[🇧🇩] Corruption Watch

[Saif]

Most TIN holders didn’t submit returns in past 10yrs: NBR chair

National Board of Revenue chairman Abdur Rahman Khan said that laws and rules regarding taxes had not been implemented fully and among the 1.13 crore taxpayers or tax identification number holders in the country, 80-85 lakh taxpayers had not submitted a tax return in the past 10 years...

www.newagebd.net

Most TIN holders didn’t submit returns in past 10yrs: NBR chair
Staff Correspondent 17 March, 2025, 22:07

Abdur Rahman Khan

National Board of Revenue chairman Abdur Rahman Khan said that laws and rules regarding taxes had not been implemented fully and among the 1.13 crore taxpayers or tax identification number holders in the country, 80-85 lakh taxpayers had not submitted a tax return in the past 10 years.

This means the enforcement at the field level is still insufficient, he added.

He was speaking as chief guest at a view exchange meeting titled ‘Economic Dialogue: Revenue Management and Mass Media’ organised by the Bangladesh Civil Service (Taxation) Association on Monday in the capital Dhaka.

He said that the NBR made the remittance receipt through the legal channel tax-free to encourage expatriate earners.

‘Surprisingly, we found a taxpayer, who brought Tk 730 crore as remittance by showing himself as wage earner, to evade the tax. Such kind of activities widened the inequity,’ he added.

He said that such issues had to be solved together.

When journalists asked about the names of tax evaders, the NBR Chairman said that they would disclose the names of such oligarchs after taking proper action against them.

‘We are working to end frequent policy changes through some clear-cut guidance,’ he added.

Regarding a question about a super tax – a type of tax imposed on oligarchs and the super-rich, the NBR chairman said that currently, the country did not have any tax on the super-rich.

However, he said, as everything is now online, they are thinking again about implementing a super tax on the superrich.

He also said that the media and the NBR must play vital roles in creating public awareness, expanding the tax net and resolving the problems.

Doulat Akhter Mala, president of the ERF, said that journalists’ main obstacle in working with the NBR was the lack of open data to analyse and quantify something.

She urged the NBR to increase resources in the research and analysis sector. She also urged engaging journalists in the impact assessment level of policies and also suggested to introduce media fellowships and media awards for journalists.

The presentation suggested introducing a super tax, sin tax, entertainment tax, etc.

Mohtasim Billah Faruki, president of the BCS (Taxation) Association, Syed Mohidul Hasan, secretary general of the association, and GM Abul Kalam Kaikobad, member (tax administration and HRM) of NBR, also spoke at the event.​

 

[Saif]

Corruption waning, but still stubborn

Corruption in Bangladesh has not been eradicated and remains quite difficult to eliminate, according to Commerce Adviser Sk Bashir Uddin.

www.thedailystar.net

Corruption waning, but still stubborn
Bashir says

Photo: Collected

Corruption in Bangladesh has not been eradicated and remains quite difficult to eliminate, according to Commerce Adviser Sk Bashir Uddin.

Bashir made this comment at a seminar organised by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) at its auditorium in Dhaka, yesterday.

"The advisory council does not take any money. From the chief adviser to all other advisers, no one is here for financial gain," he said.

"These individuals [the advisory council] did not come here for money. Instead, our working relationship is transparent. We learn from one another and work together. This itself is a sign of reduced corruption," Bashir added.

The commerce adviser further claimed that the large-scale corruption, which previously led to the theft of Tk 28 lakh crore, is no longer occurring at the same level.

"That level of theft is no longer happening. However, corruption has not been eradicated -- it is quite difficult to eliminate," he said.

Among the most counterfeited items in the world, the US dollar ranks at the top, the adviser noted.

"This cannot be stopped overnight -- it is a very challenging task. However, we have taken various initiatives to address these issues. Due to these measures, corruption has decreased, and it will continue to decline further in the future," he concluded.

Adviser said that to tackle the challenges of post-LDC graduation, sector-based associations and the business community must work together.

He said that in trade, no country is a friend—everyone is a competitor. Accepting this reality, businesses must build consensus among themselves.

The opportunities ahead are far greater than the challenges, and by working together, these opportunities can be seized, he added.

