DHAKA, Oct 31, 2024 (BSS) - The Financial Crimes Unit of Criminal Investigation Department (CID) has launched investigation into former land minister Saifuzzaman Chowdhury Jabed over allegations of money laundering to various countries.

Based on information and allegations from various sources, the specialized department of Bangladesh Police has taken the move of investigation against Saifuzzaman, his associates, and related entities for money laundering activities to the United States, the United Kingdom, the United Arab Emirates, and Singapore, said a press release issued by CID today.

The release said Saifuzzaman established a company named “Nahar Management Incorporated” in the United States in 2005. Subsequently, he purchased nine flats in the US under the name of this company.

Besides, in 2014 and 2015, he opened two companies named “Rapid Raptor FGE” and “Zeba Trading FGE” in Dubai to run computer software business.

“His wife, Rukhmila Zaman Chowdhury, purchased two flats at the Q Gardens and Boutique Residence in Al Barsha South-3 area of the UAE at a cost of 22,500,300 dirham.

Additionally, between 2016 and 2021, Saifuzzaman purchased 620 houses in the US, UK, and UAE, with a market value of approximately $48 million," the release added.

The CID also mentioned that for business purposes, between 2010 and 2023, Saifuzzaman and his wife established eight companies in the UK and Dubai, with a combined fixed and current asset value of $21,726,000.

According to the allegations, he used the money laundered from Bangladesh to establish these companies.

Neither Saifuzzaman nor his family members are in the list of the 21 companies that have been granted approval by the Bangladesh Bank for foreign investments.

The release further noted the wealth statement submitted by the former land minister to the Election Commission before the election did not have any information about his assets abroad.

In accordance with the Money Laundering Prevention Act, the CID has initiated the investigation.