The Criminal Investigation Department (CID) has initiated a probe into allegations of money laundering against former land minister Saifuzzaman Chowdhury, according to a press release issued by the CID on Thursday (Oct 31).

The statement claims that Saifuzzaman, a former Awami League lawmaker from Chattogram-13, allegedly funneled substantial funds to the US, UK, UAE, and Singapore. 

He reportedly established at least eight companies in the US and Dubai between 2016 and 2021, during the Awami League’s administration, though these were not authorized by the Bangladesh Bank for overseas investment.

The CID also revealed that Saifuzzaman purchased 620 properties in the US, UK, and UAE, with a combined value of nearly $48 crore, and invested in organizations worth $21.72 crore in the last two countries. Furthermore, the former minister allegedly failed to disclose these assets in his wealth statement submitted to the Election Commission.

In 2005, during the BNP-led government’s tenure, he is said to have founded Nahar Management Inc in the US, subsequently purchasing nine properties under the company’s name.

The CID’s investigation aims to confirm the validity of these allegations as part of a broader effort to address money laundering by prominent figures.

BDST: 2042 HRS, OCT 31, 2024
MSK