Al Jazeera has released a documentary revealing a US$695 million asset empire amassed by Saifuzzaman Chowdhury, a former Bangladeshi land minister and close ally of ex-Prime Minister Sheikh Hasina.
The investigation highlights how Chowdhury built this wealth, which includes extensive property holdings as well as other assets, while earning an annual salary of just US$13,000. He acquired luxury properties in London, Dubai, and New York, without declaring these assets to Bangladeshi tax authorities.
Bangladeshi authorities have frozen Chowdhury’s bank accounts and launched an investigation into claims of money laundering.
Al Jazeera’s Investigative Unit, which began its probe before a major political uprising in Bangladesh, uncovered this fortune through undercover operations, tracing the minister’s undisclosed assets.
Chowdhury denies the allegations, calling the investigation a political attack.
Sheikh Hasina, the former prime minister, is currently in exile in India after her government was toppled following a violent crackdown on student protests in July.
Widespread protests erupted over allegations of corruption and brutality by the political elite, which ultimately led to demonstrators storming her official residence. Hasina resigned and fled to India, while many of her ministers, including Chowdhury, also fled the country.
Chowdhury’s property portfolio is vast. Between 2016 and 2021, he purchased 265 homes across the UK, many from leading developers like Barclay Group.
In 2021, he added a US$16 million London property to his collection. By 2022, he had acquired 360 properties worth over US$250 million in the UK alone. His holdings also include 54 properties in Dubai’s most exclusive areas and several luxury apartments in New York and New Jersey.
Bangladesh’s strict foreign currency laws limit citizens to transferring no more than US$12,000 abroad annually without special approval.
However, Chowdhury allegedly bypassed these regulations by funnelling funds through his business interests in Dubai, which enabled him to finance his overseas purchases.
His network of advisors, including estate agents and lawyers, helped him set up offshore companies and secure financing, further complicating the trail of his wealth.
Chowdhury, who held key political positions, was promoted to Land Minister in 2019 under Hasina’s government. He claims his fortune is linked to legitimate business activities, including his stake in UCB Bank, one of Bangladesh’s largest banks.
In an earlier press conference in February, Chowdhury said, “My father had been doing business in London since 1967. I myself studied in the United States and has been doing business there since 1991. Then I expanded my business to London.”
However, in the documentary, he confesses in a secretly recorded video to channelling money from his business in Dubai, which has transactions with his businesses in Bangladesh.
He also admits that Prime Minister Sheikh Hasina was aware of his business dealings abroad.
The documentary alleges that UCB Bank has also come under scrutiny, with shareholders accusing Chowdhury of siphoning funds. The central bank of Bangladesh has since dissolved UCB’s board, and authorities are investigating further.
Singapore-based DBS Bank, one of Asia’s largest banks, is also named for its involvement.
According to the investigation, DBS initially faced compliance issues when onboarding Chowdhury’s companies due to his status as a politically exposed person (PEP), which requires stricter scrutiny. Despite these challenges, DBS was said to have eventually approved 19 loans to Chowdhury’s companies, helping finance his extensive property acquisitions, including in London.
It, however, pales in comparison to the role of Market Financial Solutions (MFS), a Mayfair-based lending firm that provided hundreds of loans to Chowdhury, significantly contributing to the financing of his property empire. The documentary suggests that MFS played a central role in helping Chowdhury acquire properties in London, demonstrating how such networks of lenders facilitated the expansion of his undisclosed wealth.
MFS and DBS said to Al Jazeera that they had conducted all anti-money laundering checks required by law, including enhanced diligence for PEPs.
The documentary highlights how weak regulatory oversight in the UK and Dubai allowed Chowdhury to build this empire undetected.
Chowdhury’s ability to purchase property in London, despite his politically exposed status, has prompted calls for stronger enforcement of anti-money laundering laws in these countries. Experts argue that the case underscores the need for stricter regulation of financial dealings with foreign officials and PEPs.
Chowdhury’s whereabouts are currently unknown, but he continues to deny any wrongdoing, saying that he complies with all Bangladesh tax laws and that his business dealings are legitimate and subject to enhanced due diligence. He told Al Jazeera that the funds used to purchase the properties mentioned in the documentary come from his legitimate, long-standing business outside of Bangladesh.
His case has become a symbol of Bangladesh’s broader corruption challenges, with mounting public protests demanding accountability from its former leaders.