Bangladesh is scheduled to graduate from the Least Developed Country (LDC) category to a developing nation on November 24, 2026, after meeting all three graduation criteria: Gross National Income per capita, Human Assets Index, and Economic and Environmental Vulnerability Index.

FBCCI Administrator Md. Hafizur Rahman, said that one of the key challenges Bangladesh will face after LDC graduation is product diversification.

He stressed the need to identify priority sectors and products and develop targeted strategies accordingly.

Khondaker Golam Moazzem, research director of the Centre for Policy Dialogue, advised businesses to prepare for operating under the new policy framework in the post-LDC era.

"We need to step out of our comfort zone, and we must innovate new products and explore new markets," he said.

"We cannot survive in competition by focusing on how much tax relief we received from any country or what support the government provided," he said.

Moinul Khan, chairman of the Bangladesh Trade and Tariff Commission, said the interim government is committed to addressing the challenges of post-LDC graduation and resolving issues in the private sector.​

 

[Saif]

Securing Bangladesh's export sector against fraud

For many years, dirty money has been drained from Bangladesh to various international locations. A businessman from Chattogram, known for taking over multiple banks and channelling substantial amounts as loans, selected Singapore as the sanctuary for his laundered money where he established a billi

thefinancialexpress.com.bd

Securing Bangladesh's export sector against fraud
SYED MUHAMMED SHOWAIB
Published :
Mar 22, 2025 00:07
Updated :
Mar 22, 2025 00:07

For many years, dirty money has been drained from Bangladesh to various international locations. A businessman from Chattogram, known for taking over multiple banks and channelling substantial amounts as loans, selected Singapore as the sanctuary for his laundered money where he established a billion-dollar business empire. Another corrupt politician, formerly a minister, adopted a more flamboyant approach. He invested his ill-gotten wealth into numerous luxury properties in London, Dubai, and New York. Many government officials, however, reportedly prefer the upscale neighbourhoods of Toronto, Canada, as a safe place to reside with their laundered wealth. The fact that money laundering is a financial crime with potential for prosecution and punishment did little to deter them from engaging in it. According to the White Paper on the state of the economy released last December, approximately $240 billion has been illicitly transferred out of the country in the last 15 years, a practice that depletes national wealth while enriching a select few overseas.

Bangladesh's economy is heavily reliant on export earnings, with the garment sector contributing over 80 per cent of total exports. While exports grew significantly, reaching $55 billion in 2023, the actual figures could have been considerably higher without illicit money transfers. With an average GDP growth of 7.0 per cent, the authorities have so far felt little urgency to address money laundering's impact on exports. However, as the country prepares for LDC graduation in 2026 which will result in the loss of duty-free access to key markets, the economic drain caused by money laundering can no longer be overlooked.

For now, the government is revising export policies to fortify the sector. One major change has been a reduction in cash incentives for exporters. Previously, Bangladesh offered cash assistance ranging from 1.0 per cent to 20 per cent to enhance export competitiveness. However, from January 1 to June 30 this year, the maximum rate was lowered to 15 per cent, with a minimum of 0.5 per cent. This adjustment is part of a gradual phase-out process, because when Bangladesh will become a developing country, under World Trade Organization (WTO) rules it will be required to fully eliminate cash incentives. The WTO considers direct cash subsidies on export receipts trade-distorting, so it prohibits such practices in both developing and developed nations.

Cash subsidies are meant to strengthen export competitiveness, but, as revealed by numerous media reports, they've become a gateway for exploitation. Some companies have taken advantage of this government policy by falsely declaring exports, often with the help of corrupt customs officials and clearing and forwarding (C&F) agents. In many cases, no goods were even shipped, yet fraudulent claims led to the payout of tens of millions of taka. Compounding the challenge are external trade barriers such as anti-dumping measures. For example, India imposed anti-dumping duties on Bangladeshi jute and jute products, which significantly reduced exports to India and effectively nullified any benefits gained from the subsidies.

