Saifuzzaman siphoned off bribes and loans of Tk 6.51 billion from a bank account

A company named Classic Trading was set up, falsely presenting an official of his own firm as an importer. Using a bank account opened in the name of this fake company, former land minister Saifuzzaman Chowdhury laundered Tk 6.51  billion (Tk 651 crore) abroad. The money came from bank loans and bribes.

This was revealed in a confessional statement made to the court by Jahangir Alam, an assistant general manager (AGM) of Aramit PLC, a company owned by Saifuzzaman. Jahangir Alam was posed as the importer to establish Classic Trading. He gave his statement yesterday, Thursday afternoon, in the court of Chattogram Metropolitan Magistrate Ibrahim Khalil.

Earlier, on Wednesday, the Anti-Corruption Commission (ACC) arrested Jahangir Alam from Kalurghat in the city. The following day at noon, he was produced before the court. ACC lawyer Mokarram Hossain told Prothom Alo, “In his statement, Jahangir Alam gave a detailed account of former minister Saifuzzaman’s laundering of thousands of crores of taka abroad. Using an account under the name of Classic Trading, which was under Jahangir’s authority, former minister Saifuzzaman laundered Tk 6.51 billion) Tk 651 crore abroad. Jahangir stated that after withdrawing the money from the bank, it was sent overseas through the unlawful money transfer system, 'hundi'. The laundering took place between January 2018 and 27 July 2022.”

ACC lawyer Mokarram Hossain said that in his statement, the accused Jahangir Alam described how, on 14 January 2018, Saifuzzaman Chowdhury posed him as an importer and obtained a trade licence for Classic Trading from Chattogram City Corporation. Later, an account in the name of Classic Trading was opened at the Station Road branch of UCBL Bank, which is under the control of Saifuzzaman’s family.

Jahangir’s wife was listed as the nominee for the account. Abdul Aziz, an associate of Saifuzzaman (now arrested), collected five to six cheque books (each containing 50 pages) from the bank in the name of that account. Jahangir’s signatures were taken in advance on at least 300 blank cheques.
Billions of taka in loans were taken in the name of Aramit Cement, Aramit Thai Aluminium, and Aramit Steel Pipes Ltd, all companies owned by Saifuzzaman, from Islami Bank’s Jubilee Road branch in Chattogram and from various branches of UCBL Bank. A total of Tk 5 billion (Tk 500 crore) was taken from Islami Bank’s Jubilee Road branch alone.

In his statement, Jahangir said that the loan money was first transferred into the account under the name of Classic Trading. Then, using the pre-signed blank cheques, the money was gradually transferred into the accounts of Saifuzzaman’s companies. Afterward, employees of the companies, including Yasinur Rahman and Md Hossain, would withdraw the money from the bank accounts.

The funds were then laundered abroad through hundi, following Saifuzzaman’s instructions. Two company officials, Md Abdul Aziz and Utpal Pal, looked after these operations on behalf of Saifuzzaman. Both have been arrested and are currently in jail.

Jahangir Alam stated in his deposition that Saifuzzaman also laundered bribe money using ingenious methods. He said that Saifuzzaman Chowdhury had been the chairman of UCBL. After becoming a minister, he resigned from the post and appointed his wife, Rukmila Zaman, as chairman. However, though Rukmila was nominally chair, the responsibility remained with Minister Saifuzzaman. From this bank, bribes were taken in exchange for approving loans to industrialists. These bribes were deposited in the bank accounts of fake companies, opened in the names of his own firm’s officials, and then laundered abroad.

Jahangir’s statement revealed that Tk 750 million (Tk 75 crore) in bribes, taken from a shipbreaking company in Sitakunda, Chattogram, and a garment factory in Kalurghat in return for loans, was subsequently laundered abroad.

Two officials of Saifuzzaman’s company, Md Abdul Aziz and Utpal Pal, who were arrested on 17 September, also admitted to the ACC that money had been laundered. On 22 September, they gave confessional statements in court, disclosing that Tk 250 million (Tk 25 crore) was laundered to the United Kingdom and other countries under Saifuzzaman’s instructions. After the Tk 25 crore in loans was approved from UCBL Bank, the money was transferred to accounts in the same bank opened in the names of four shell companies. The funds were later laundered abroad. This fraud and embezzlement took place in 2019–20, when Saifuzzaman was land minister.

ACC Chattogram deputy director Subel Ahmed told Prothom Alo that Saifuzzaman, along with his associates Abdul Aziz, Utpal Pal, and Syed Kamruzzaman, laundered thousands of crores of taka abroad. So far, three of his company officials have been arrested. Their statements in court have revealed crucial information. The matter will become clearer once others are arrested.

On 7 October last year, the court imposed a travel ban on Saifuzzaman and his wife. Even so, they fled abroad. According to ACC information, Saifuzzaman holds vast assets in nine countries. These include 343 properties in the United Kingdom, 228 in Dubai, and 10 houses in the United States. In addition, he has assets in Thailand, Malaysia, India, Vietnam, and Cambodia.

ACC officials believe that Saifuzzaman and his family embezzled funds from banks within the country and laundered them abroad, amassing immense wealth across many countries.