Summary:
- A Dhaka court has ordered the freezing of foreign assets of Bashundhara Group Chairman Ahmed Akbar Sobhan and his family, following allegations of money laundering and illegal asset acquisition.
- The Anti-Corruption Commission (ACC) claims the family amassed wealth beyond known sources, investing in properties and companies across several countries without legal permissions.
- The court’s order includes freezing both movable and immovable assets in countries like the UAE, Slovakia, St. Kitts and Nevis, Switzerland, and more, as part of a broader investigation.
- Previously, travel bans and bank account freezes were imposed on the family to prevent further illicit financial activities.
A Dhaka court has issued a significant order to freeze the foreign assets of Bashundhara Group Chairman Ahmed Akbar Sobhan and eight of his family members. This legal action, announced on November 21, 2024, by the Dhaka Metropolitan Senior Special Judge Court, is part of an ongoing investigation into allegations of money laundering and asset acquisition through illicit means.
The court’s decision follows a petition by the Anti-Corruption Commission (ACC) of Bangladesh, which claims that Sobhan and his family accumulated substantial wealth beyond their disclosed sources of income. The ACC alleges that this wealth was laundered to various countries, including the United Arab Emirates, Slovakia, St. Kitts and Nevis, Switzerland, the British Virgin Islands, the United Kingdom, Singapore, and Cyprus. The court’s order affects both movable and immovable properties in these jurisdictions.
The individuals named in the order include Sobhan’s wife Afroza Begum, his sons Sayem Sobhan Anvir, Safiat Sobhan, and Safwan Sobhan, as well as their spouses Sabrina Sobhan, Sonia Ferdowsi Sobhan, and Yasha Sobhan. Notably, Sayem Sobhan Anvir has obtained Slovak citizenship by investing €3 million, while Yasha Sobhan acquired Cypriot citizenship with a €2 million investment. Ahmed Akbar Sobhan and Afroza Begum reportedly secured citizenship in St. Kitts and Nevis by investing $25 million.
The ACC’s investigation revealed that the family invested in 19 companies across these countries and purchased properties using funds allegedly laundered from Bangladesh. The commission highlighted that these transactions were conducted without obtaining necessary permissions from Bangladesh Bank for transferring capital abroad. Furthermore, they failed to declare these assets in their income tax returns to the National Board of Revenue.
The allegations extend beyond money laundering to include fraudulent bank loans taken in the names of their companies. A portion of these loans was reportedly siphoned off to purchase overseas assets. The court’s order is part of a broader crackdown on financial crimes under the Money Laundering Prevention Act 2012 and the Anti-Corruption Commission Act 2004.
In addition to freezing assets, a travel ban was imposed on October 21 against Ahmed Akbar Sobhan and his family members to prevent them from leaving Bangladesh amid the ongoing investigation. The Criminal Investigation Department (CID) is also probing related allegations against Bashundhara Group concerning land grabbing and other financial irregularities.
This case is part of a larger effort by Bangladeshi authorities to address systemic issues of illicit fund transfers and financial misconduct. It underscores the government’s commitment to enforcing anti-corruption measures and recovering laundered money with international cooperation.
Source: Samakal