The long-term sustainability of export growth cannot depend on cash incentives. Businesses must move beyond reliance on subsidies as a crutch and focus on building their own competitiveness. This mindset of pursuing exports at any cost created a high-risk environment that opened avenues for money laundering. As Bangladesh transitions to a post-LDC era, phasing out subsidies must be paired with structural reforms that will prevent illicit financial flows within the export sector.

A significant portion of the illicit financial outflow occurs through trade and business. One common method used is mis-invoicing-undervaluation of exports and overvaluation of imports. Such exploitation of loopholes in the banking sector's export-import mechanisms has allowed financial fraud to flourish on a massive scale.

The back-to-back Letter of Credit (LC) system, widely used in the garment industry, is a prime target for money launderers. Under the system, raw material imports are financed against export orders. While regulations are in place to ensure import costs do not exceed export revenue. But these rules are often flouted. The Bangladesh Financial Intelligence Unit (BFIU) has uncovered such a case at Premier Bank's Narayanganj branch where 18 entities were provided with excessive unauthorised back-to-back LC facilities far beyond the allowable limit. This scheme facilitated the siphoning off Tk 6.21 billion through fraudulent transactions.

Even when staying within the regulatory limit, back-to-back LC transactions can still be susceptible to manipulation for money laundering. A key vulnerability lies in the proforma invoice-a preliminary bill of sale detailing goods or services, including their description, quantity, price, delivery, and payment terms. Banks are tasked with reviewing these invoices to ensure they align with master LCs, verify supplier credibility, and assess the reasonableness of pricing. However, the absence of a standardised price leaves banks without a reliable benchmark to cross-check invoice values.

In practice, bank employees often resort to informal methods to verify pricing, such as conducting Google searches. This approach is unreliable and ineffective. Consequently, banks struggle to detect over-invoicing and other fraudulent pricing tactics used in trade-based money laundering.

To tackle this issue, the Bangladesh Bank should create and maintain a comprehensive, regularly updated price list of all exported and imported goods. This list should account for market fluctuations, product quality, brand, model, and economies of scale. Making this database accessible to all banks online would enable them to quickly identify discrepancies between LC prices and official prices and help block suspicious transactions. To ensure accountability, punitive measures should be enforced against banks that neglect these checks despite access to the data.

A price list is not a cure-all, but it is a practical step towards securing the export sector's future.

By reducing illicit financial outflows and mis-invoicing, it could redirect billions of dollars from fraudulent trade into legitimate export revenue, boosting foreign exchange reserves and the economy.​

 

[Saif]

'Take action against corrupt employees'

Public admin ministry directs all secretaries and heads of government offices and agencies

www.thedailystar.net

'Take action against corrupt employees'
Public admin ministry directs all secretaries and heads of government offices and agencies

The Ministry of Public Administration has directed all secretaries and heads of government offices and agencies to take action against corrupt employees working across various ministries, departments, and organisations.

The directive was issued on March 20, a month after the decision was made by the Advisory Committee on Public Administration on February 20.

In a letter signed by Deputy Secretary Jamila Shabnam addressed to all secretaries, the ministry said, "Officials and employees who are widely perceived as corrupt based on intelligence reports are to be subjected to departmental action as per directives."

Following the decision of the Advisory Committee on Public Administration, the directive has also been sent to the directors general, executive directors, managing directors, and chairpersons of government agencies, as well as divisional commissioners and deputy commissioners.

The government formed the Advisory Committee on Public Administration on January 8, with Finance Adviser Salehuddin Ahmed as the chairman and Information Adviser Mahfuj Alam as member secretary, to provide recommendations on the recruitment, transfer, and disciplinary matters of officials from the rank of joint secretary and above, including divisional commissioners and deputy commissioners.​

 

[Saif]

Case filed against former BNP leader for illegally storing VGF rice in Kurigram

he VGF rice was recovered from a maktab (a centre for teaching Arabic) run by the imam of a local mosque

www.thedailystar.net

Case filed against former BNP leader for illegally storing VGF rice in Kurigram

VGF rice recovered at Kaliganj Bazar area of Nageshwari, Kurigram. Photo: STAR

A case was filed against a former BNP leader this morning on charge of illegally storing around 3,800 kilogrammes VGF (Vulnerable Group Feeding) rice in Nageshwari upazila of Kurigram.

