Former Bangladeshi Minister Saifuzzaman Chowdhury has amassed a $500 million global property empire, despite an annual salary of just $13,000. His holdings span over 480 properties internationally, with significant portfolios in Dubai and the UK. Under investigation for alleged corruption and money laundering, his case raises serious questions about financial ethics in Bangladeshi politics.
Saifuzzaman Chowdhury, a former minister of Bangladesh, has come under scrutiny by the current government for amassing a global empire of over 480 properties, valued at $500 million, despite declaring an annual salary of only $13,000. His extensive portfolio includes properties in premier locations such as Dubai, London, and the United States. Specifically, Chowdhury is reported to own over 300 properties in the United Kingdom, 142 in Dubai, and 15 to 25 in the US, as per an investigative report from the Financial Times.
Chowdhury served as the land minister during the tenure of former Prime Minister Sheikh Hasina. Following a violent crackdown on student protests resulting in numerous fatalities, Chowdhury fled the country in August, as did Hasina. In 2023, Chowdhury declared assets amounting to only $2.3 million, with no recorded foreign income mentioned in his last tax return from 2017.
His father, Akhtaruzzaman, is described as a “confidant” of Hasina and was a founding member of the United Commercial Bank, which has been embroiled in allegations including charges linked to the murder of the bank’s founding chairman. Chowdhury’s property acquisitions notably accelerated after 2017, particularly in 2019 when he assumed his ministerial role in government.
Notable properties owned by Chowdhury include several in Dubai’s prestigious Burj Khalifa district, the Palm Jumeirah, and various commuter towns in London. An analysis by Financial Times indicates that Chowdhury, along with his family, possesses significantly more properties than previously reported. An undercover investigation by Al Jazeera even revealed his extravagant $14 million London residence.
In his defense, Chowdhury claims that the funds utilized for these property purchases stem from established legitimate businesses in the UK, UAE, and the US. He characterized himself as a target of a political witch-hunt and asserted, “My father was very close to the Prime Minister… She knows I have a business here (in Britain).”
Against the backdrop of Hasina’s exile in India, Bangladeshi authorities have initiated investigations into allegations of corruption within her administration. The Anti-Corruption Commission has frozen Chowdhury’s bank accounts, launching a formal inquiry into claims of illegal acquisition and laundering of substantial sums in the UK.
Saifuzzaman Chowdhury’s rapid accumulation of wealth raises significant concerns about potential corruption and financial misconduct in Bangladesh’s political sphere. With assets far exceeding his declared income and ongoing investigations into his financial dealings, Chowdhury’s case exemplifies the troubling nexus of politics and wealth in emerging economies. As events unfold, the implications for Bangladesh’s governance and accountability remain to be seen.
Original Source: www.news18.com
