Money trail leads to UK: Hasina cronies' £400m property portfolio
Associates of former Bangladeshi Prime Minister Sheikh Hasina have spent millions acquiring high-end properties in the UK, raising questions about the origins of their wealth.
As Sheikh Hasina fled Dhaka aboard a military helicopter, her palatial residence was overrun by protesters. Below, around 1,000 Bangladeshis lay dead from a brutal crackdown on student-led protests, known as the Monsoon Revolution. Soon after, Hasina sought refuge in India, where she remains in exile.
Now, with Bangladesh in the process of rebuilding after her 16-year reign, attention has turned to reclaiming alleged corrupt funds linked to her regime. Interim leaders claim the country’s reconstruction efforts are hampered by the billions believed to have been siphoned out of the nation. Investigators suspect that powerful families and businesses connected to Hasina’s Awami League party acquired vast sums through illicit means, including state-backed loans that were never repaid. Authorities believe some of these funds were moved abroad using the South Asian money transfer system known as hundi.
A significant portion of this alleged illicit wealth is suspected to have found its way to the UK. Dhaka’s interim government has launched an investigation to track down assets worth £13 billion, following a global paper trail that leads to high-value London property.
Today, an investigation by The Observer, in partnership with Transparency International, reveals that Bangladeshi power players accused of corruption have amassed a property portfolio in the UK worth nearly £400 million—possibly even more. This network of around 350 properties ranges from modest flats to luxurious mansions. The owners include Bangladesh’s wealthiest businessmen, along with two former ministers from Hasina’s regime. These individuals claim the allegations are politically motivated attacks by the new government.
The findings raise serious questions about the role of British institutions—banks, law firms, and estate agents—in facilitating multi-million-pound property transactions, earning substantial fees in the process. Campaigners and MPs are now calling for stronger measures to combat the UK’s reputation as a haven for illicit wealth, questioning whether current background checks on property investors are sufficiently rigorous.
The allegations
Salman F Rahman, a former adviser to Hasina on private industry and investment, was arrested after attempting to flee Bangladesh. He faces money-laundering charges, and his bank accounts, along with those of his family, have been frozen. Rahman is co-founder of Beximco, one of Bangladesh's largest conglomerates, which has benefited from extensive loans from state-owned banks. Investigations into Beximco’s finances, including around £1 billion in unpaid loans, are currently underway.
Rahman’s son, Ahmed Shayan, and nephew, Ahmed Shahryar, both hold key positions within Beximco, and their assets have been frozen. Investigators have traced some of the family’s wealth to luxury properties in London’s Grosvenor Square. Shayan Rahman owns two apartments in the square, valued at £26.75 million and £35.5 million, purchased through companies based in the British Virgin Islands. His cousin, Ahmed Shahryar, owns four properties worth £23 million.
Lawyers for the Rahman family deny any wrongdoing, stating the properties were acquired in compliance with UK financial regulations. They argue the allegations are politically motivated.
Broader corruption allegations
The investigation also focuses on Saifuzzaman Chowdhury, a former land minister in Hasina’s government, whose vast UK property portfolio is under scrutiny. Chowdhury’s family is linked to more than 300 properties in the UK, valued at over £160 million, according to the UK’s Land Registry. A court has frozen his bank accounts and ordered the seizure of assets. Chowdhury has denied the allegations, asserting that funds used to purchase his properties came from legitimate businesses outside Bangladesh.
Other prominent figures linked to the Hasina regime, such as members of the Sobhan family, have also amassed extensive UK property holdings. The Sobhan family, owners of the Bashundhara Group, has been the subject of multiple investigations into alleged corruption, including unpaid loans from state-owned banks. Several of the Sobhan family’s properties are located in exclusive areas of London, including a £10 million mansion in Kensington, owned through an offshore company based in the British Virgin Islands.
The role of offshore financial hubs
Several families under investigation have used offshore financial hubs such as Dubai and Singapore to funnel money into the UK property market. For example, Safwan Sobhan, vice chairman of Bashundhara Group, owns properties in Kensington and Chelsea through companies registered in the British Virgin Islands. These properties were funded with loans from the Swiss bank UBS and Coutts, the private bank that serves the British royal family.
Nazrul Mazumder, chairman of Nassa Group, another prominent Bangladeshi conglomerate, is also under investigation for money laundering. He has five luxury properties in Kensington, valued at £38 million. Mazumder has rejected any suggestion that the properties were purchased with illicit funds.
Questions for UK institutions
The investigation raises serious concerns about the UK’s role as a destination for illicit wealth. While the UK’s financial institutions are required to conduct background checks on clients, including politically exposed persons (PEPs), critics argue that loopholes in the system allow individuals to hide the true source of their wealth.
MPs on the All-Party Parliamentary Group (APPG) for anti-corruption are urging UK regulators to strengthen their oversight of property transactions involving foreign investors. Transparency International has warned that the UK remains a prime destination for illicit wealth.
UK’s role in asset recovery
Campaigners are calling on the UK government to take a more proactive role in helping Bangladesh recover assets linked to corruption. Professor Mushtaq Khan, a specialist in corruption at SOAS University, suggests that the UK should consider diverting some of its foreign aid budget to assist in this effort.
As Bangladesh seeks to recover billions of dollars in stolen assets, the investigation into the UK property empire of Hasina’s associates is a crucial test for Britain’s commitment to combatting corruption. This case may determine whether the UK can live up to its ambition of becoming the world’s anti-corruption capital.
