Top Bangladeshi officials named in Dubai real estate scandal
Staff Reporter :
Dubai has emerged as a prime destination for Bangladeshi investors seeking opportunities in offshore businesses and real estate, particularly following the concealment of asset information in Bangladesh.
This trend suggests that substantial sums of money may have been siphoned from the government during the tenure of the Awami League.
Despite the presence of various regulatory agencies, including the Bangladesh Financial Intelligence Unit (BFIU), the National Board of Revenue (NBR), and the Criminal Investigation Department (CID), reports indicate that money laundering and financial irregularities have escalated over the last 15 years under former Prime Minister Sheikh Hasina’s administration.
Investigations by these agencies have yet to yield significant results or hold those involved accountable.
Information about these activities often comes to light through reports from international organizations, raising concerns among Bangladeshi citizens. Meanwhile, local agencies appear busy conducting investigations without providing concrete results.
Recently, The New Nation uncovered a list of 136 Bangladeshi individuals who have purchased 847 high-value properties in the United Arab Emirates (UAE).
Analysis of this list reveals that Bangladeshi nationals are becoming increasingly prominent players in Dubai’s real estate market, investing in a diverse portfolio that includes luxury flats, villas, and commercial spaces in prime locations such as Burj Khalifa, Palm Jumeirah, and Marsa Dubai.
Among those listed, former Bangladeshi minister Saifuzzaman Chowdhury tops the rankings with ownership of 136 properties, followed by Rubaiya Lasker with 32 and Ashiqur Rahman Lasker with 30. Other notable individuals include Mostafizur Rahman and Mohd Idris Shakur, each owning 30 and 21 properties, respectively. The profile of these investors predominantly includes individuals aged 30 to 60, a group typically characterized by economic activity and investment capacity.
However, a recent investigation has revealed a sprawling corruption scandal involving the alleged siphoning off billions of dollars from the Bangladeshi government over the past 15 years. This financial malpractice reportedly has deep roots within government institutions, targeting banks and utilizing complex networks to divert public funds into overseas accounts.
Sources indicate that numerous Bangladeshi individuals, including high-ranking government officials, have engaged in systematic embezzlement, with significant investments made in countries like Dubai and Singapore.
These actions have not only weakened the country’s financial integrity but have also severely depleted the government exchequer, raising concerns about the long-term economic impact on the nation.
The investigation reveals that banks were primary targets for these criminal activities, with several financial institutions allegedly complicit in facilitating the movement of funds abroad. Whistleblowers within the banking sector have reported irregularities in transactions, hinting at a network that spans various sectors and involves multiple agencies.
Former minister Saifuzzaman Chowdhury has been exposed for owning over 300 high-end apartments in Dubai, with recently leaked property data from 2023 indicating that his holdings are valued at more than $140 million. His wife, Rukhmila Zaman, also owns 50 properties in Dubai worth over $25 million, bringing their total property portfolio in the UAE to nearly $170 million.
These revelations follow Al Jazeera’s report, “The Minister’s Millions,” which aired in September and highlighted Chowdhury’s extensive global property investments, estimated to total around $500 million. The former minister has claimed to own luxury properties in London, New York, and Dubai and reportedly acquired over 360 homes in Britain since 2016.
Meanwhile, AHM Mustafa Kamal, known as Lotus Kamal, a former finance minister under the Awami League government and his daughter Nafisa Kamal are under investigation for allegedly laundering approximately Tk 25,000 crore and building a substantial business empire in Dubai. Reports suggest that Kamal, known for his involvement in stock market manipulation prior to his ministerial role, has amassed considerable wealth, including numerous properties in Dubai registered under various names.
Sources from the Anti-Corruption Commission (ACC) indicate that a syndicate led by Kamal and his family is accused of siphoning off around Tk 20,000 crore through illegal fees charged to workers sent to Malaysia.
This group allegedly deceived workers with false job offers, extorting significant amounts from them.
Additionally, in 2010, it is claimed that Kamal laundered Tk 5,000 crore overseas through stock market manipulation. A three-member investigation team, headed by ACC Deputy Director Nurul Huda, has begun to verify these allegations.