The VGF rice was recovered from a maktab (a centre for teaching Arabic) run by the imam of a local mosque at Kaliganj Bazar next to the union parishad yesterday.

Locals alleged that BNP leaders and activists forcibly took share of VGF cards from the chairman and members of Kaliganj Union Parishad. The rice was withdrawn through the VGF cards and deposited in the maktab by a group of people led by Jamal Uddin, who was the former general secretary of Kaliganj union unit of BNP.

Nageshwari Upazila Cooperative Officer Nur Kutubul filed the case today with Kaliganj Police Station in connection with the incident.

The Upazila Assistant Commissioner (land) Mahmudul Hasan said Jamal Uddin has been in hiding since the VGF rice recovery incident.

He added that locals found the VGF rice kept in the maktab and then informed the administration. "I visited the scene and seized the rice. It is being investigated whether the Union Parishad chairman and members are involved in this matter."

When contacted, Kaliganj Union Parishad Chairman Reazul Islam said that VGF rice was distributed among the beneficiaries yesterday. However, he said that no local BNP men forcibly took the VGF cards.

Since the incident happened outside the union parishad, the chairman and members are not responsible for it, he added.

When asked about that how Jamal Uddin collected the VGF rice, he replied that he did not know.

Kaliganj Bazar Jame Mosque Imam Ismail Hossain said, "Jamal Uddin took the key of the maktab from me. He had stored VGF rice in the Maktab. I am not involved in this matter."

Jamal Uddin's mobile phone was found switched off when this correspondent tried to reach him for comment.

Nageshwari Police Station Officer-in-Charge (OC) Rezaul Karim Reza said that a drive is being launched to arrest the accused. He said, "The Imam of the mosque, Ismail Hossain, was questioned and released last night."​

 

[Saif]

Will the construction of roads paved with gold continue?

High construction costs in our mega infrastructure projects raise concerns.

www.thedailystar.net

Will the construction of roads paved with gold continue?

The cost of the two-lane Cox's Bazar-Matarbari road is likely to be more than double the cost of the country's most expensive highway from Dhaka to Bhanga in Faridpur via the Padma Bridge. FILE PHOTO: STAR

A common feature of mega infrastructure projects undertaken by the previous government was the extremely high construction costs. Due to planning flaws, irregularities, corruption, etc, Bangladesh had one of the highest highway construction costs in the world.

The White Paper on the State of the Bangladesh Economy, commissioned by the interim government, also highlighted the huge expenditure on highway construction. According to it, during the previous government's tenure, the construction cost of four-lane highways in Bangladesh averaged $6.35 million per kilometre, which was 4.4 times higher than in India, 2.15 times higher than in Pakistan, 1.6 times higher than in China, and 3.7 times higher than in Turkey.

It was expected that things would change under the interim government, which came to power through a popular uprising. But in reality, the construction of "roads paved with gold" has not stopped even during this government's tenure. A recent Prothom Alo report shows that the construction of the Cox's Bazar-Matarbari two-lane road will cost Tk 476 crore per km.

The most expensive highway in the country so far was the expressway from Dhaka to Bhanga in Faridpur via the Padma Bridge. The 55-kilometer-long, four-lane highway cost Tk 11,440 crore to build. That is, the cost of constructing the expressway per kilometre was about Tk 201 crore, which was widely criticised.

It appears that the cost of the two-lane Cox's Bazar-Matarbari road, to be built during the interim government's tenure, will be more than double that of the most expensive four-lane Dhaka-Bhanga Expressway, built during the Awami League era. Muhammad Fouzul Kabir Khan, an adviser to the interim government, has also raised questions about this huge expenditure. At a seminar in Dhaka on February 25, while informing the audience that he had to approve the highway being implemented with a foreign loan, he also raised the question: "will this road be paved with gold or diamonds?"

What could be the reason for such a huge cost in constructing the road? According to Prothom Alo's report, this huge cost cannot be explained by the increase in the price of construction materials alone. One of the reasons for such a high cost could be non-competitive bidding and the conflict of interest of the lending agency.

