In a sweeping crackdown on financial crime, law enforcement agencies are targeting 151 people in Chattogram linked to extensive money laundering networks tied to the S Alam Group and former land minister Saifuzzaman Chowdhury Javed, along with other Awami League leaders.
According to sources, authorities have moved to freeze bank accounts, seize local assets, and impose travel restrictions on suspects involved in large-scale money laundering networks.
The Anti-Corruption Commission (ACC) is also investigating the potential overseas property holdings of these individuals.
The Chattogram Metropolitan Police (CMP) has formally handed over a list of the suspects to the Criminal Investigation Department (CID) for further investigation and legal action, said officials.
The list includes a wide array of individuals, from political figures and powerful businessmen associated with the Awami League to their close relatives and employees.
“The purpose of transferring the list is to enable the CID to scrutinise financial records, trace illicit transactions, and implement measures to halt the suspects’ economic activities, including freezing accounts and seizing property,” CMP Commissioner Hasib Aziz told TIMES of Bangladesh.
The CID will pursue investigations under both the Money Laundering Prevention Act and the Anti-Terrorism Act.
This dual framework enables swift property seizures and account freezes, as illicit financial flows are often linked to extremist networks, while facilitating cooperation with international financial intelligence agencies, according to officials.
In parallel, the ACC launched its own operations in Chattogram on Sunday, detaining several close aides of Saifuzzaman and seizing large volumes of financial documents, property deeds, and transaction records.
“We have already identified a core group of 15 to 20 individuals directly connected to the former minister’s money laundering operations,” said Moshiur Rahman, deputy director of the ACC.
“Our focus is on tracing both movable and immovable assets abroad, and we are working across multiple jurisdictions,” he told TIMES.
The investigation highlights the scale of corruption under the 15-year rule of the Awami League regime, which was ousted in a student-led uprising in August last year. Bangladesh reportedly lost an estimated $16 billion annually through corruption and money laundering by political elites and their associates.
A report by Financial Times claims that nearly $234 billion was siphoned out of the country during that period.
Ctg identified as key money laundering hub
Investigators have uncovered that Chattogram has become a key hub for money laundering, primarily through import-export channels. Traders are allegedly inflating invoices and underreporting exports to funnel illicit funds abroad.
This has emerged as a key finding in the investigation into Saifuzzaman Chowdhury and the S Alam Group, both accused of laundering significant sums overseas, with the city’s port and banking systems being exploited for cross-border money laundering activities.
Sources reveal that the 151 individuals on the list represent a diverse cross-section of society, from high-ranking business figures and close associates of S Alam and Saifuzzaman to lower-level employees, including doormen.
The list also includes workers at various levels and prominent leaders from the political wing of the former ruling party.
Many of these individuals are implicated in cases tied to the 2024 mass uprising, with some currently in custody, while others remain at large.
Law enforcement agencies believe the primary local money launderers have fled the country.
CMP Commissioner Hasib Aziz said while the police have uncovered significant evidence of money laundering, they do not have the full mandate to conduct these investigations. As a result, they are collaborating with other agencies, including the Bangladesh Financial Intelligence Unit, the ACC, and the National Board of Revenue.
The CMP is providing assistance to the ACC in identifying those involved in the recently exposed money laundering network, he added.
