Despite corruption probes in Bangladesh, properties worth billions are being transacted in the UK, raising legal and ethical questions

Individuals closely linked to Bangladesh’s former Sheikh Hasina-led administration are reportedly engaging in property transactions in the United Kingdom while corruption investigations continue against them in Dhaka. According to UK property registration records, at least 20 transaction-related applications involving assets owned by these individuals have been submitted over the past year, The Guardian reports.

In May, the UK’s National Crime Agency (NCA) seized assets in London worth an estimated BDT 1,469 crore (based on the exchange rate of GBP 1 = BDT 163.32) belonging to the son and nephew of Salman F Rahman, a key adviser to Sheikh Hasina and a central figure in her administration. Just weeks later, further seizures followed, including properties reportedly tied to Land Minister Saifuzzaman Chowdhury, valued at around BDT 2,776 crore.

Despite ongoing investigations in Bangladesh, properties are being sold, mortgaged, or transferred in the UK. Records from the UK’s Land Registry indicate these activities began accelerating after a wave of mass protests erupted in Dhaka last July. Investigative findings by The Guardian and Transparency International suggest that this uptick in asset movement correlates directly with intensified scrutiny by anti-corruption bodies in Bangladesh.

Among the notable transactions are properties linked to the Bashundhara Group. Three applications reportedly involve assets valued at nearly BDT 400 crore, owned by members of the family of Ahmed Akbar Sobhan, the group’s founder. One such asset, a four-story townhouse in Knightsbridge, has changed hands twice in recent months. The purpose of these transfers remains unclear. Until April 2023, the property was registered under the name of Sayem Sobhan Anvir, Bashundhara’s managing director. The family is currently under investigation by Bangladesh’s Anti-Corruption Commission (ACC).

Additionally, UK legal firms have filed two further applications on behalf of another member of the Sobhan family. One of the properties involved is a mansion located in Virginia Water, Surrey, estimated to be worth around BDT 130 crore. Despite attempts by The Guardian to reach the family for comment, no response was provided. However, previous statements from the Sobhans have categorically denied any wrongdoing and pledged to fight the allegations legally.

Saifuzzaman Chowdhury’s brother, Anisuzzaman Chowdhury, has also come under ACC scrutiny. According to UK property records, four properties in his name have been recently put up for sale, including a Georgian townhouse near Regent’s Park worth approximately BDT 163 crore. The sale of this property was finalized in July 2023. Three additional property transaction applications have followed. Anisuzzaman’s lawyers maintain there is no lawful basis for any seizure of assets and insist that the transactions were finalized before the NCA’s intervention in May.

The situation has brought attention to the legal advisors and consultancy firms in the UK who facilitated these transfers. Critics argue that these entities may not have exercised adequate due diligence, particularly in light of the ongoing investigations in Bangladesh. The role of these intermediaries is now under public and legal scrutiny, especially given the UK’s obligations under international anti-money laundering protocols.

The NCA’s recent actions include seizing properties in Grosvenor Square, Mayfair, valued at over BDT 571 crore, allegedly linked to Salman F Rahman’s family. The assets are registered under his son, Ahmed Shayan F Rahman, and his nephew, Ahmed Shahriar Rahman, both of whom are under ACC investigation in Dhaka. The family’s legal representatives claim their clients are innocent and victims of politically motivated charges, asserting their willingness to cooperate with UK authorities.

Meanwhile, another case involving a British-Bangladeshi developer, who allegedly received improper financial support from a Bangladeshi bank, has drawn further attention. Saifuzzaman Chowdhury has been accused of facilitating irregular loans for this developer, prompting a travel ban issued by a Bangladeshi court earlier this year. The developer, whose identity remains undisclosed, denies all allegations.

British MP Jo Powell, who chairs the All-Party Parliamentary Group on Anti-Corruption and Responsible Tax, has called for expedited investigations and broader asset freezes to prevent further transfers. He emphasized that unless swift action is taken, those under investigation may succeed in dissipating their wealth before justice is served. Powell welcomed the NCA’s recent actions but urged more comprehensive measures.

In total, the NCA has now seized or frozen property assets worth thousands of crores of Bangladeshi taka across London, associated with multiple high-profile individuals from Bangladesh. The developments continue to stir debate about the flow of potentially illicit capital into the UK and the responsibility of host countries in addressing transnational financial crime.