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The Bangladeshi government said Tuesday that it will permanently shutter a dozen of the Beximco Group apparel factories that laid off tens of thousands of workers last year, following the severely indebted conglomerate’s inability to obtain letters of credit to fulfill its remaining—and declining—export orders.

The announcement, made by an advisory committee that was convened in December to address business and labor issues at Beximco Industrial Park in Gazipur, blamed the “massive” loans that Beximco obtained through fraudulent means, including the use of shell companies to obtain lines of credit for goods whose proceeds weren’t expatriated to Bangladesh as legally required.

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Labor advisor M. Sakhawat Hussain said that the company’s “loan scam,” ​​estimated at 28,544 crore Bangladeshi taka, or roughly $2.3 billion, exceeded that of the 2016 Bangladesh Bank cyber heist, which saw security hackers nick nearly $1 billion from the central bank’s Federal Reserve Bank of New York account. A forensic investigation is underway to determine where the money Beximco founders Salman F. Rahman and Sohail F. Rahman borrowed from 12 different banks has gone. In terms of total loans and liabilities, Beximco owes some 50,098 crore taka, or roughly $4.1 billion, nearly half of which is in default.

Hussain also said that the committee would be replacing Beximco’s existing receiver for failing to implement its decision regarding the closure of Beximco’s laid-off companies. Another decision was made to sell the mortgage shares of two of Beximco’s listed firms—Beximco Pharmaceuticals and Shinepukur Ceramics—to pay the axed workers’ dues. Any outstanding arrears will be paid by February, though that may come as cold comfort to the ex-employees who have been protesting to demand their factories’ reopening, including by allegedly setting a factory and several vehicles on fire.

“Whether this money comes from the sale of shares or other sources, we will ensure it is paid,” Hussain said. “If necessary, we will raise funds from the finance division.”

As of Saturday, police have arrested 37 individuals in connection to the demonstration. So far, three cases against a combined 5,000 unidentified individuals have been filed by G.M. Tariqul Islam, manager of Grameen Fabrics and Fashion; by Habibullah Akand, whose bus was set ablaze; and by Rafiqul Islam, a sub-inspector of the Gazipur Industrial Police who cited attacks of law enforcement officials.