How a Bangladesh minister spent more than $500m on luxury property

EXCLUSIVE

Undercover sting reveals however the person bought hundreds of overseas homes connected a $13,000-a-year salary.

Bangladesh’s erstwhile Land Minister Saifuzzaman Chowdhury spent much than $500m connected luxury existent property successful London, Dubai, and New York but did not state his overseas assets connected his Bangladesh taxation returns, Al Jazeera’s Investigative Unit (I-Unit) has revealed.

The I-Unit went undercover successful the UK to analyse however the 55-year-old Chowdhury, from a almighty household successful the larboard metropolis of Chittagong, amassed a spot empire contempt a $12,000 yearly bounds arsenic portion of the nation’s currency laws connected the magnitude a national tin instrumentality retired of Bangladesh.

Dr Shahdeen Malik, an advocator of the Supreme Court of Bangladesh, told Al Jazeera that the country’s constitution intelligibly states that politicians indispensable state their overseas assets.

Authorities successful Bangladesh person frozen his slope accounts and are present investigating claims Chowdhury laundered millions of dollars into the UK.

Chowdhury had been a adjacent state of removed Prime Minister Sheikh Hasina who fled Bangladesh successful August aft hundreds were killed arsenic information forces cracked down connected pupil protests.

After Hasina’s departure, Bangladesh authorities launched an probe into allegations of wide corruption successful her government.

The cardinal slope of Bangladesh has since frozen the slope accounts of the erstwhile Land Minister Chowdhury and his family, portion the state’s Anti-Corruption Commission has started an probe into allegations that helium had illegally acquired “thousands of crore taka” (hundreds of millions of dollars) and laundered it successful the UK.

Our probe into the #MinistersMillions uncovers however a almighty Bangladesh person built a fractional cardinal dollar spot empire.

See wrong Saifuzzaman Chowdhury's $14m London home, wherever helium reveals his hidden wealthiness to our hidden cameras.
Watch: https://t.co/czUnKORUrN pic.twitter.com/rByTyzrcuU

— Al Jazeera Investigations (@AJIunit) September 18, 2024

The I-Unit probe revealed that Chowdhury was capable to bargain 360 homes successful the UK unsocial since 2016.

Anti-money laundering laws see high-ranking politicians and authorities officials to beryllium a precocious corruption hazard arsenic their wealthiness could beryllium stolen authorities funds oregon bribes paid to get authorities contracts.

London property cause Ripon Mahmood introduced Al Jazeera’s undercover reporters to a web of London advisers that helped Chowdhury to physique his spot empire: Charles Douglas Solicitors LLP, which acted for him successful refinancing much than 100 spot loans; Paresh Raja, who made hundreds of loans done his institution Market Financial Solutions and his different businesses; and Rahul Marde, of Singaporean slope DBS, which besides lent wealth to the minister.

As a high-ranking politician, helium would person been classified arsenic a politically exposed idiosyncratic (PEP) and would person required other scrutiny and stringent checks erstwhile dealing with property agents, banks, lenders and lawyers successful the UK.

In effect to the findings, Chowdhury told Al Jazeera the funds utilized to bargain his overseas properties travel from morganatic businesses extracurricular Bangladesh which helium has owned for years.

Chowdhury fled Bangladesh successful August and claims to beryllium the taxable of a politically motivated “witch-hunt” against radical associated with the erstwhile government.

Charles Douglas Solicitors LLP, Market Financial Solutions, Paresh Raja, DBS Bank and Ripon Mahmood told Al Jazeera they had carried retired robust anti-money laundering checks connected Chowdhury. They besides said his funds came from morganatic and longstanding businesses successful the United Arab Emirates, the United States and the UK, not Bangladesh.

The advisers accidental that the caller events successful Bangladesh was not accusation disposable to anyone conducting historical Anti-Money Laundering oregon Know Your Customer checks, which are modular procedures for fiscal institutions.

Al Jazeera’s Investigative Unit goes connected the way of The Minister’s Millions to find retired however Chowdhury built his half-a-billion-dollar spot empire.