A K M Mosharraf Hossain submitted his resignation letter late Saturday to President Iajuddin Ahmed, but denied any underhand dealings with Canadian company Niko Resources Ltd.
"I think I have been the victim of a conspiracy of a certain vested quarter...," he was quoted Monday as saying by the Independent daily.
Ahmed accepted the resignation, according to an official statement.
Media reports said Hossain had accepted a brand new Toyota Land Cruiser Cygnus from Niko Resources in return for delaying a multimillion dollar compensation claim.
The gas exploration company had been found responsible for a fire at a Bangladeshi gas field in January that reportedly caused damage of at least 10 billion cubic feet of gas worth about US$2.5 million. The government has been seeking compensation.
Hossain was alleged to have delayed realization of the payment, the New Age daily said.
The minister returned the four-wheel drive on Sunday to Petrobangla --which regulates the country's oil and gas industry and has agreements with Niko Resources for gas prospecting in Bangladesh.
Hossain argued that because Niko had given the car to Petrobangla, and the watchdog had given it to him, he was not in any breach of regulation.
Officials from Niko Resources were not immediately available for comment.
