Navana Group Senior Vice-Chairman Saiful Islam Shumon owns 13 luxury properties in and around Toronto, one of Canada’s largest cities, according to an investigation into the family’s overseas assets.
The assets include luxury houses, townhouses, condominiums and a residential and commercial unit.
An analysis of Canadian property records and recent market prices places the current value of 12 of the properties at about Tk131 crore. Value of the other property couldn’t be traced.
The most expensive is a custom-built detached house in Toronto’s Scarborough area, worth Tk25.50 crore.
Preliminary information also points to further assets linked to Shumon and other members of the Navana family in Toronto and elsewhere in the North American country.
The TIMES investigation has also identified properties and financial interests linked to members of the Navana family in the United Arab Emirates, Singapore and Antigua and Barbuda.
Documents reviewed by TIMES indicate that members of the Navana family accumulated substantial assets overseas over years while companies belonging to the group were struggling with defaulted loans in Bangladesh.
The group currently owes about Tk8,000 crore to banks and financial institutions.
According to official property records, assets identified in Sumon’s name are located in Scarborough, North York and central Toronto, as well as Mississauga and Brampton in the Greater Toronto Area.
The estimated values were calculated using the latest available sale records and recent prices of comparable properties in the same neighbourhoods.
The Scarborough’s custom-built house, which has more than 6,000 square feet of floor space, has an estimated current market value of about C$2.9 million, equivalent to roughly Tk25.5 crore at the current exchange rate.
Another property, at 1270 Birchview Drive in Mississauga’s affluent Lorne Park neighbourhood, is estimated to be worth between Tk18.5 crore and Tk23 crore.
A house at 390 Walmer Road in Toronto’s Casa Loma area is estimated to be worth about Tk15.80 crore.
Shumon also owns a residential unit at Milan Condos, a luxury high-rise development at 825 Church Street in downtown Toronto, which is estimated to be worth about Tk7.12 crore.
A three-storey townhouse at 142 Cleanside Road in Toronto is estimated to be worth Tk8.25 crore, while a condominium apartment at 330 McCowan Road in Scarborough is valued at Tk4.85 crore.
Shumon also owns a live-work condominium townhouse at 7 Vivian Road in Toronto, estimated to be worth Tk5.72 crore, and a condominium apartment at 1445 Wilson Avenue in North York, valued at Tk4.31 crore.
A detached house at 37 McDonald Avenue in Scarborough is estimated to be worth Tk10.56 crore. Another property, a condominium townhouse at 21 Rockwood Drive in Scarborough, is valued at Tk6.51 crore.
In North York, a freehold semi-detached house at 1344 Lawrence Avenue West is estimated to be worth Tk9.24 crore.
The portfolio also includes a detached freehold house at 106 Barr Crescent in Brampton, valued at Tk10.56 crore.
Bangladeshi financial intelligence officials believe further assets in Canada may be held in the names of Shumon’s wife Tajina H Islam and his younger brother Shahedul Islam.
Officials are also examining properties linked to the Navana family in several affluent areas of Dubai, including Jumeirah Garden City in Al Satwa.
The Bangladesh Financial Intelligence Unit (BFIU) has begun taking steps to seek information from authorities in several countries in an effort to establish the full extent of the family’s overseas assets.
Scrutiny of the Navana family’s foreign financial interests intensified following an earlier investigation by TIMES.
BFIU subsequently opened a formal inquiry.
Documents obtained by this news outlet show that members of the Navana family had deposited substantial sums in Singapore banks before 2007.
The records also indicate that money held in Singapore accounts was invested in international hedge funds.
Saiful Islam and Sazedul Islam also obtained citizenship of Antigua and Barbuda through investment.
The earlier TIMES investigation identified several international transactions that appeared to have been carried out without regulatory approval.
Bangladesh Bank told TIMES that the individuals concerned had not received approval to conduct such financial activities abroad.
The Anti-Corruption Commission (ACC) opened an inquiry into Shumon in 2020 over allegations of money laundering and business expansion in Canada.
The inquiry was closed within months.
TIMES previously reported that the investigation was halted amid political backing from the then Awami League government.
During the same period, the finance ministry moved in August 2020 to facilitate up to Tk1,200 crore in fresh loans for Navana Group despite its loan-default problems.
Under the arrangement, the group eventually received Tk500 crore in fresh loans from four state-owned banks: Sonali, Rupali, Agrani and Janata, with each providing Tk125 crore.
A Sonali Bank official said the group had not repaid a single taka since receiving the loans.
TIMES sought comment from Saiful Islam Sumon about the properties identified in Canada.
No response could be obtained because he had blocked the reporter’s phone number.
Navana Group traces its origins to Islam Group, founded by industrialist Jahurul Islam in 1964.
Following Jahurul Islam’s death, his brother Shafiul Islam Kamal left Islam Group and established Navana Group in 1996.
Kamal remains chairman of Navana Group, with his eldest son Saiful Islam Shumon serving as senior vice-chairman and his second son Sajedul Islam Shuvro as vice-chairman.
Kamal’s wife Khaleda Islam, daughter Farhana Islam and youngest son Shahedul Islam are directors of the group.
Since Kamal fell ill in 2018, Shumon and Shuvro have taken charge of the group’s business operations.
Shumon and his younger brother Shahedul have been living in Canada for several years.