The Japan International Cooperation Agency (JICA) is providing the loan for the Matarbari coal power plant and deep-sea port project in Maheshkhali, Cox's Bazar. The road will be constructed under this project. The consultant hired to design the project is from Japan, the project financer. The conditions for the construction tender were prepared in such a way that contractors from countries other than Japan could not compete effectively. The estimated cost for constructing the 27.2 km long road was Tk 7,382 crore (which is also very high, at Tk 271 crore per km). However, the combined bid of the Japanese contractors stood at Tk 11,500 crore, which is 58 percent more than the estimated cost.

Normally, if a bid exceeds the estimated cost by more than 15 percent, re-tendering can be done. But that could not be accomplished due to JICA's objections. JICA stated that re-tendering just to reduce costs or select the lowest bidder is not in line with their procurement policy. As a result, just like during the Awami League era, roads are being built at costs per kilometre that are several times higher than in India, China, or Europe.

Meanwhile, the interim government's Task Force Report on Re-strategizing the Economy and Mobilizing Resources for Equitable and Sustainable Development recommended avoiding such conflicts of interest. The report mentioned that Bangladesh secures infrastructure project financing from JICA, China, India, etc, under government-to-government (G2G) bilateral frameworks with limited tendering, which results in high project costs. Particularly, projects where feasibility studies, detailed designs, construction, and supervision are all managed by the lending country create conflicts of interest and tend to drive up construction costs.

A few examples of such projects include the railway bridge on the Jamuna River (JICA-funded, with detailed design, supervision consultancy, and contractors from Japan), the third terminal (JICA-funded, with detailed design, supervision consultancy, and contractors from Japan), and the Karnaphuli Tunnel (China-funded, with detailed design, supervision consultancy, and contractors from China). The task force recommended that no project should be implemented with foreign loans where the terms of the loan contradict competitive bidding, requiring the project's consultants, contractors, and materials to be sourced from the lending country.

It is true that the loan agreement for the Matarbari project was signed during the previous government's tenure. However, the present government could have followed the recommendations and tried to address these disparities in the loan agreement. The government could have told JICA—just because you are lending money for the road, we are not bound to agree to unfair conditions. Since the people of Bangladesh will have to repay the loan with interest, the government must have the authority to determine how the loan money is spent. Otherwise, if necessary, Bangladesh could construct the 27 km of road with its own funds, but it should not adhere to unfair conditions.

Similar initiatives need to be taken regarding ongoing projects under the Indian Line of Credit (LoC) as well. Several infrastructure construction projects in Bangladesh are being funded by Indian loans to facilitate transit with India. According to the terms of the Indian loan, 75 percent of the raw materials required for these projects must be purchased from India, and contractors must be hired from there. Moreover, there is a question about how essential these hugely expensive infrastructure projects are for Bangladesh at this time.

For example, as reported by Samakal, a 50-kilometre-long, four-lane highway is being constructed from Ashuganj River Port through Sarail, Kasba, and Dharkhar in Brahmanbaria to Akhaura Land Port under the Indian LoC. This road, which is being constructed at a cost of Tk 5,791 crore, will connect Agartala in Tripura, India, with Ashuganj River Port. Additionally, the road from Mainamati in Cumilla to Dharkhar will be upgraded to four lanes with Indian LoC funding at a cost of Tk 7,188 crore. This will make it easier to transport goods unloaded at Chittagong Port to Tripura and Assam. Although India will benefit from these two roads worth Tk 12,979 crore, there is a question as to what benefit Bangladesh will receive.

Bangladesh will also have to bear the cost of regular maintenance of the roads after construction. There is a question as to whether the huge expenditure being made to increase connectivity between Sylhet, Cumilla, and Chattogram will be recovered merely by transporting Indian goods.

One piece of good news is that the two countries have agreed to scrutinise projects under the Indian LoC that are still in the process of appointing consultants and contractors or preparing project proposals. However, it is not just the project list that needs reevaluation—the terms of the project loans must also be reviewed.

If the interim government could genuinely reform the unfair terms of loans from various foreign lenders in accordance with the task force recommendations, its commitment and sincerity towards reform would be more evident to the people.

