The Criminal Investigation Department (CID) of the Bangladesh Police has filed a massive money laundering case against the controversial businessman Chowdhury Nafees Sarafat and his associates for allegedly siphoning off approximately 1,613.68 crore BDT (approx. £115 million) abroad. The Special Superintendent of Police (Media) for the CID, Jashim Uddin Khan, confirmed the development on Friday (28 November). Initial inquiries by the CID’s Financial Crime Unit suggest a systematic misappropriation of investors’ funds over a decade.
According to the investigation, Nafees Sarafat co-founded an asset management firm named “RACE Management PCL” in 2008 alongside Dr Hasan Taher Imam. By 2013, the firm managed ten mutual funds, and currently oversees thirteen. Allegations suggest that Nafees and his associates used money from these mutual funds for personal gain. Specifically, he and his wife, Anjuman Ara Shahid, reportedly used fund money to purchase shares in the then-Farmers Bank (now Padma Bank), eventually securing directorships. Sarafat also managed to secure a director’s position for his wife at Southeast Bank through similar manoeuvres.
The CID’s probe revealed a staggering total of 78 bank accounts belonging to Nafees Sarafat, his wife, and their son, Raheeb Safwan Sarafat Chowdhury. A total of 1,809.75 crore BDT was deposited into these accounts, of which 1,805.58 crore BDT was subsequently withdrawn. Currently, only 29.21 lakh BDT remains in their 21 active accounts. The authorities discovered that the suspects used a broker house named Multi Securities and various complex financial structures like Strategic Equity to launder and divert these vast sums.
Furthermore, the CID has uncovered substantial overseas assets. Nafees Sarafat reportedly owns a three-bedroom flat and a five-bedroom luxury villa in Dubai, United Arab Emirates. Information regarding significant financial transactions in Singapore linked to Dr Hasan Taher Imam’s company bank accounts has also been obtained. The formal case was lodged at Gulshan Police Station last Thursday (27 November). This case is regarded as one of the most significant crackdowns on financial corruption and capital market manipulation in the country’s history.
GLIVE/TSN