November 1, 2015 — the largest power blackout in Bangladesh's history occurred. Almost the entire country was left without electricity. This catastrophe is referred to as the "Blackout." Around 150 million people were affected. The outage was caused by a fault in the national grid, marking it as the most severe power failure in Bangladesh’s history.

A one-member investigation committee was formed to look into the incident, headed by Dr. Ahmad Kaikaus. During the investigation, it was found that the grid failure originated from India. The electricity supplied through India's national transmission line had a fault, triggering the blackout in Bangladesh. As per the agreement with India, compensation was to be provided for the damages caused to Bangladesh. However, Dr. Kaikaus prepared the investigation report in a way that concealed India's responsibility. Instead of holding India accountable, he submitted a fabricated and baseless report.

It is alleged that Dr. Kaikaus received hefty commissions from Indian companies to draft this misleading report. This marked the beginning of his illicit dealings with foreign entities. While serving as the Power Secretary, several major foreign investment agreements in the power sector were signed. Among these was a contract to purchase electricity from India’s Adani Group during the Awami League government's tenure.

A grave flaw was embedded in this contract — it granted Adani Group tax and duty exemptions amounting to nearly BDT 4,500 crore (approx. USD 500 million), facilitating a massive tax evasion scheme. Following the fall of the Awami League government, Bangladesh's Anti-Corruption Commission (ACC) has launched an investigation into the matter.

Documents obtained by Bangladesh Pratidin reveal that bypassing the National Board of Revenue (NBR), the then government structured the contract in a way that gave Adani this undue advantage. Allegations suggest that Dr. Ahmad Kaikaus played a pivotal role behind this significant tax evasion while serving as the Power Secretary. He allegedly coerced relevant officials of the Power Development Board (PDB) to draft such contracts.

A detailed review of records and procurement agreements related to the Adani power purchase deal shows that due procedures were not followed. An investigative team from NBR's Customs Intelligence and Investigation Directorate (CIID) uncovered sensational findings — Adani did not adhere to the proper process for power transmission and entry into Bangladesh. The investigation found no evidence of any Bill of Entry being submitted, nor any legal settlements regarding the importation process.

Consequently, the NBR’s investigation committee recommended recovering a significant amount of unpaid duties from PDB. The ACC's investigation team has sought the CIID’s nine-member committee report, which scrutinizes whether the unit prices for imported electricity were taxed appropriately, whether duties were paid, and whether any exemptions were officially approved by NBR.

It’s reported that as of July of the 2024-25 fiscal year, Adani Power Jharkhand Ltd. evaded USD 397,371,467 in duties on imported electricity. Bangladesh began importing electricity from Adani's Godda power plant on March 9, 2023. Since then, duties and other taxes on the imported power were not paid. The NBR found that a 25-year agreement with Adani included duty exemptions, but no approval was obtained from NBR or relevant authorities.

According to PDB sources, as of July last year, Bangladesh imported 10.589 billion kilowatt-hours of electricity from Adani's plant, valued at USD 1.281 billion. Based on import duties and taxes, NBR was supposed to collect around USD 397 million. Even though the contract included duty waivers, NBR's approval was never sought.

When CIID inquired in writing whether there was any official order or gazette notification for such exemptions, PDB replied that they had applied to the then NBR chairman on August 14, 2022, requesting exemptions similar to those granted to NTPC Vidyut Vyapar Nigam Ltd. However, NBR's Customs Exemption and Project Facilities Division never issued any decision or approval.

In its report, NBR stated that on April 13, 2023, a letter was sent to the Power Division Secretary inquiring whether NBR’s opinion had been sought regarding the duty exemption clause in the contract. No response was received.

It is also worth noting that on September 5 last year, an interim government formed a national committee to oversee contracts signed under the Speedy Supply of Power and Energy (Special Provisions) Act, 2010. This review committee announced on October 3 that it would examine 11 supply-related contracts with companies, including Adani Power. Among these is Adani's Godda Power Plant, which has a production capacity of 1,500 MW.

Multiple credible sources have confirmed that by granting a BDT 4,000 crore duty waiver to Adani, Ahmad Kaikaus personally profited by at least BDT 500 crore (around USD 58 million), which he allegedly transferred to accounts in the United States.

Dr. Kaikaus is accused not only of colluding with Adani Group but also of receiving commissions from various Indian and Chinese companies. He was particularly eager to sign contracts with foreign firms over domestic companies. During his tenure as Power Secretary, he initiated several overseas 'roadshows' to promote foreign investment, encouraging companies from China, Singapore, and the USA to enter Bangladesh’s energy sector. These initiatives led to a number of quick rental contracts and long-term power agreements with foreign firms.

The government claimed that these contracts would boost foreign investment. However, the reality was that Bangladesh had to offer massive tax exemptions, causing economic losses. Electricity prices were increased, and the only beneficiary of these deals was Ahmad Kaikaus. His main incentive in favoring foreign companies was that payments wouldn't have to move through domestic channels. Instead, foreign companies directly deposited commission payments into Kaikaus's chosen accounts or companies abroad.

The contracts were crafted to ensure that foreign companies could easily transfer commission payments into overseas accounts, allowing Kaikaus to maintain a “clean” image domestically. He even signed contracts while abroad, ensuring all arrangements were made for direct foreign transfers.

His dependency on foreign companies was not limited to the power sector — Kaikaus also increased reliance on foreign energy imports, leading to the halt of domestic gas extraction activities. He introduced spot tendering, inventing new ways to conduct commission-based business. Foreign companies favored Dr. Ahmad Kaikaus because of his easy accessibility and the convenience of financial dealings. By 2018, he had become so influential that managing him alone was enough for foreign companies; there was no need to deal with any other part of the government. Thus, he became the de facto commission agent — the 'Mafia Don' — among bureaucrats.