Hemayet Hossain

The country's economy is suffering due to massive laundering of huge amount of money abroad. It is true that expatriates send their hard-earned income back home, but bribe-taking, corrupt looters are living a luxurious life abroad with the country's money by stealing and looting all the facilities.

Instead of boosting the economy, this gang has taken at least 17 lakh crore taka from the country abroad. Under the political umbrella, they are buying luxurious villas and flats with their wives and children in Dubai, Canada, Malaysia, USA and Singapore with that money and living in luxury, while many banks that have been the victims of their looting are now on the verge of bankruptcy.

Even after the new government came to power, the gang are still out of reach. Although groups like Summit have built empires in various countries including Singapore by smuggling huge amounts of money, the progress in bringing back that money is still limited to sending letters.

When the issue of money laundering is a priority for the government, information has been revealed about the purchase of 847 luxury flats, villas and other properties in Dubai. Out of these, former Land Minister Saifuzzaman Chowdhury alone has bought 137 flats.

More sensational information has been revealed by reviewing a report prepared from the Foreign Real Estate Investment Database.

After examining the information and data of Bangladesh Bank, domestic and foreign media, it has been revealed that the country is now going through a transitional period economically. The economic instability created by the dollar crisis amid defaulters and financial scandals is not getting any better. However, the incident of looting bank money and smuggling it abroad anonymously is now the talk of the country.

Along with Canada, Singapore and Malaysia, Dubai is now becoming a 'hub' for money laundering from Bangladesh by former ministers, MPs, bureaucrats, businessmen and people of various professions. One after another, information is being leaked about the purchase of properties by laundering money in this one of the most luxurious cities in the world.

In the changed context, after Dr. Muhammad Yunus became the head of the Interim Government, the demand for the return of the laundered money has become strong. Analysts believe that he will be able to bring back a huge amount of laundered money by using his global connections. This money can play a big role in the reconstruction of the country during the economic crisis.

Economists and bankers express hope that although the return of the laundered money will take time, it is possible.

They believe that the money was mainly laundered with the help of banks under the political influence of the previous government. Apart from this, the lack of supervision of many banks is also largely responsible for this. However, although it will take time to return the money, the government is on the right track to return it. Some economic analysts believe that it is almost impossible to return the money. If a bilateral government-to-government effort is successful, then perhaps some of the money may be returned.

After reviewing the information, it is known that in the meantime, the Organized Crime and Corruption Reporting Project (OCCRP) named 'Dubai Unlocked' and the Norwegian media outlet E-24 have leaked information about the purchase of property with laundered money. The report, published based on information from 2020 to 2022, said that Bangladeshis have become owners of at least one lakh establishments in various cities including Dubai and Abu Dhabi in the United Arab Emirates with money laundered from Bangladesh.

Another report, the 'Atlas of the Offshore World' published by the EU Tax Observatory, also states that Bangladeshi citizens have offshore assets worth about 700 billion taka in the world's 'tax haven' countries, which is 1.3 percent of Bangladesh's total GDP. Of this, at least 600 billion taka is in tax havens in Asia and the rest in Europe and America. The Pandora Papers published by ICIJ earlier also included many Bangladeshi names in the list of money launderers. Recently, the government, including the Governor of Bangladesh Bank, is saying that the amount of money laundered from the country is at least 17 lakh crore taka. Although there have been many discussions about money laundering, many initiatives and activities of the government are known, it is still limited to sending letters. The smuggling ring and their masterminds have not yet been identified. Various government sources say that despite efforts to bring back the money, success is still elusive.

According to GFI data, an average of one and a half lakh crore taka has been laundered from Bangladesh annually since the nineties. 85 percent of the smugglers are businessmen. They are laundering huge amounts of money through under-invoices and over-invoices under the guise of imports and exports.

There are allegations that money laundering is also increasing through digital currencies. Due to the huge amount of money laundering, Bangladesh's GDP growth is decreasing by an average of about 2-3 percent per year. The government had prepared a strategy paper titled 'National Strategy for Preventing Money Laundering and Combating Financing of Terrorism 2019-21'. It mentioned 10 countries, especially the United States, the United Kingdom, Canada, Australia, Singapore, Hong Kong, the United Arab Emirates, Malaysia, the Cayman Islands and the British Virgin Islands, as destinations for money laundering. There are some other countries besides these. No less steps have been taken, including the preparation of the strategy paper. But the record of returning money laundered from abroad is very negligible.

Hundreds of flats and villas of Bangladeshis in Dubai: Burj Khalifa, a luxurious building in Dubai. Six thousand 832 workers worked tirelessly for five years to build this world's tallest building and four thousand of these workers were Bangladeshis.

