Investigation launched against Saifuzzaman Chowdhury over $48 million property deals

The Criminal Investigation Department (CID) has initiated an investigation into former Land Minister Saifuzzaman Chowdhury following allegations of money laundering abroad. 

This development was announced in a press release from the CID on Thursday.

According to the release, Chowdhury is accused of purchasing 620 properties across the United States, the United Kingdom, and the United Arab Emirates between 2016 and 2021, totaling approximately $4.8 million (around 572.4 crore BDT). The CID stated that the inquiry was prompted by various sources of information and complaints, focusing on Chowdhury and his affiliated individuals and businesses.

In 2005, Chowdhury established a company named Nahar Management Incorporated in the U.S., where he acquired nine apartments under that company‍‍`s name. 

The following years saw him expanding his business interests in Dubai, where he launched two companies—Rapid Raptor FZ LLC and Jeba Trading FZ LLC—focusing on computer software. 

Additionally, he purchased two luxury apartments in the Al-Barsha South Third area, registered under his wife Rukhmila Jaman Chowdhury, costing 2.25 million AED (approximately 73.1 lakh BDT).

The CID noted that the market value of the properties acquired by Chowdhury in the U.S., UK, and UAE from 2016 to 2021 is estimated to be around $48 million (approximately 572.4 crore BDT). 

Furthermore, between 2010 and 2023, Chowdhury opened eight companies in the UK and Dubai, with total assets valued at $21.72 million (about 259.1 crore BDT).

The investigation highlights that Chowdhury allegedly used funds obtained through money laundering from Bangladesh for these investments. 

However, among the 21 companies that the Bangladesh Bank has approved for foreign investment, neither Chowdhury nor any of his family members appear on the list. 

Additionally, an asset declaration submitted by Chowdhury to the Election Commission before the elections did not disclose any foreign assets, raising concerns about compliance with the Money Laundering Prevention Act.

As a result, the CID‍‍`s Financial Crime Unit has begun a thorough investigation into Chowdhury and related parties, underscoring the serious nature of the allegations.