Staff reporter :
The Criminal Investigation Department (CID) has lodged a money laundering case against former Padma Bank chairman Chowdhury Nafeez Sarafat and three associates over allegations of siphoning Tk1,613 crore.
According to CID’s initial findings, Sarafat and his associate Dr Hasan Taher Imam obtained a licence in 2008 to run Race Management PLC, an asset management company.
Between 2008 and 2013, the firm took charge of managing 10 closed-end mutual funds now expanded to 13and allegedly exploited these funds for illegal personal gain, the CID said in a press release issued on Friday.
Investigators reported that Sarafat, his wife Anjuman Ara Shahid, and Dr Hasan Taher Imam invested mutual fund money to buy shares of the then Farmers Bank (now Padma Bank), enabling Sarafat to secure a seat on its board. Similar tactics reportedly helped his wife become a director at Southeast Bank.
The CID also found that the accused purchased brokerage firm Multi Securities using mutual fund assets and channelled money through its trading licence. Sarafat allegedly used Padma Bank’s funds to invest in various strategic equity funds via companies linked to him, including Padma Bank Securities. The probe uncovered extensive forgery and fraudulent activities—such as the opening of BO and bank accounts, acquisition of RAJUK plots, and establishment of multiple companies—which investigators say facilitated the laundering of funds abroad.
Growing allegations on social and mainstream media ranging from pressuring Best Holdings for Tk500 crore bond investments to laundering money overseas and buying luxury properties prompted CID’s Financial Crime Unit to launch the investigation.
CID identified 78 bank accounts operated under the names of Sarafat, his wife, their son Raheeb Safwan Sarafat Chowdhury, and associated individuals and entities. These accounts recorded deposits totalling Tk1,809.75 crore and withdrawals of Tk1,805.58 crore. Only 21 accounts remain active, holding a combined balance of merely Tk29.21 lakh.
