Saifuzzaman Chowdhury, a former minister in Bangladesh, faces investigation over his substantial global property holdings amassed on a $13,000 salary. Owning over 480 properties, primarily in the UK and Dubai, his financial activities have come under scrutiny amid allegations of corruption linked to the ousted government. Chowdhury claims his wealth originates from lawful businesses, while the current administration investigates potential illegalities.
Saifuzzaman Chowdhury, a former minister of Bangladesh during Sheikh Hasina’s tenure, has become the subject of scrutiny from the interim government led by Mohammad Yunus. Despite declaring a modest annual salary of $13,000, Chowdhury reportedly owns over 480 properties globally, including notable locations such as Dubai, London, and the United States. His real estate portfolio reportedly comprises more than 300 properties in the United Kingdom, 142 in Dubai, and between 15 to 25 in the U.S., according to an investigative report by the Financial Times.
Chowdhury, who previously served as the Land Minister, fled Bangladesh in August amidst a violent crackdown on protests that led to the ousting of Prime Minister Hasina. In 2023, he declared his total assets at approximately $2.3 million, with no foreign income reported on his tax return since 2017. Additionally, his father, Akhtaruzzaman, was a close associate of Hasina and a founding member of the United Commercial Bank, which has faced its own controversies.
The growth in Chowdhury’s property acquisitions began in 2017, coinciding with the establishment of UK-based companies, and escalated significantly after he assumed ministerial duties in 2019. Prominent properties within his portfolio include prestigious locations such as the Burj Khalifa district and Palm Jumeirah in Dubai, as well as various commuter towns in London.
Investigative reports indicated that Chowdhury’s London residence, valued at $14 million, was subject to an undercover investigation by Al Jazeera. The former minister claimed that his overseas investments are funded by legitimate businesses established in the UK, UAE, and the USA, asserting that allegations against him are politically motivated. Chowdhury stated, “My father was very close to the Prime Minister (Sheikh Hasina), actually, and I am also… She is my boss… She knows I have a business here (in Britain).”
In light of ongoing investigations into alleged corruption during Hasina’s regime, Chowdhury and his family have faced significant legal repercussions. Recently, the Bangladesh central bank has frozen their bank accounts amid ongoing inquiries by the Anti-Corruption Commission regarding alleged illicit wealth accumulation and laundering in the UK. The unfolding events underscore the increasing scrutiny of Chowdhury’s financial maneuvers and the broader implications for the dismissed government.
The investigation into Saifuzzaman Chowdhury, a former minister of Bangladesh, raises significant concerns regarding the sources of his wealth and the legitimacy of his extensive property holdings worldwide. With over 480 properties and legal scrutiny intensifying, this case highlights potential corruption within the former government. Chowdhury’s assertion of legitimate business funding reveals tensions between political affiliations and financial accountability.
Original Source: www.news18.com
