https://www.finews.asia/finance/42032-dbs-saifuzzaman-chowdhury-sheikh-hasina-money-laundering-bangladesh

A former minister from Bangladesh is under investigation over claims that he laundered millions of dollars offshore. His companies allegedly received loans from DBS.

DBS made 19 loans to companies belonging to Saifuzzaman Chowdhury, according to a video of an investigative report by «Al Jazeera». Chowdhury is the former Land Minister of Bangladesh and is currently being probed by authorities in the country over money laundering accusations.

Rahul Marde was named as the private wealth manager at DBS in the report.

«DBS’ controls had proactively flagged certain issues prior to the reporting in question, following which an appropriate review had been initiated,» the bank said in a separate «Bloomberg» report, though it declined to comment on whether or not it lent money to Chowdhury.

Real Estate Empire

Al Jazeera’s investigation discovered an offshore portfolio owned by Chowdhury which was made up of hundreds of properties worldwide with an estimated value of $675 million. In the UK, the report claims he has 360 properties worth $252 million. He allegedly also owns properties in the US, Dubai, Singapore and Malaysia.

The report was based on undercover meetings with lawyers, real estate agents, developers, bankers and Chowdhury himself, as well as data from public filings.

Money Laundering Probe

Chowdhury is facing accusations of money laundering as there are capital controls in Bangladesh that restrict outflows from the country without permission from its central bank. Chowdhury claims that his properties were purchased with funds earned by his businesses in the UK, US and the UAE, and that he is a victim of a political witch hunt.

Chowdhury is a close ally of Sheikh Hasina, ex-Prime Minster of Bangladesh. She resigned in August 2024 and fled the country after anti-government protests. Several of her ministers and allies reportedly followed, including Chowdhury.