Report: Hasina's inner circle linked to £400m UK property empire

A significant number of properties, valued at over £400 million (Tk6,000 crore), have been uncovered among politicians and businesspeople within the close circle of Bangladesh’s ousted prime minister Sheikh Hasina, including former ministers, in the UK. 

The properties, mostly in the housing sector, are suspected to have been acquired using funds allegedly laundered from Bangladesh.

This includes large unpaid loans from state-owned banks, which investigators believe were siphoned out of the country through the hundi system, a popular informal money transfer method.

The revelations came from a joint investigation by British media outlet The Observer and Berlin-based anti-corruption organization Transparency International, with The Guardian reporting the findings on Saturday.

The investigation revealed that nearly 350 properties in the UK are registered under names connected to Sheikh Hasina's inner circle, including apartments and vast mansions. 

Many of these were acquired through offshore companies, both in the UK and abroad.

The investigation also found the involvement of the former prime minister’s private industry and investment adviser, Salman F Rahman, along with the chairman of Bashundhara Group, Ahmed Akbar Sobhan, and their families, in the ownership of several of these properties. 

Additionally, former land minister Saifuzzaman Chowdhury, Nassa Group chairman Nazrul Islam Mazumdar, and their families also own multiple properties.

Salman F Rahman, vice-chairman of Beximco Group, is currently imprisoned in Bangladesh and under investigation by the Criminal Investigation Department (CID) for money laundering. 

The Bangladesh Financial Intelligence Unit (BFIU) has also frozen the bank accounts of Salman and his family members.

The investigation revealed that Salman’s family owns or holds shares in seven luxury apartments in the prestigious Grosvenor Square area of London, many of which were purchased through offshore companies. 

In March 2022, Salman’s son, Ahmed Shayan Rahman, bought an apartment for £2.67 million and also owns a flat worth £3.55 million. It was reported in 2022 that Sheikh Hasina’s sister, Sheikh Rehana, resides rent-free in one of Shayan Rahman’s London homes.

Furthermore, another family member, Ahmed Shahriar Rahman, owns four additional properties near Grosvenor Square, valued at £2.3 million, all acquired via offshore companies. 

Lawyers for Shayan and Shahriar Rahman have stated that all properties were acquired in full compliance with money laundering and financial regulations.

The Guardian also reported that Saifuzzaman Chowdhury and his family own over 300 properties in the UK, valued at a minimum of £16 million. 

A September report by Al Jazeera estimated Saifuzzaman’s overseas assets to be worth around $50 million.

Saifuzzaman’s bank accounts have been frozen by the BFIU, and a court order has been issued to seize his immovable assets. 

He has been placed under a travel ban, and the Anti-Corruption Commission (ACC) is investigating him for illicit wealth accumulation.

In addition to politicians, the investigation uncovered that wealthy Bangladeshi businesspeople own properties in the UK. 

Among them, Ahmed Akbar Sobhan's family holds two properties in Surrey, purchased for £1.3 million through offshore companies. 

The Observer also discovered a mansion owned by Sobhan's son during a visit to the area.

On October 21, the Bangladesh government imposed a travel ban on Ahmed Akbar Sobhan and six of his family members, also freezing their bank accounts. 

Safwan Sobhan, vice-chairman of Bashundhara Group and Sobhan’s son, denied all allegations, asserting that his family rejects the claims made against them.

Meanwhile, the CID is investigating Nasa Group chairman Nazrul Islam Mazumdar for money laundering.

His properties in London have been seized, and authorities are probing how he and his family acquired five properties in Kensington worth £3.8 million. 

However, sources close to Mazumdar have denied any wrongdoing in the acquisition of these properties.