These expatriate workers, from struggling families, left their loved ones at home and went to the hot desert country in the hope of changing their fate and worked hard to build this one of the most luxurious buildings in the world. The money they saved from their hard work came to the country as remittances. However, another class of corrupt gangs looted this hard-earned money through various tricks and bought flats and apartments in that building and indulged in comfort and luxury. Data shows that the gang has bought 77 flats in Burj Khalifa alone by laundering the country's money.

Not only Burj Khalifa, but Bangladeshis have now become owners of hundreds of expensive villas, flats, apartments, and offices in Dubai's major luxury areas, especially Palm Jumeirah, Marsha Dubai, Wadi Al Safa, Al Habiyah, Hadek Sheikh Mohammed Bin Rashid, Madinat Al Sheba, Jabel Ali, and Mercada. These areas are not only luxurious for Bangladeshis, but billionaires from all over the world also go there to buy properties. Local sources say that now those elite areas are full of properties bought with money laundered by Bangladeshi corrupt people. They have bought not one or two, but dozens of properties in all those places, including Dubai Maritime City, Grande, The Polo Residence, Royal Atlantis. Dubai Hills, Rukon, Wadi, Palm Jumeirah, Burj Khalifa, and various luxury buildings and condominiums.

Information has been found about the purchase of 847 such flats, villas, apartments and commercial spaces by laundering thousands of crores of taka earned through bank fraud, import-export, tax evasion or bribery and corruption.

The report prepared from the Foreign Real Estate Investment Database and an investigation also revealed that in the last few years, 134 Bangladeshi individuals have bought a total of 847 flats, villas, apartments in the most elite areas of Dubai, the price of which ranges from a minimum of 35 million taka to hundreds of crores.

There are many familiar faces on the list. Among them, 137 flats and hotel apartments have been purchased in the name of former Land Minister Saifuzzaman Chowdhury. He bought these flats and hotel apartments in Nad Al Sheba, Palm Jumeirah, Burj Khalifa and The Polo Residence.

The investigation revealed that a 3,353 square foot flat in Palm Jumeirah costs about 400 million taka. A 985 square feet flat in Burj Khalifa costs around Tk 11 crore. He bought most of the flats in The Polo Residence. A 932 square feet flat there costs around Tk 4 crore. If the price of the lowest square feet flat is calculated, it is seen that Saifuzzaman Chowdhury has spent at least Tk 5.5 billion on his 137 flats. Sources say that it doesn't end here; it is reported that he has more flats in Dubai.

Apart from this, he has also bought more flats and houses in different countries including the US and UK. It is alleged that hundreds of his flats and properties were bought with money laundered from the country. Information about four flats has been found in the name of Chowdhury Nafis Sarafat. He bought two 'Burj Khalifa '.

After reviewing the information, it is also known that Saifuzzaman Chowdhury is in the first position in buying 137 properties among the top ten buyers of flats, villas and other properties in Dubai. Rubaiya Laskar is in the second position. He has bought 32 properties. Ashiqur Rahman Laskar is in third position with 30 properties. Mostafizur Rahman is in fourth position with 30 properties. Md. Idris Shakur is in fifth position with 21 properties. Mirza Samia Mahmud is in sixth position with 15 properties. Khalid Hekmat Al Obaidi is in seventh position with 15 properties in different areas of Dubai. Manoj Kanti Pal has bought 14 properties. He is in eighth position with 13 properties. Mohammad Shafiul Alam is in ninth position with 13 properties. Kazi Mohammad Osman is in tenth position with 12 properties.

Where are the flats and properties in Dubai? Out of the 847 properties bought with smuggled money, 338 are flats, 70 are villas, 45 are hotel apartments, and 24 are residential apartments. In addition, there are 357 other properties including offices, shops, and commercial properties. Of these properties, 77 are in Burj Khalifa, 28 are in Palm Jumeirah, 145 are in Marsha Dubai, 96 are in Wadi Al Safa, 15 are in Al Habiyah Third, 33 are in Hadek Sheikh Mohammed Bin Rashid, 34 are in Madinat Al Matar, 125 are in Nad Al Shiba, 20 are in Jabel Al Industrial, two are in MIRDIF, six are in Al Mercadh, and another 260 properties were purchased in other places.

Others who bought properties with the money smuggled: After reviewing the list, it was also learned that the names of Kazi Mohammad Osman, Mohammad Salman, and Mukarram Hossain Omar Farooq are on the list of buying 12 properties each. 11 properties have been bought in the name of Syed Ruhul Haque. The names of Golam Mohammad Bhuiyan, Mohammad Abdul Majid Ali, and Mohammad Emran Hossain are on the list of buying 10 properties each.

There are 10 people on the list of buying eight flats and properties in their own names. These are Farzana Chowdhury, Ian Wilcock, Khurshida Chowdhury, M Sajjad Alam, Mohammad Golam Mostafa, Mohammad Elias Bazlur Rahman, Nasir Uddin Ahmed Chowdhury, Nazrul Islam Anu Mia, Samira Ahmed, and Tasbirul Ahmed Chowdhury.

