Months after the ouster of Bangladesh’s former Prime Minister Sheikh Hasina, the interim government, led by Nobel laureate Mohammad Yunus, has intensified efforts to investigate the rampant corruption during her tenure. A key figure under scrutiny is former land minister Saifuzzaman Chowdhury, who has reportedly amassed over 480 properties worldwide, raising eyebrows amid accusations of systemic corruption and money laundering.
According to the Financial Times (FT) report released on February 28, Chowdhury has built what is described as an "extraordinary real estate empire" valued at no less than $295 million between 1992 and 2024. This vast portfolio includes high-profile locations such as Dubai's Burj Khalifa and Palm Jumeirah, as well as numerous flats across London’s commuter towns. Such acquisitions have made Chowdhury one of the prime targets of investigations aimed at recovering billions allegedly siphoned from public funds during Hasina's 15 years of uninterrupted rule.
The interim government is focusing particularly on Chowdhury’s actions during the period from 2009 to 2024, when he served as both the head of the Ministry of Land and as a member of Hasina’s Awami League party since 2014. The FT notes Chowdhury's wealth explosion primarily coincided with his 2019 appointment, when his property purchases accelerated. Despite his lavish holdings, Chowdhury declared his assets to be worth only $2.3 million to the Bangladesh parliament and disclosed no foreign income on his last tax return filed back in 2017.
Chowdhury's wealth has drawn scrutiny due to the stark disparity between his declared assets and his known salary of $13,000 annually. Critics assert such earnings could never justify his global property acquisitions. His financial dealings are now under the auspices of international consulting firms like Deloitte, EY, and KPMG, tasked with performing asset quality reviews to trace the paths of wealth and the potential losses to be recovered.
The investigation’s breadth extends beyond Chowdhury himself, with estimates indicating other Bangladeshi elites have accrued properties worth $578 million across various nations including Canada and Singapore. Analysts suspect politicians and their cronies leveraged their government positions to establish control over commercial banks and misdirect funds through unrepayable loans.
Akhtaruzzaman, Chowdhury’s father, was himself influential within the ruling Awami League and had prior accusations against him linked to violent incidents tied to the founding of United Commercial Bank. Such historical contexts paint Chowdhury's estate and its origins as deeply entwined with systemic political stratagems from Hasina’s regime.
According to Yale professor Mushfiq Mobarak, Bangladesh reportedly endured losses numbering $16 billion annually due to rampant money laundering and corruption linked to Hasina’s governance. The aforementioned professor stated, "We lost $16 billion annually to money laundering under Sheikh Hasina's rule..." which emphasizes the scale of wealth misappropriation allegedly draining from Bangladesh’s economy.
Chowdhury has consistently defended his property holdings, claiming the funds utilized came from his legitimate business ventures established within the UK, UAE, and the US. He articulated, “Chowdhury’s properties were bought using funds from his legitimate businesses,” when confronted with allegations during his interview with Al Jazeera. But many remain skeptical of his claims as the vastness of his empire raises serious questions about its legitimate origins.
The interim government's campaign to redress the balance of stolen wealth focuses not only on Chowdhury but on other elite families within Bangladesh. Joint investigative forces have been created to track the sprawling wealth of the ten leading families implicated, among whom are Bashundhara Group chairman Ahmed Akbar Sobhan and S Alam Group chairman Saiful Alam.
While Chowdhury grapples with the consequential fallout of these investigations, reports suggest significant funds have also been moved to Canada, posing challenges for potential recovery. Dhaka’s determination to recover such funds is coupled with the shocking reality of elite complicity during Hasina’s prolonged leadership, which has contributed to widespread disillusionment among the populace.
Chowdhury's case, hinging on allegations of lavish gift exchanges for political favor and state resources misappropriated to bolster personal empires, reverberates with turbulent echoes through Bangladesh’s political discourse. It poses fundamental questions about governance, accountability, and the moral fabric of Bangladeshi politics as it seeks to carve out its future post-Hasina. The complex web of transactions and cross-border dealings may prove to be just the tip of the iceberg as the interim government seeks to unravel one of the most challenging issues facing the nation today.
With the interim government’s resolve, the fate of Bangladesh's financial integrity is swiftly becoming one of the top national priorities as it seeks to restore faith amid allegations of corruption and the fallout from Hasina’s political gambits.