2 weeks Ago
It is astounding how the former minister of land, Saifuzzaman Chowdhury, managed to build a half-billion-dollar property empire spanning the UK, the US, Dubai, Malaysia, and Singapore despite being on a modest government salary. According to an Al Jazeera report , Chowdhury holds properties and other assets worth around $675 million across these countries. How he was able to invest millions of dollars abroad, despite our laws limiting individuals to only transferring $12,000 per year out of the country, is another mystery that needs solving.
The report further revealed that between 2016 and 2021, Chowdhury purchased 265 properties in the UK, including acquisitions from major developers. In 2021, he bought a luxury apartment worth a whopping $15.8 million.
In the UK alone, Chowdhury allegedly owns 360 properties valued at $252 million. Additionally, in Dubai, he owns real estate worth over $195 million, and in the US, he holds around $20 million in stocks and owns nine properties. However, Chowdhury failed to disclose this information in his tax returns in Bangladesh or in the affidavit he submitted to the Election Commission.
While amassing such wealth, the former minister allegedly set up a network across multiple countries to conceal his assets. Although Chowdhury told Al Jazeera that his wealth was derived from legitimate business, if that were indeed the case, why did he resort to such deceptive means to hide it? Moreover, as a sitting minister, he was prohibited from earning money from private businesses. So, how did he accumulate such vast wealth? Chowdhury himself claimed that the former Prime Minister Sheikh Hasina was aware of his property-buying spree in the UK.
This raises serious concerns about the extent of corruption within the Awami League government at the height of its power when Bangladesh was struggling economically. It is alarming that our governance structures—ranging from the Anti-Corruption Commission to other regulatory bodies—were unable to prevent what appears to be significant wealth accumulation through illegal means and money laundering. It is, however, good to know that the interim government has suspended Chowdhury's bank transactions, and that he is under investigation for corruption.
However, given that he is currently on the run, we strongly urge the authorities to locate him, thoroughly investigate his financial activities, and coordinate with the authorities in other countries—whose laws he also appears to have broken—to bring him to justice..
