Bangladesh, May 29 -- In one of the most egregious cases of financial fraud tied to US defense contracting, Douglas Edelman – a once little-known businessman who grew into a Pentagon fuel supply magnate – has pleaded guilty to what authorities are calling one of the largest criminal tax evasion schemes in American history. The case, spanning nearly two decades and involving more than US$350 million in concealed offshore income, is being described as a wake-up call for the US governments oversight of wartime procurement and financial accountability.

Edelmans downfall not only highlights vulnerabilities in the Pentagons contractor vetting system but also offers a stark lesson about the global reach of illicit finance when left ...