Kallol Mustafa is an engineer and writer who focuses on power, energy, environment and development economics.​

 

[Saif]

Tycoons open trust fund, then siphon off funds

Tycoons first opened trust fund and then siphoned off funds to tax-haven island nations before transferring to developed countries for finally settling in the chosen destinations, financial intelligence has found out. This is a common pattern of asset accumulation and laundering by big guns

thefinancialexpress.com.bd

Asset outflow to tax-haven islands en route to rich countries
Tycoons open trust fund, then siphon off funds
Financial sleuths nose out common pattern in huge money laundering by 11 top suspects during past regime
Doulot Akter Mala
Published :
Mar 24, 2025 00:06
Updated :
Mar 24, 2025 00:06

Tycoons first opened trust fund and then siphoned off funds to tax-haven island nations before transferring to developed countries for finally settling in the chosen destinations, financial intelligence has found out.

This is a common pattern of asset accumulation and laundering by big guns during the long reign of the past autocratic government, toppled in the August-5th uprising, according to the findings reported by Bangladesh Financial Intelligence Unit (BFIU) in a geared-up recovery hunt.

Officials concerned have said this common pattern was followed in laundering "significant amounts" of money by 11 big-name individuals and businesses linked to the deposed Sheikh Hasina regime.

According to the discoveries of tracks, funds were used to establish trust fund and then transferred from Bangladesh to overseas tax havens--particularly island nations. And subsequently the funds were parked into developed countries such as the UK, the USA, and Singapore, says a senior BFIU official, on condition of anonymity.

He said all the 11 suspects under investigation possess "significant undisclosed assets" abroad but none shown in their tax files in Bangladesh.

"Last week, we submitted the last one, on Summit Group, out of 11 intelligence reports," he added, declining to give details.

Officials of the BFIU and the National Board of Revenue (NBR) say tax recovery emerged as a crucial tool in asset recovery as existing tax laws allow authorities to claim the equivalent market value of undisclosed overseas assets.

Alongside the 11 priority cases, the government has decided to investigate around 200 more individuals and businesses, mostly ex- MPs of the ousted Awami League regime, in its drive to recover stolen assets.

The alleged launderers who are under suspicion of the government on laundering Tk 2.0 billion to Tk 5.0 billion from Bangladesh would be brought to book too in the probe process.

During a recent visit to the United Kingdom, Bangladesh Bank governor Dr Ahsan H Mansur sought political support and proposed that the UK government impose sanctions on both large-and mid-scale money launderers.

Talking to the FE earlier, Dr Mansur had said the government would not spare the midsize launderers in an effort to recover as much asset as it can.

"Bangladesh will appoint a private law firm for civil suit for middle- ranged launderers while launch criminal proceedings over tycoons' illicit money transfers," said the governor.

Already, investigations against 11 large business-group owners are going great guns under the joint investigation taskforce comprising BFIU, ACC, NBR and CID officials.

Officials involved in the efforts have said there has been a significant progress in asset recovery following the unveiling of a roadmap at a meeting of the council of advisers recently.

The roadmap is aimed at bringing back an estimated amount between $75 billion and $100 billion--from spotted destinations in the US, the UK, Malaysia, Singapore, Hong Kong and the Cayman Islands.

At the council-of-advisers meeting Chief Adviser of the interim government Prof Mohammed Yunus called for expediting efforts to bring back billions in stolen money -- both from the banking system and by other means.

The central bank governor's visit to the UK has been pivotal in placing requests for sanctions on property sales and travel bans for individuals implicated in money laundering.

Asset recovery is a time-consuming process, often taking three to five years, and needs a rigorous exercise with the help of international litigation agencies.

Monthly taskforce meetings will be held under the roadmap, with updates provided to the head of post-uprising government.

Efforts to secure collaboration from the governments of Singapore and Malaysia are underway, as their cooperation is crucial in tracking siphoned-off assets.

A pre-negotiation strategy is being explored for individuals willing to voluntarily repatriate a significant portion of their siphoned-off funds. The Dr Yunus-led interim government has targeted 11 business groups' cases initially to bring back smuggled-out assets, the sources said.

