Britain's National Crime Agency (NCA) has initiated significant legal action by securing freezing orders on two highly valued London properties connected to Ahmed Shayan Fazlur Rahman. Ahmed is the son of Salman F Rahman, a prominent business figure and previous ally of Sheikh Hasina, the ousted prime minister of Bangladesh. The properties in question—a luxury apartment in Grosvenor Square, purchased for £6.5 million in 2010, and another in Gresham Gardens, acquired for £1.2 million a year later—are held through offshore companies registered in the Isle of Man, raising questions about transparency and ownership.
The backdrop of this legal development is a broad investigation into alleged embezzlement involving Sheikh Hasina's administration, which governed Bangladesh from 2009 until August 2024. The Bangladesh Anti-Corruption Commission has named both Salman and Ahmed Rahman as suspects in investigations concerning the misappropriation of state funds. According to Mohammad Abdul Momen, the commission's chair, the allegations pertain to substantial financial misconduct associated with former government officials.
Sheikh Rehana, Hasina’s sister and mother of Tulip Siddiq, a Labour MP in the UK, reportedly has resided at the Gresham Gardens property, though it is unclear if she continues to do so. The NCA stated that its investigation is part of a civil probe and declined to provide further details, emphasising that it cannot comment on ongoing operations.
The intervention by the NCA aligns with efforts from Bangladesh's current interim government, led by Nobel laureate Muhammad Yunus, who came to power following a student uprising that ousted Hasina. Yunus's government is determined to recover an estimated £13 billion thought to have been siphoned from the Bangladeshi banking system, with substantial sums reportedly transferred to offshore accounts in countries like the UK, US, and UAE. The interim government views the reclamation of these resources as vital for national recovery and is collaborating with international partners to trace and recover such assets.
However, this crackdown has not been without controversy. Critics of the Yunus administration accuse it of using corruption allegations as a political weapon against former allies of the Hasina regime. Tulip Siddiq has found herself embroiled in the unfolding scandal, facing probes into her financial dealings and stepping down from her position earlier this year in a bid to protect the UK's standing amidst rising allegations of corruption within her family.
The landscape of this legal and political drama extends beyond the Rahman family. Saifuzzaman Chowdhury, a former land minister under Hasina, is similarly under scrutiny, with expansive global property holdings reflecting the wealth accumulated by individuals during her tenure. Chowdhury's property empire consists of 482 properties valued at approximately $295 million, raising alarms about illicit fund transfers and the integrity of Bangladesh’s financial institutions.
Authorities in Bangladesh, including the central bank and the National Board of Revenue, are intensifying their scrutiny of Beximco, the conglomerate co-founded by Salman F Rahman, as allegations of unpaid loans totalling £1 billion surface. This investigation underscores the complex intertwining of business, politics, and corruption within the Bangladeshi elite.
In conclusion, as the NCA focuses its efforts on valuable assets linked to the former regime, the intricate web of financial dealings and political ties continues to unfold. With calls for accountability echoing from both domestic and international quarters, the developments signal a critical moment for Bangladesh’s efforts to restore integrity and trust in its governance systems.
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Source: Noah Wire Services