An undercover investigation exposes how the politician acquired hundreds of foreign properties while earning just $13,000 a year.
Former Bangladesh Land Minister Saifuzzaman Chowdhury spent more than $500 million on luxury properties in London, Dubai, and New York, without declaring his foreign assets on his Bangladesh tax returns, according to Al Jazeera’s Investigative Unit (I-Unit).
The I-Unit conducted an undercover operation in the UK to uncover how the 55-year-old Chowdhury, who hails from a prominent family in the port city of Chittagong, built a massive property portfolio despite strict currency laws limiting citizens to transferring only $12,000 annually from Bangladesh.
Dr. Shahdeen Malik, a Supreme Court lawyer in Bangladesh, told Al Jazeera that the country’s constitution requires politicians to disclose their foreign assets.
Bangladesh authorities have since frozen Chowdhury’s bank accounts and are investigating allegations that he laundered millions of dollars into the UK.
Chowdhury, a former close ally of ousted Prime Minister Sheikh Hasina, fled Bangladesh in August after security forces violently suppressed student protests, resulting in hundreds of deaths.
Following Hasina’s departure, Bangladesh authorities began investigating widespread corruption in her administration.
Bangladesh’s central bank has frozen Chowdhury and his family’s bank accounts, and the country’s Anti-Corruption Commission is probing claims that he illegally amassed “thousands of crore taka” (hundreds of millions of dollars) and laundered the money to the UK.
The I-Unit’s investigation revealed that since 2016, Chowdhury purchased 360 homes in the UK alone.
Due to anti-money laundering laws, high-ranking politicians and officials are considered high-risk for corruption, as their wealth could stem from stolen state funds or bribes for government contracts.
London estate agent Ripon Mahmood connected Al Jazeera’s undercover reporters to a network of London professionals who helped Chowdhury grow his property empire. This network included Charles Douglas Solicitors LLP, which handled over 100 property refinancing loans for Chowdhury, Paresh Raja, who issued hundreds of loans through Market Financial Solutions and other businesses, and Rahul Marde of Singaporean bank DBS, which also lent money to the minister.
As a politically exposed person (PEP), Chowdhury would have required extra scrutiny and rigorous checks from estate agents, banks, lenders, and lawyers in the UK.
In response to the revelations, Chowdhury told Al Jazeera that the funds for his foreign properties came from legitimate businesses outside Bangladesh that he had owned for many years.
Chowdhury, who fled Bangladesh in August, claims he is the target of a politically motivated “witch-hunt” against those associated with the previous government.
Charles Douglas Solicitors LLP, Market Financial Solutions, Paresh Raja, DBS Bank, and Ripon Mahmood informed Al Jazeera that they conducted thorough anti-money laundering checks on Chowdhury. They also stated that his funds originated from legitimate, long-established businesses in the UAE, US, and UK, not from Bangladesh.
The advisers also mentioned that the recent developments in Bangladesh were unknown to anyone conducting historical Anti-Money Laundering or Know Your Customer checks, which are standard practices for financial institutions.
Al Jazeera’s Investigative Unit follows the trail of “The Minister’s Millions” to uncover how Chowdhury built his half-a-billion-dollar real estate empire.
