A Bangladesh politician spent millions on properties worldwide, now Yunus govt wants some of the money back

Saifuzzaman Chowdhury, former land minister of Bangladesh and a key figure in Sheikh Hasina’s government reportedly amassed a vast international property empire worth hundreds of millions of dollars during his political career. Now, Bangladesh’s interim government led by Nobel laureate Muhammad Yunus is targeting Chowdhury and other elites to recover funds allegedly embezzled during Hasina’s 15-year rule.

Chowdhury’s real estate empire spans prestigious locations, including Dubai’s Burj Khalifa district and London’s commuter towns. Despite declaring assets worth only $2.3 million in 2023 and having no reported foreign income in 2017, he amassed a vast property portfolio. His holdings include 315 properties in the UK, 142 in Dubai, and several in the US, according to an investigative report by the Financial Times. The FT has also identified $578 million in properties held by other Bangladeshi elites under investigation.

Bangladesh’s interim leader, Nobel laureate Muhammad Yunus has vowed to reclaim stolen funds, describing the alleged corruption as “highway robbery.” Central bank governor Ahsan Mansur estimates that $16 billion was siphoned out of the banking system by individuals connected to the former Awami League government. The effort to retrieve these funds is expected to be challenging, given the legal and bureaucratic obstacles as well as the influence of Sheikh Hasina’s loyalists in key institutions.

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The interim government accuses Chowdhury and others of using their political influence to loot banks, particularly United Commercial Bank (UCB), which his family controlled. Chowdhury’s father, Akhtaruzzaman, a close ally of Sheikh Hasina, was implicated in violent incidents tied to UCB, including a fatal shooting and an armed bank takeover. Despite these controversies, the family retained control of UCB until Hasina’s fall in 2023.

Bangladesh’s efforts to recover stolen assets face significant challenges, including a justice system still influenced by Hasina loyalists. The government has enlisted international firms like Deloitte and KPMG to audit banks and trace illicit funds. The US Treasury is providing technical assistance, and the UK’s National Crime Agency is exploring ways to support the investigation. However, legal complexities and the global spread of assets complicate recovery efforts.

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Property records show that Chowdhury’s acquisitions were largely financed through mortgages. His estate agent, Ripon Mahmood, was caught on undercover footage admitting that Chowdhury used loans to avoid scrutiny, saying, “Big money, big numbers [make] everybody get alert.” Many of these loans came from Market Financial Solutions (MFS), owned by British businessman Paresh Raja. MFS began lending to Chowdhury-linked companies in mid-2019, coinciding with his appointment as land minister.

Following Hasina’s ouster, Chowdhury’s companies rapidly repaid their mortgages. Between August and September 2024, 259 of their 352 loans were settled, including all those linked to MFS. Some properties in Dubai were sold, while Singapore’s DBS Bank initiated foreclosure on 12 of his UK properties in January 2025. DBS said it had flagged concerns internally before external inquiries began.

In Dubai, Chowdhury built a diversified rental portfolio, including nearly an entire building at Polo Residences. Broker Anthony Joseph Abou-Jaoude, who worked with Chowdhury, described him as a high-profile client welcomed by developers. However, Chowdhury’s dealings in Dubai and elsewhere raise questions about the effectiveness of global anti-corruption measures.

The interim government’s broader crackdown targets other elites, including Bashundhara Group’s Ahmed Akbar Sobhan and S Alam Group’s Saiful Alam, accused of profiting from irregular bank loans. Alam’s 469 million Singapore holdings and Sobhan’s 65 million UK properties are under scrutiny. Transparency International emphasizes the need for robust due diligence to prevent illicit funds from entering global markets.

Bangladesh’s recovery efforts mirror past attempts in countries like the Philippines and Ukraine, which yielded limited success. Nevertheless, Yunus’s government remains committed to reclaiming stolen funds, arguing that international cooperation is essential. “If my money is stolen and deposited in your country,” Yunus said, “I think there’s an obligation to help us bring it back.”