The top-listed cases are against former Prime Minister Sheikh Hasina and her family members, Aramit Group owned by former land minister Saifuzzaman Chowdhury, S. Alam Group tycoon S. Alam, Nasa Group's Nazrul Islam Mazumder, Bashundhara group owner Ahmed Akbar Sobhan, Summit Group owner and Forbes billionaire Aziz Khan, former private- sector adviser to the Hasina Government and Beximco owner Salman F Rahman, Gemcon Group, Sikder Group, Nabil Group and Orion Group.

The recently released White Paper on Bangladesh economy reveals an approximate $16 billion annual illicit transfer abroad in the 15-year Sheikh Hasina regime. Also, Dr Ahsan H Mansur earlier estimated $17 billion siphoned off through the banking system.

As the roadmap says, the interim government would finalize the draft terms of reference (ToR) for international law firms this month.

April-June 2025 (quarter 2) period would be spent for hiring law firms, exerting push for freezing Bangladeshi stolen assets abroad and launching settlement process of asset recovery.

In Q3, Bangladesh would start international criminal and civil cases, find litigation funders to engage law firms and investigations.

In the last quarter (October-December), Bangladesh targets to achieve settlements in at least 50 per cent of the 11 priority cases, freeze assets of entire 11 business groups and establish an asset-recovery agency.

Bangladesh has instances on the sending back of UK's stolen assets in 2010 and 2015 upon request from the UK government.

The investigators also cite the instance of having repatriated assets worth Tk 230 million of former premier Khaleda Zia's son Koko in 2007 from Singapore.​

 

[Saif]

Bangladeshis own dozens of Dubai properties

The National Board of Revenue (NBR) has identified dozens of properties in Dubai owned by Bangladeshis, a senior official familiar with the matter has told The Daily Star.

www.thedailystar.net

Bangladeshis own dozens of Dubai properties
NBR investigation finds

The National Board of Revenue (NBR) has identified dozens of properties in Dubai owned by Bangladeshis, a senior official familiar with the matter has told The Daily Star.

The discovery comes two months after the tax administration sent two teams of tax intelligence officers to the United Arab Emirates to assess tax compliance and track overseas assets held by Bangladeshi citizens.

"During on-site visits, we found several dozen properties owned by Bangladeshis in Dubai," the NBR official said.

A 2021 estimate by the EU Tax Observatory revealed that Bangladeshis own $260 million (Tk 3,114 crore) worth of offshore real estate in Dubai, making it their second-most popular destination for second homes after Singapore.

In a separate investigation, The Daily Star found 929 properties registered in the names of 461 Bangladeshis in Dubai. Of these properties, 259 are registered under the names of politicians, business magnates, and bankers.

All 461 names and the number of properties listed under them are based on 2020 and 2022 data compiled by The Center for Advanced Defense Studies, a Washington-based non-profit.

The NBR official said they are also looking into other such hubs, including London.

"This is a large-scale investigation and it's not limited to Dubai. We are also working on cases in the UK, the US, Singapore and other locations."

One subject of the ongoing scrutiny is Mohammed Mahtabur Rahman Nasir, owner of Bangladesh's Al Haramain Perfumes chain, who stands alleged of tax evasion and illegal money transfers (hundi) disguised as perfume sales and import-export activities.

Nasir, a prominent businessman in Sylhet, denies wrongdoing.

"We have conducted raids at Nasir's residence, Kazi Castle in Sylhet, and obtained important documents," the official said. "We are verifying the gathered information."

Among the seized records were 104 land deeds tied to Nasir and his family.

The NBR also found discrepancies between the land values declared in his tax filings and those in official records.

Tax investigators further found properties in his name in Dubai and Sharjah, including a large showroom.

On 22 January this year, the NBR froze Nasir's and his family's bank accounts.

Their tax records are under review and land registry offices have been asked to supply further details.

Nasir dismissed the allegations, saying that he has invested in Bangladesh in full compliance with the law.

"I have been doing business in the Middle East for a long time. To this day, I have never taken a loan from any bank. I have never engaged in any illegal activities. As for hundi, far from being involved in it, I consider it my greatest enemy," he told The Daily Star over the phone from Saudi Arabia recently.

