Saifuzzaman Chowdhury, a former minister in Bangladesh, has amassed over 480 properties worth $500 million despite earning only $13,000 annually. Investigations have raised questions about the origins of his wealth, linking him to significant corruption allegations. Currently, his properties include notable residences in Dubai, London, and the United States, with ongoing scrutiny from Bangladeshi authorities following ex-Prime Minister Hasina’s exile.
Saifuzzaman Chowdhury, a former minister in the administration of ousted Prime Minister Sheikh Hasina, has drawn attention due to his vast property portfolio valued at $500 million, acquired with an annual salary of $13,000. His global assets exceed 480 properties, prominently including over 300 in the United Kingdom, 142 in Dubai, and between 15 to 25 in the United States, as reported by the Financial Times.
Chowdhury, previously the land minister under Hasina, returned to public scrutiny following his departure from Bangladesh amidst political turmoil sparked by violent protests against the government. He fled the nation in August during this upheaval. In 2023, he had declared assets amounting to only $2.3 million and reported no foreign income since his last tax return in 2017.
His father, Akhtaruzzaman, was a close associate of Hasina and a founding member of the United Commercial Bank, which has ties to significant controversies, including allegations of murder related to the bank’s founding chairman. Chowdhury’s property investments began accelerating in 2017, notably increasing after he took on ministerial responsibilities in 2019.
Among Chowdhury’s notable holdings are luxurious estates in Dubai’s Burj Khalifa and Palm Jumeirah, various homes in London’s suburban areas, as well as properties in Singapore and Malaysia. Investigations suggest that he and his family may control even more properties than previously documented, indicating possible improper wealth accumulation.
In an undercover investigation by Al Jazeera, Chowdhury’s $14 million London residence was featured, revealing his wealth. In response to inquiries, he maintained that his overseas property investments are financed through legitimate business activities spanning multiple countries, including the UK and the UAE, asserting his innocence amid political accusations.
Legal representatives investigating Chowdhury assert that thorough anti-money laundering processes have validated the legitimacy of his funds derived from established business ventures outside Bangladesh. With Hasina in exile and her administration facing scrutiny for alleged corruption, Bangladesh’s authorities have initiated investigations into Chowdhury for purportedly acquiring significant illegal wealth and laundering it abroad.
As Bangladesh grapples with these allegations, the central bank has taken action by freezing Chowdhury and his family’s bank accounts, igniting further inquiries led by the Anti-Corruption Commission into their financial dealings.
Saifuzzaman Chowdhury, a former minister in Bangladesh, stands at the center of a significant corruption investigation due to his considerable real estate holdings amassed on a meager government salary. While Chowdhury claims that his wealth originates from legitimate business activities, scrutiny from Bangladeshi authorities suggests otherwise. This case exemplifies the challenges in combating corruption and ensuring government accountability in Bangladesh.
Original Source: www.news18.com
