The Criminal Investigation Department (CID) has initiated an investigation into alleged money laundering activities involving Bashundhara Group’s Chairman, Ahmed Akbar Sobhan, Managing Director, Sayem Sobhan Anvir, and other individuals connected to the conglomerate.
In a press release, CID stated, “CID has decided to investigate allegations of embezzlement and laundering of thousands of crores of taka through fraud, forgery, duty and VAT evasion, under-invoicing, and over-invoicing linked to various entities under Bashundhara Group.”
According to the CID, Bashundhara Group allegedly acquired land at a cost of Tk 20-25 lakh per bigha through fraudulent means. The company reportedly borrowed over Tk 42,000 crore from banks by inflating land prices to Tk 3 crore per katha.
A significant portion of these funds is suspected to have been laundered to international destinations, including Dubai, Singapore, Cyprus, London, and Malaysia.
While certain portions of the Bashundhara Residential Project received approval from RAJUK, most of the developments were allegedly carried out without approval, involving the illegal filling of government land, including canals, rivers, wetlands, graveyards, and historical sites.
Additionally, East West Properties Limited, a Bashundhara subsidiary, is accused of grabbing vast amounts of land in various blocks of the Bashundhara Residential Area, valued at over Tk 1.5 lakh crore.
The group is also suspected of using fraudulent methods to acquire 1,016 acres of government and public land, including 800 acres of canals, rivers, and state property, as well as 216 acres from the Bhawal Raj Estate.
Further allegations surround the Bashundhara Riverview project, where land was reportedly seized and sold without proper authorization, generating hundreds of crores of taka through advance payments and installment plans.
Bashundhara Oil and Gas, located in Keraniganj, is also under investigation for alleged trade-based money laundering. The company is accused of importing bitumen worth approximately Tk 2,000 crore and manipulating prices through a syndicate to control the market.
