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Undercover stings revealed how the politician purchased tons of of abroad properties on a wage of $13,000 a yr.
Al Jazeera Investigative Unit (I-Unit) has revealed that former Bangladesh Land Minister Saifuzzaman Chowdhury spent greater than $500 million on luxurious properties in London, Dubai and New York, however not in Bangladesh declare their abroad property on their nationwide tax returns.
I-Unit carried out an undercover investigation within the UK into how Chaudhry, 55, who hails from a strong household within the port metropolis of Chittagong, amassed an actual property empire regardless of a $12,000-a-year restrict beneath nationwide forex regulation Citizen Will be taken out of Bangladesh.
Bangladesh Supreme Courtroom lawyer Dr Shardin Malik advised Al Jazeera that the nation’s structure clearly stipulates that politicians should declare their overseas property.
Bangladeshi authorities froze his financial institution accounts and are actually investigating allegations that Chaudhry laundered thousands and thousands of {dollars} to the UK.
Chaudhry is an in depth ally of ousted Prime Minister Sheikh Hasina, who fled Bangladesh in August after safety forces killed tons of in a crackdown on pupil protests.
Following Hasina’s departure, Bangladeshi authorities launched an investigation into allegations of widespread corruption in her authorities.
Bangladesh’s central financial institution has since frozen the financial institution accounts of former land minister Chaudhry and his household, whereas the nation’s anti-corruption fee has begun investigating allegations that he illegally obtained “crores of taka” (tons of of thousands and thousands of {dollars}). US {dollars}) and laundering cash within the UK.
our investigation #MinistersMillions Revealed how a strong Bangladeshi politician constructed a half-billion greenback actual property empire.
Take a tour of Saifuzzaman Chowdhury’s $14 million London mansion, the place he reveals his hidden wealth to our hidden cameras.
Watch: https://t.co/czUnKORURN pic.twitter.com/rByTyzrcuU— Al Jazeera Investigations (@AJIunit) September 18, 2024
An I-Unit investigation revealed that Chaudhry has bought 360 properties within the UK alone since 2016.
Anti-money laundering legal guidelines take into account senior politicians and authorities officers to be at excessive threat of corruption as a result of their wealth may very well be stolen from state funds or bribed to safe authorities contracts.
Ripon Mahmood, a London actual property agent, advised Al Jazeera’s undercover reporter concerning the community of London consultants who helped Chaudhry construct his actual property empire: Charles Douglas Solicitors LLP, which represents Chaudhry, who has refinanced greater than 100 actual property loans; Paresh Raja, who has originated tons of of loans by means of his firm Market Monetary Options and his different companies; Rahul Marde of DBS Financial institution in Singapore ) additionally offered loans to the minister.
As a senior politician, he will probably be categorised as a Politically Uncovered Individual (PEP) and will probably be topic to additional scrutiny and strict checks when coping with property brokers, banks, lenders and attorneys within the UK.
In response to the findings, Chaudhry advised Al Jazeera that the funds used to buy his abroad properties got here from professional companies exterior Bangladesh that he had owned for a few years.
Chaudhry fled Bangladesh in August, claiming he was the topic of a politically motivated “witch hunt” in opposition to individuals related to the earlier authorities.
Charles Douglas Solicitors LLP, Market Monetary Options, Paresh Raja, DBS Financial institution and Ripon Mahmood advised Al Jazeera they’d carried out rigorous anti-money laundering checks on Chaudhry. Additionally they stated his funding got here from professional and long-standing companies within the United Arab Emirates, the US and the UK, not Bangladesh.
Advisers say the current occasions in Bangladesh usually are not info that will be obtainable to anybody conducting historic anti-money laundering or “know your buyer” checks, that are normal process for monetary establishments.
Al Jazeera Investigates traces the minister’s thousands and thousands to learn how Chaudhry constructed his $500 million property empire.
