retrieve BDT 11.93 billion from three airliners including GMG Airlines. Another two companies are Regent Airways and United Airways.
Bangladesh's first private airline GMG Airlines started operations in 1997 and went bankrupt in 2012 due to financial woes. Professor Dr. Mainul Islam, Economics Department of Chittagong University said that the financial administrators under the elected government will face strong criticism if GMG Airlines is allowed to get off with investors' money. He called upon the authorities concerned to immediately find out and prosecute the officials who were in charge of GMG Airlines when the company was shut down.
Executive Director of Transparency International Bangladesh (TIB) Dr. Iftekharuzzaman said that financial rackets like the one done by some airliners took place because no previous government was serious about a hard crackdown on scammers and fraudsters. He laid emphasis on tough actions from the Finance Ministry, Civil Aviation and Tourism Ministry, Bangladesh Bank and BSEC to take stern measures on GMG Airlines top management for fast recovery of the stolen money.