There are seven people on the list of buying six flats and properties in their own names. They are Abu Yusuf Mohammad Abdullah, Humaira Salimul Haque Esha, Mohammad Shafi Abdullah Nabi, Mohammad Waliur Rahman, Nahid Qureshi, Salimul Haque Esha, Samina Salman and Syed Salman Masud.

There are 37 names on the list of people who have purchased four flats and properties in their names. They are Ahmed Imran Chowdhury, Ahmed Ifzal Chowdhury, Alhaj Mizanur Rahman, Anjuman Ara Shahid, Anwara Begum, Aziz Al Mahmud, Aziz Al Masud, Bilkis Iqbal Dada, Chowdhury Hasan Mahmud, Dewan Shazedur Rahman, Farhana Munem, Fatima Begum Kamal, Gulzar Alam Chowdhury, Hasan Ashiq Taimur Islam, Hasan Reza Mahmudul Islam, Iftekhar Rana, Juron Chandra Bhowmik, Khaled Mahmud, MD Abdus Salam, MD Abul Kalam Arshad Ali, MD Iftekhar Uddin Chowdhury, MD Rabbi Khan, MD Selim Reza, Md. Mizanur Rahman Bhuiyan, Mohammad Al Ruman Khan, Mohammad Moin Uddin Chowdhury, Mohammad Miraj Mahmud, Mohammad Nazir Ahmed, Mohammad Mushfiqur Rahman, Mashiur Rahman Bhuiyan, Mustafa Amir, Mustafa Jamal Naser, SU Ahmed, Syed Mahmudul Haque and Syed Samiul Haque.

Besides, many others are on the list of buying various properties including three, two and one flat, villas. Money Laundered in Canada, Malaysia, Singapore: Summit Group owner Muhammad Aziz Khan is now not only the richest man in Bangladesh, but he is also one of the richest men in Singapore. According to the world-famous magazine Forbes, Aziz Khan is the 41st richest man in Singapore with a net worth of $1.12 billion.

However, the Central Bank has no information that he took this money from Bangladesh in any legal way. Rather, so far, Bangladesh Bank has approved 24 ventures of 20 companies in the country to invest a total of $69.5 million or about $70 million abroad. So how did he become the richest man in Singapore with such a huge amount of money? Now the question has arisen.

Awami League leader Md. Abdus Sobhan Golap is accused of having 9 houses in New York, and former Foreign Minister Hasan Mahmud has a house in Belgium, including various assets. Information about assets including a house in Scarborough, Toronto, Canada, in the name of former MP Shafiqul Islam Shimul's wife Shamima Sultana Jannati, three houses in Canada of former Brahmanbaria District Awami League Organizing Secretary Abdul Hannan Ratan, a controversial loan defaulter of Sonali Bank, and a house in the United States of Muhammad Mohsin of Saad Musa Group have been reported in the media at various times. In addition, the assets of former Army Chief General (retd.) Aziz Ahmed, former Inspector General of Police (IGP) Benazir Ahmed, former DB chief Harun Or Rashid, and many others are under discussion.

After the casino scandal, expelled Jubo League leader Khaled Mahmud Bhuiyan's request for legal assistance in the case of laundering Tk 55.8 million did not receive a response from Thailand, Malaysia, and Singapore. Similarly, legal assistance was sought from Singapore and Malaysia regarding the laundering of Tk 120 million by Selim Pradhan, director of Japan Bangladesh Security and Printing in the United States, Tk 43.4 million by Lokman Hossain Bhuiyan, director of BCB in Australia, Tk 30 million by expelled Jubo League leader Ismail Chowdhury Samrat, and Tk 44.7 million by Mominul Haque Sayeed. It is learnt that there was no response to these requests for assistance either.

What do bankers, analysts and economists say?: Regarding the reasons for money laundering and its return, former Trust Bank MD and current BRAC Bank Vice Chairman Faruk Moinuddin said, "A major reason for money laundering is the non-compliance of banks. It is difficult to launder money through banks that are compliant. The sensitive software that compliant banks use for imports strictly monitors under and over invoicing. It seems that the laundered money has been more through those banks that have provided assistance intentionally and legal steps must be taken to return the laundered money. In addition, communication through personal and diplomatic channels can be increased. Many of the top levels of the interim government have good connections with the outside world. That opportunity can be used to return the money."

There is no doubt that money was laundered. Basically, the money was laundered through banks that were under political influence. They took loans from those banks and spent it. Added to this is the issue of corruption in government development project work and procurement in the last 10 years. Not only in mega projects, but there has been widespread corruption in projects worth 100 or 200 crore taka. The current government has taken responsibility and given special importance to this issue.

When the money will return is another matter. However, the steps they have taken so far are on the right track. There is good supervision under the leadership of Bangladesh Bank. They are also talking to foreign partners and the government. However, it is difficult to say right now when the money will return."