The anticorruption watchdog has sought all the bank records of Eastern Bank Chairman Md Showkat Ali Chowdhury and his family after detecting Tk8,000 crore transaction trail tied to suspected offshore laundering under the cover of shipbreaking business.
The Anti-Corruption Commission (ACC) is also preparing to seek a travel ban, signalling its most aggressive action yet against the influential businessman, apparently prompted by a recent exposure by TIMES of Bangladesh.
In letters sent on 16 November, it requested multiple banks to hand over account-opening forms, transaction statements, loan files, TINs, passports and copies of national ID cards linked to Showkat, his wife, children and companies connected to their interests.
Officials told TIMES that the request is part of a sweeping inquiry into allegations that the EBL chairman used shell companies abroad to siphon money out of Bangladesh while abusing banking channels through fraudulent LCs issued in the name of scrap vessel import.
At a press briefing on Wednesday at the agency’s Segunbagicha headquarters, ACC Public Relations Officer Md Akhtarul Islam confirmed that the commission is taking steps to prevent Showkat from leaving the country. He said the allegations include corruption, abuse of power and laundering money under the guise of importing scrap vessels.
In the letter, banks have been instructed to immediately notify the commission if any of Showkat’s accounts are frozen or if any of his assets are seized during the investigation.
In a four-part series published from 11–14 November, based on its own investigation, TIMES uncovered how Showkat, through SN Corporation and a network of British Virgin Islands shell companies, transferred millions abroad between 2017 and 2024 to purchase scrap vessels that never existed.
Records show repeated use of fictitious shipping documents, irregular LC structures and mismatched maritime filings—transactions that international regulators classify as classic laundering typologies.
Fresh findings now point to luxury assets purchased overseas with allegedly laundered money. According to Singapore Land Authority documents obtained by TIMES, Showkat bought condominiums worth $6.5 million—around Tk79 crore—without securing any central bank approval for foreign remittance.
Investigators say this alone is a “clear and irrefutable laundering footprint”. The assets match the timeline of suspicious outflows linked to his offshore entities.
Despite the gravity of these transactions, Bangladesh Financial Intelligence Unit, responsible for the forensic examination of complex cross-border movements, halted its own investigation midway, leaving critical questions unanswered.
On 6 November, ACC formed a three-member team led by its Deputy Director Mustafizur Rahman to re-open the trail. Officials said the team has already begun issuing letters to agencies to secure documents before they disappear. They added that all necessary measures—including freezing assets and enforcing a travel ban—will be taken to prevent tampering or flight.
Under Bangladesh’s anti-money laundering law, conviction carries up to 12 years in jail and full confiscation of illicit assets.
For Showkat, long considered an untouchable figure in the shipbreaking sector and banking circles, the ACC’s sudden move marks a decisive turning point.
TIMES’ investigation has highlighted the scale of the alleged operation: an offshore network, a chain of suspicious LCs and properties abroad purchased without authorised dollar outflows.
