The Times of Bangladesh is set to publish a major investigation into allegations that prominent Bangladeshi businessman Md Showkat Ali Chowdhury channelled large sums of money through offshore entities under the guise of purchasing scrapped vessels that never materialised.
Documents reviewed by the newspaper indicate that the transactions were routed through companies registered in the British Virgin Islands, raising questions about the legitimacy of the deals and the ultimate destination of the funds.
According to the leaked files and interviews, portions of the money are suspected to have been used to acquire two high-end residential properties in Singapore. Further assets are also believed to be held in the United Arab Emirates and the United Kingdom.
The investigation also points to the use of personal bank accounts – including those held by his immediate family members – to facilitate what sources describe as corporate financial flows, an arrangement that experts say can obscure ownership and complicate regulatory scrutiny.
Multiple sources with direct knowledge of the matter allege that attempts to examine the transactions faced institutional resistance. One senior official overseeing financial intelligence in Bangaldesh is understood to have been removed from his position after advancing inquiries related to the case.
Individuals familiar with the investigation claim the scrutiny was later halted before reaching key stages, underscoring concerns over political influence and accountability in financial oversight.
Md Showkat Ali Chowdhury, a major figure in sectors including shipbreaking and banking, is known for maintaining close networks across Bangladesh’s political and corporate establishment.
The Times of Bangladesh has spent months examining records, corporate filings and financial trails to reconstruct what it characterises as a complex and opaque business structure spanning multiple jurisdictions.
A multi-part investigative series by Takie Mohammad Jubayer, detailing allegations of offshore transactions, potential tax evasion and regulatory interference, will be published across print, e-paper and digital platforms starting Tuesday.
