Former Bangladeshi minister Saifuzzaman Chowdhury has built a $500 million property empire consisting of over 480 properties globally, despite an annual salary of only $13,000. This wealth has come under scrutiny from the current government as investigations into corruption grow, leading to the freezing of his and his family’s bank accounts. Chowdhury claims he acquired his wealth through legitimate business ventures abroad.
Saifuzzaman Chowdhury, a former minister from Bangladesh’s ousted Prime Minister Sheikh Hasina’s government, has attracted scrutiny due to his extraordinary wealth. Despite earning only $13,000 annually, he has accumulated an empire of over 480 properties worldwide, including over 300 in the UK, 142 in Dubai, and 15-25 in the US, as revealed by an investigative report from the Financial Times.
Chowdhury served as the land minister under Hasina, who fled the country following violent protests in August. He also left Bangladesh around the same time, declaring his assets as just $2.3 million in 2023 with no reported foreign income since 2017.
His father, Akhtaruzzaman, was closely associated with Hasina and is linked to the murder of the founding chairman of the United Commercial Bank. Chowdhury’s property acquisitions intensified post-2017, particularly after he became a minister in 2019, when he established companies in the UK.
Notable properties owned by Chowdhury include luxurious estates in the Burj Khalifa district and the Palm Jumeirah in Dubai, as well as homes in various UK commuter towns. A Financial Times investigation suggests that Chowdhury and his family have a more extensive property portfolio than he has officially reported.
Exposing his lavish London residence valued at $14 million, Al Jazeera conducted an undercover investigation to assess the legitimacy of Chowdhury’s wealth. He asserts that his property purchases are financed by legitimate overseas businesses, claiming he is being unfairly targeted politically.
Chowdhury maintains that his income stems from legitimate investments in the UK, UAE, and the US, refuting any allegations of corruption. Several banks and financial entities confirmed these claims, stating that they conducted anti-money laundering checks on him.
Meanwhile, as the investigation into corruption in Hasina’s government progresses, Chowdhury faces heightened scrutiny. Bangladesh’s central bank has frozen his family’s accounts, while the Anti-Corruption Commission investigates his potential illicit financial activities involving vast sums of money laundered in the UK.
Saifuzzaman Chowdhury’s case exemplifies the complexities surrounding wealth accumulation and political accountability. With substantial global real estate holdings arising from modest reported income, the ongoing investigations into his financial dealings seek to uncover the legitimacy of his wealth and the intricate ties between politics and property rights. Authorities are pressing for accountability amid widespread allegations of corruption within the previous government.
Original Source: www.news18.com
