Shawdesh desk:

An investigation by Al Jazeera has exposed how former Bangladesh land minister Saifuzzaman Chowdhury built a half-billion-dollar property empire despite earning a modest official salary.

Bangladesh’s strict currency laws limit citizens from transferring more than $12,000 abroad annually, and government regulations prohibit ministers from holding business directorships or benefiting financially from private enterprises.

However, Al Jazeera’s investigation, the findings of which were released on Wednesday, uncovered that Saifuzzaman, a close ally of ousted prime minister Sheikh Hasina, had managed to acquire over 360 luxury properties in the United Kingdom alone, with a combined value of $250 million.

Saifuzzaman, flaunting his political ties, reportedly said: ‘My father was very close to the prime minister Sheikh Hasina, and I am also close to her. She is my boss. She knows I have a business  in Britain.’

His property acquisitions accelerated in 2017 after establishing several UK-based companies, and the pace quickened in 2019 after his appointment as a minister, according to Al Jazeera.

Hasina is currently in India following her government’s violent suppression of student protests in July and a subsequent mass uprising. Many of her associates, including Saifuzzaman, have fled Bangladesh.

Authorities in Bangladesh are now investigating allegations that Saifuzzaman laundered millions of dollars in the UK; they have frozen his bank accounts and seized control of his family-owned bank, United Commercial Bank Ltd, to safeguard depositors’ funds.

Posing as potential property investors, Al Jazeera journalists met with Saifuzzaman last year at his $14 million London residence. During the meeting, he boasted about spending lavishly on handmade crocodile-skin shoes and bespoke Italian suits from London’s most exclusive stores.

He gave the undercover reporters a tour of his luxurious home, which included a private cinema, gym, elevator and secure underground parking for his new Rolls-Royce.

Saifuzzaman defended his property purchases, claiming they had been funded through legitimate businesses he owned in the United Kingdom, the United Arab Emirates and the United States.

He also said accusations against him were part of a politically motivated campaign.