A Dhaka court has ordered the freezing of 70 bank accounts belonging to Bashundhara Group Chairman Ahmed Akbar Sobhan Shah Alam and seven of his family members, including his son and Group Managing Director Sayem Sobhan Anvir.
The move follows a request from the Anti-Corruption Commission (ACC) as part of a corruption investigation.
According to the ACC, the accounts once held deposits totaling Tk 2,075.40 crore and $192,034, though the current balances have dwindled to Tk 19.81 crore and $10,538. The family members named include Shah Alam’s sons—Sadat Sobhan, Shafiat Sobhan, and Safwan Sobhan—as well as their spouses: Sonia Ferdowshi Sobhan, Sabrina Sobhan, and Yeasha Sobhan.
The court also froze over 75.46 crore shares in 22 companies, with a market value exceeding Tk 1,458.75 crore. These shares are registered under Shah Alam, his wife Afroza Begum, and their sons and daughters-in-law.
The ACC alleges that Shah Alam and his family transferred large sums of money abroad without approval from Bangladesh Bank, investing in countries like Slovakia, Cyprus, the UK, UAE, Switzerland, Saint Kitts and Nevis, Singapore, and the British Virgin Islands. They reportedly acquired foreign citizenship and passports through such investments, concealing the assets from tax declarations.
The ACC stated that these actions constitute money laundering and illegal acquisition of both domestic and international properties using undisclosed income. Authorities also reported attempts by the accused to transfer money and shares, which could jeopardize the investigation.
Earlier, on November 21 last year, the same court had ordered a freeze on foreign assets of Shah Alam and his family in six countries and two offshore zones. On October 6, the Bangladesh Financial Intelligence Unit (BFIU) directed all banks to freeze their personal accounts, and on October 21, the court imposed a travel ban on Shah Alam and eight family members.
Efforts to reach Bashundhara Group officials for comment went unanswered as of the time of reporting.
