CID starts investigating ex-land minister Saifuzzaman over money laundering

The Financial Crimes Unit of the Criminal Investigation Department (CID) has started an investigation into allegations of money laundering against former land minister Saifuzzaman Chowdhury.

Based on information and allegations from various sources, the CID has launched the investigation into Saifuzzaman, his associates, and related entities for money laundering activities in the United States, United Kingdom, United Arab Emirates, and Singapore, according to a press release issued by the CID media wing today (31 October).

The release stated Saifuzzaman established a company named "Nahar Management Incorporated" in the United States in 2005. 

Subsequently, he purchased nine flats in the US under the name of this company.

"His wife, Rukhmila Zaman Chowdhury, purchased two flats in the UAE's Al Barsha South-3 area, including Q Gardens and Boutique Residence, at a cost of 22,500,300 dirhams. 

Additionally, between 2016 and 2021, Saifuzzaman purchased 620 houses in the US, UK, and UAE, with a market value of approximately $48 million," the release added.

The CID also mentioned that for business purposes, between 2010 and 2023, Saifuzzaman and his wife established eight companies in the UK and Dubai, with a combined fixed and current asset value of $21,726,000.

According to the allegations, he used money laundered from Bangladesh to establish these companies. 

Moreover, Saifuzzaman or his family members are not listed in the 21 companies that have been granted approval by the Bangladesh Bank for foreign investment.

The release further noted the wealth statement submitted by the former land minister to the Election Commission before the election does not include any information about his assets abroad.

In accordance with the Money Laundering Prevention Act, the CID has initiated the investigation.

This development came into light after Al Jazeera released "The Minister's Millions" on 18 September, an investigation revealing that former land minister Saifuzzaman Chowdhury has amassed a global property empire worth an estimated $500 million.

Later on 7 October, the Dhaka Metropolitan Session Judge Court imposed a travel ban on the former land minister.

Wealth, violations and 'witch hunt'

On 22 October, Al Jazeera again reported that Saifuzzaman is currently residing in a $14 million home in London, despite the travel ban.

According to Al Jazeera's Investigative Unit (I-Unit), the travel ban was enforced as anti-corruption authorities investigated accusations that he laundered millions of dollars into the UK.

Al Jazeera captured the former land minister on film in London walking near a luxury apartment block where he owns six properties valued at over $9 million, which are only a small portion of his property holdings in the UK.

These properties, along with hundreds of others located in the United Arab Emirates and the United States, are now subject to a court order by the Anti-Corruption Commission (ACC), which has frozen the assets of both Chowdhury and his wife.

He fled Bangladesh after the government collapsed in August amid weeks of protests, during which security forces killed hundreds of demonstrators. 

New data leaks from 2023 show he owns more than 250 luxury apartments in Dubai, valued at over $140 million, while his wife owns an additional 50 properties in Dubai worth over $25 million, reports Al Jazeera.

This brings the couple's total property holdings to over 600 worldwide, valued at nearly $170 million in the UAE alone.

His acquisitions appear to violate currency laws, which limit citizens from taking more than $12,000 out of the country annually. 

Between 2018 and 2023, he reportedly failed to declare any of his offshore wealth. 

The Anti-Corruption Commission (ACC) has frozen the couple's bank accounts and barred them from leaving the country while investigating the alleged laundering of millions of dollars into Britain.

The former minister also told Al Jazeera that his wealth comes from legitimate businesses outside of Bangladesh and denied any wrongdoing, calling the investigation a politically motivated "witch-hunt" following the ousting of former prime minister Sheikh Hasina. 

His wife has not commented.