"In the Middle East, we have operations with goodwill in Saudi Arabia, Oman, Kuwait, Qatar, Bahrain, and the UAE. Additionally, we have offices in the USA and the UK," he said.

Regarding the 104 land deeds, Nasir said most were small purchases made by his father in 2008 in their village.

"The majority of our properties are properly declared in our tax records. If anything is missing, I have no issue -- I am willing to provide all necessary documents," he added.

The NBR expects to finalise its report soon.

The National Board of Revenue (NBR) has detected tax anomalies amounting to over Tk 58 crore involving five individuals and their companies, including a former president of the Chittagong Stock Exchange (CSE).

On Friday,

The NBR flagged tax anomalies amounting to over Tk 58 crore involving Fakhor Uddin Ali Ahmed, a former president of the Chittagong Stock Exchange, and four of his relatives.

The tax administration said it had found an undisclosed offshore investment made by Fakhor in an under-construction 33-storey complex in Dubai.

Additionally, the official said the anti-graft agency has blocked another business tycoon from leaving Bangladesh over undisclosed Dubai assets.

"Our teams have found a hotel, an apartment, and land in his name in Dubai. We suspect that he may try to sell the properties abroad if he leaves the country."​

 

[Saif]

Ex-SSF director general Mujibur’s huge asset

A 4,050 square foot flat in Mirpur, and 10 plots in Mirpur, Cantonment, Khilkhet, Purbachal areas Dhaka have been found in the names of former director general of Special Security Force (SSF) Lieutenant General (retd) Mujibur Rahman and his wife.

en.prothomalo.com

Ex-SSF director general Mujibur’s huge asset
Nurul Amin
Dhaka
Published: 30 Mar 2025, 22: 50

Former SSF director general Mujibur Rahman

A 4,050 square foot flat in Mirpur, and 10 plots in Mirpur, Cantonment, Khilkhet, Purbachal areas of Dhaka have been found in the names of former director general of Special Security Force (SSF) Lieutenant General (retd) Mujibur Rahman and his wife.

Apart from this, the Anti-Corruption Commission (ACC) has also found another flat in the Cantonment area, a house in Purbachal and another land along with a tin shed house in Savar.

In addition to these immovable assets of Mujibur Rahman and his wife Tasrin Mujib, information about transactions of a huge amount of money in 15 bank accounts has been found during the investigation the ACC conducted.

Mujibur Rahman has gone into hiding since the fall of the Sheikh Hasina government on 5 August last year.

ACC sources say that Mujibur Rahman has amassed illegal assets in the name of family members through abuse of power and irregularities and corruption while holding various important government posts.

A huge amount of corruption and bribery money were deposited and withdrawn from various bank accounts of Mujibur and his wife, the source added.

The ACC has appealed to the court to seize Mujibur Rahman and his wife’s two flats and 10 plots in Dhaka and another plot and the house in Savar.

The anti-graft watchdog has also appealed to freeze their 15 bank accounts.

ACC deputy director Mohammad Sirajul Haque made the appeal to the court on Monday.

Mujibur Rahman was the director general of SSF until the fall of the government of Sheikh Hasina. Later, he was suspended on 12 September.

Earlier, Lieutenant General Mujibur Rahman carried out the responsibilities of a Quarter Master General (QMG) at the army headquarters. He was also the additional director general of the Rapid Action Battalion (RAB) and Border Guard Bangladesh (BGB).

ACC sources said Tasrin Mujib owns seven plots in various areas of Baunia mouza of Dhaka Cantonment area, with the largest plot size being seven kathas. The mouza price of the plot has been shown as a bit more than Tk 9.82 million (98.25 lakhs).

According to the source, there is also a flat in the name of Tasrin Mujib in Joar Sahara area of Dhaka Cantonment.

The 4,050 square foot flat, situated in Matikata area of Mirpur, is in the name of Mujibur Rahman. He has shown the price of the flat as Tk 18 million.

Besides this, there are three more plots in his name in Matikata, Cantonment and Khilkhet area of Dhaka. The largest plot in Mujibur’s name is located in Khilkhet area, with the size being seven katha.

Apart from this, there is a house and a plot in his name in Purbachal area in Dhaka. There is also a tin shed house in Savar on five decimal land.​