620 properties in US, UK, UAE: CID launches probe against ex-minister Saifuzzaman
The Financial Crimes Unit of the Criminal Investigation Department (CID) has launched an investigation into allegations of money laundering involving former land minister Saifuzzaman Chowdhury.
The probe encompasses transactions reportedly carried out by Saifuzzaman, his associates, and related entities in the US, UK, UAE, and Singapore, Azad Rahman, Special Superintendent of Police at CID told Jago News on Thursday October 31.
The investigation, prompted by multiple sources, revealed that Saifuzzaman allegedly founded a company, Nahar Management Incorporated, in the US in 2005, through which he acquired nine properties, said Azad.
Saifuzzaman’s wife, Rukhmila Zaman Chowdhury, also reportedly purchased two luxury flats in Dubai’s Al Barsha South-3, valued at approximately 22.5 million dirhams.
Between 2016 and 2021, Saifuzzaman is alleged to have acquired 620 properties across the US, UK, and UAE, with an estimated market value of $48 million.
Additionally, Azad Rahman said that between 2010 and 2023, the couple established eight companies in the UK and Dubai, totaling fixed and current assets valued at over $21 million, all allegedly funded through money laundered from Bangladesh.
The CID noted that neither Saifuzzaman nor his family members are listed in the companies approved by the Bangladesh Bank for foreign investments. His wealth statement submitted to the Election Commission before the last election omitted details of these foreign assets, raising further questions about the transparency of his financial disclosures.
The investigation follows a recent report by Al Jazeera, The Minister's Millions, which reported Saifuzzaman's global property holdings are valued at around $500 million.
The report also indicated that despite a travel ban imposed by Dhaka's Metropolitan Sessions Judge Court on October 7, Saifuzzaman was seen in London, residing in a $14 million home.
Al Jazeera’s findings claim the former minister owns over 600 properties globally, including 250 luxury apartments in Dubai, valued at over $140 million.
The Anti-Corruption Commission (ACC) has frozen Saifuzzaman and his wife's assets and bank accounts as part of its investigation.
