Former Bangladeshi Land Minister Saifuzzaman Chowdhury is under investigation for allegedly buying over $500 million worth of luxury real estate in cities like London, Dubai, and New York while only making a $13,000 salary. An undercover operation by Al Jazeera’s Investigative Unit (I-Unit) revealed that Chowdhury did not declare his overseas assets on his Bangladesh tax returns, in violation of the country’s constitution which requires politicians to disclose foreign assets.
Authorities in Bangladesh have frozen Chowdhury’s bank accounts and are looking into allegations that he laundered millions of dollars into the UK. After former Prime Minister Sheikh Hasina fled the country in August following deadly student protests, the government launched an investigation into corruption in her administration, leading to scrutiny of Chowdhury’s finances.
The investigation uncovered that Chowdhury was able to purchase 360 homes in the UK alone since 2016, with the help of a network of advisers including estate agents, solicitors, and lenders. Despite being classified as a politically exposed person (PEP), Chowdhury claims his wealth comes from legitimate businesses outside Bangladesh and blames the investigations on a politically motivated “witch-hunt” against the previous government.
Chowdhury’s advisers maintain that they conducted thorough anti-money laundering checks on him and that his funds were sourced from legitimate businesses in the UAE, the US, and the UK. They argue that recent events in Bangladesh were not known at the time of their due diligence. The investigation sheds light on how high-ranking politicians can exploit legal loopholes to amass wealth overseas, raising concerns about the financing of real estate acquisitions by public officials.
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Photo credit www.aljazeera.com
