CID Files Case Against Nafis Sarafat and 3 Others for Alleged Money Laundering of Tk 1,613 Crore

On Friday, 28 November, Jasim Uddin Khan, the Special Police Superintendent (Media) of the CID, confirmed this information.

According to Khan, an initial investigation by the CID’s Financial Crimes Unit revealed that in 2008, Chowdhury Nafis Sarafat, along with his associate Dr. Hasan Taher Imam, obtained a license to operate a wealth management company called “Race Management PCL.” Within a few years of its inception, the company was entrusted with managing assets in 10 mutual funds by 2013. Today, the company controls 13 funds in total.

However, the investigation uncovered that Sarafat and his associates used these mutual funds for personal gain. They misappropriated funds by purchasing shares of Farmers Bank (now Padma Bank), which later enabled them to secure positions on the bank’s board of directors. Furthermore, Sarafat strategically made his wife, Anjuman Ara Shahid, a director of Southeast Bank as well.

The accused also took advantage of the funds by purchasing a brokerage house named Multi Securities, using its trade licence to unlawfully channel funds. In addition, Sarafat allegedly used funds from Padma Bank to purchase shares in a fund called “Strategic Equity” through Padma Bank Securities, involving various parties with vested interests.

The investigation revealed that the scale of fraud and money laundering was extensive. The accused opened and managed multiple bank accounts, including from the Rajuk (Rajdhani Unnayan Kartripakkha) and acquired various plots of land. These illicit activities facilitated the illegal transfer of money abroad through different companies and universities.

Following public allegations of money laundering, pressurising investments in Best Holdings bonds, and purchasing properties abroad, the CID’s Financial Crimes Unit launched an inquiry into money laundering.

The CID investigation uncovered that Sarafat, his wife Anjuman Ara Shahid, their son Raheeb Safwan Sarafat Chowdhury, and other related parties were operating a total of 78 bank accounts. Nearly Tk 1,809.75 crore was deposited into these accounts, with about Tk 1,805.58 crore withdrawn. The CID has gathered and analysed extensive data from these accounts.

The investigation also discovered 15 joint accounts owned by various companies controlled by Sarafat and his wife, with substantial deposits. Additionally, Raheeb Safwan Sarafat Chowdhury was found to be managing 76 bank accounts abroad.

In terms of assets, CID officials revealed that Sarafat owns a three-room flat and a five-room villa in Dubai, UAE. Furthermore, Dr. Hasan Taher Imam’s company in Singapore was also found to have bank accounts linked to the case. The CID has traced significant assets held by the accused both in Bangladesh and abroad.

Jasim Uddin Khan confirmed that, based on the findings, the CID filed a money laundering case under the Money Laundering Act at Gulshan Police Station on Thursday, 27 November, accusing Sarafat and his associates of embezzling a total of Tk 1,613.68 crore through fraudulent means.

Summary of Findings in the Investigation:

This investigation marks a significant development in the CID’s ongoing crackdown on money laundering and financial fraud.