A Dhaka court has ordered the freezing of bank accounts and shares held by Bashundhara Group Chairman Ahmed Akbar Sobhan—popularly known as Shah Alam—and his family members.
The order, issued by Dhaka’s Senior Metropolitan Special Judge Zakir Hossain Galib on Wednesday, came in response to a petition by the country’s Anti-Corruption Commission (ACC).
It follows earlier court orders to seize the family’s overseas assets, including investments in Europe, the Caribbean, and the Middle East.
The ACC alleges that Sobhan—founder and chairman of the Bashundhara Group—and his close relatives laundered money, evaded taxes, seized public land, falsified loans, and acquired illegal wealth.
Investigators also accuse the family of purchasing foreign passports and citizenships using undeclared funds transferred abroad without the approval of Bangladesh Bank.
According to court documents, the latest freeze applies to 70 bank accounts containing over BDT 19.8 crore and USD 10,538, alongside shares worth more than BDT 1,458 crore.
The accounts are held by Sobhan and seven family members, including Bashundhara Group’s Managing Director Sayem Sobhan Anvir and his wife Sabrina, as well as other top executives and their spouses.
The probe reveals investments in Slovakia, Cyprus, the British Virgin Islands, and Saint Kitts and Nevis, among others, as well as deposits in foreign banks including Habib Bank Limited in the UAE and Eurobank in Cyprus. No official permission for these transfers or investments was sought, the ACC claims.
The investigation intensified following a shift in political power on August 5, 2024, after widespread student-led protests led to the fall of the previous Awami League government. The caretaker government has since launched wide-ranging corruption probes into former regime beneficiaries, with agencies like the National Board of Revenue and Criminal Investigation Department pursuing parallel inquiries.
The Financial Intelligence Unit had already frozen the Sobhan family’s accounts in October, while the courts imposed a travel ban on eight family members. CID has been probing allegations involving land grabs and capital flight totaling over BDT 1.5 trillion.
The Bashundhara Group, one of the country’s most influential conglomerates with interests ranging from real estate to media, has yet to issue a public statement in response to the latest court order.