The Criminal Investigation Department (CID) has filed a money-laundering case involving Tk1,613 crore against Padma Bank (formerly Farmers Bank) ex-chairman Chowdhury Nafeez Sarafat and three of his associates.
The other three are – Nafeez’s wife Anjuman Ara Shahid, son Rahib Safwan Sarafat and Dr Hasan Taher Imam.
According to a CID press release issued Friday, a preliminary inquiry by the Financial Crime Unit uncovered that Nafeez Sarafat, along with his associate Dr Hasan Taher Imam, obtained a licence in 2008 for an asset-management company named Race Management PCL.
Within five years of its inception, the firm secured management responsibilities for 10 closed-end mutual funds, which later increased to thirteen. Investigators allege that these mutual funds were used for the accused’s personal gain.
CID said Nafeez Sarafat, together with his wife Anjuman Ara Shahid and Dr Hasan Taher Imam, invested fund assets to purchase shares of the then Farmers Bank, enabling them to secure positions on the bank’s board.
The investigation also states that Nafeez arranged the appointment of his wife as a director at Southeast Bank.
The accused allegedly bought a brokerage house named Multi Securities using mutual fund money and then siphoned off fund assets through its trading licence.
CID further reported that Sarafat used Padma Bank’s money to purchase units of the Strategic Equity Fund (registered in 2007) in the names of individuals associated with his interests, while several other funds operated under the same structure.
Investigators said the scale of forgery and fraud was extensive.
Multiple beneficiary owner (BO) accounts and bank accounts were opened and operated, and several plots were obtained from Rajuk through deception. Some of these assets were used to establish various companies and a university, creating channels for laundering money abroad.
CID cited numerous allegations previously circulated on social media and reported by the press – including pressure to invest Tk500 crore in Best Holdings bonds, money laundering overseas, and the purchase of multiple houses and flats – which prompted the Financial Crime Unit to begin its probe.
During the investigation, CID identified 78 bank accounts operated in the names of Nafeez Sarafat, his wife, his son Rahib Safwan Sarafat, and entities linked to their interests. Around Tk1,809.75 crore was deposited in these accounts, while Tk1,805.58 crore was withdrawn.
CID said 21 accounts belonging to Nafeez, his wife and his son remain active with a combined current balance of only Tk29.21 lakh.
The inquiry also traced ownership of several foreign companies linked to the accused – Canadian Maple Strategic Wealth LP (Canada), Race Management PCL (Bangladesh), Race Financial Management Inc. (Canada).
There are also companies registered in the British Virgin Islands – Blue Ocean Supply Ltd and Lhotse Summit Investments Ltd
CID found 15 joint accounts under the name of Anjuman Ara Shahid at Standard Chartered Bank (Singapore) Limited.
Investigators also uncovered 76 overseas bank accounts in the name of Rahib Safwan Sarafat at institutions including the Royal Bank of Canada, United Overseas Bank (Singapore), Bank of Singapore Limited and Toronto Dominion Bank.
CID further reported that Nafeez Sarafat owns a three-room flat and a five-room villa in Dubai. Evidence was also found of accounts operated abroad under Next Frontiers Fund PTE Ltd, owned by Hasan Taher Imam.
The investigation revealed extensive assets inside Bangladesh held under their names.
After analysing the evidence, CID concluded that the group obtained Tk1,613 crore through fraud, forgery and laundering of domestic and foreign currency – offences under the Money Laundering Prevention Act, 2012 (amended 2015).
A case has been filed at Gulshan Police Station under Section 4(2) of the Act.
CID said its efforts to bring individuals and groups involved in laundering state assets under the law will continue to safeguard Bangladesh’s financial interests.
