Saifuzzaman Chowdhury, Bangladesh’s former Land Minister, has been accused of laundering over $500 million through luxury real estate in London, Dubai, and New York, according to an investigation by Al Jazeera’s Investigative Unit (I-Unit). Investigation revealed that Chowdhury, a prominent figure from the port city of Chittagong, failed to declare his foreign assets on his Bangladesh tax returns, violating the country’s strict currency laws.
Chowdhury, a close ally of ousted Prime Minister Sheikh Hasina, allegedly bypassed Bangladesh’s $12,000 annual limit on overseas remittances by using complex financial networks in the UK. Se networks enabled him to purchase 360 properties in the UK alone since 2016, including a $14 million mansion in London, where he was caught on hidden camera revealing details of his wealth.
Anti-Corruption Investigation Launched
Following the revelations, Bangladeshi authorities have frozen Chowdhury’s and his family’s bank accounts. Anti-Corruption Commission has launched an investigation into claims that Chowdhury illegally acquired and laundered hundreds of millions of dollars abroad. Dr. Shahdeen Malik, a prominent lawyer, noted that Bangladesh’s constitution mandates that politicians must declare all foreign assets, making Chowdhury’s omissions unlawful.
Allegations of Corruption and Money Laundering
Chowdhury’s wealth was amassed despite his modest government salary, and investigators are scrutinizing the possibility that funds were stolen state assets or bribes received for government contracts. Anti-money laundering laws classify high-ranking politicians as politically exposed persons (PEPs), requiring rigorous checks, but investigation revealed a network of enablers in the UK, including London-based estate agent Ripon Mahmood, Charles Douglas Solicitors LLP, and financial services provider Paresh Raja. Se entities allegedly helped Chowdhury bypass regulatory safeguards to build his overseas property empire.
In his defense, Chowdhury claims accusations are part of a politically motivated witch-hunt, asserting that funds used to buy properties came from legitimate businesses he has operated outside Bangladesh for years. His associates in the UK and elsewhere have also denied wrongdoing, asserting that y conducted required anti-money laundering checks.
Wider Corruption Crackdown in Bangladesh
investigation comes in the wake of Prime Minister Sheikh Hasina’s departure from Bangladesh following widespread protests and a brutal crackdown by security forces. After her flight to India in August, authorities launched probes into corruption allegations involving many of her government’s top officials. Chowdhury, once a key ally, is now one of several former ministers under scrutiny for illicit financial dealings.
This scandal has intensified calls for reform in Bangladesh’s political and financial systems, with growing public demand for accountability from the nation’s leaders.
