One brother is an influential Awami League (AL) leader, while the other is a corrupt businessman. The businessman channels a small portion of his ill-gotten money to the then-ruling party and launders the rest abroad.
Despite having no popularity in his constituency, he buys his brother a parliamentary ticket with the plundered funds and even helps secure a ministry by spending lavishly. Meanwhile, his politician brother benefits from this financial support, and in return, the businessman gains illegal opportunities.
This is the story of two brothers: industrialist Mohammed Aziz Khan and former Minister Lieutenant Colonel (retd.) Faruk Khan. During the AL’s rule, Summit Group was reportedly at the forefront of money laundering from Bangladesh. After the fall of Sheikh Hasina’s government, Faruk Khan was arrested on October 14 last year, while Mohammed Aziz Khan renounced his Bangladeshi citizenship and acquired Singaporean citizenship.
During his tenure as a parliamentarian and minister, Faruk Khan facilitated approvals for the family business, enabling the looting of public funds. Over the past 15 years, the family leveraged political influence to amass immense wealth. Through projects worth thousands of crores of taka for government departments, procurements, and service contracts, they became extremely wealthy.
Aziz Khan, owner of Summit Group, is now ranked as Singapore’s 41st richest person, with wealth allegedly laundered from Bangladesh.
Closely connected to the government, the group is seen as the undeclared ‘lord’ of the country’s power and energy sector, controlling a significant portion of electricity, LNG operations, and holding major stakes in IT and telecom. It also dominates key government procurements. These ventures have drastically transformed the lives of Aziz Khan and Faruk Khan.
According to Forbes, Aziz Khan is the 41st richest person in Singapore, with a net worth of $1.12 billion. However, Bangladesh Bank has no record showing that he acquired this money legally from Bangladesh. So far, the central bank has approved 24 ventures from 20 companies to invest a total of $69.5 million abroad, of which $45.45 million was legally invested. Aziz Khan or Summit Group is not among these companies, meaning the money he transferred abroad is considered illegal, legally defined as money laundering.
Not only is Aziz Khan Singapore’s richest person, but according to Forbes’ 2024 audit, he also ranks 2,545th among the world’s wealthiest, out of 2,781 individuals from 78 countries. His wealth, estimated at $1.12 billion, primarily comes from the energy sector. The 68-year-old, originally from Bangladesh, is now a permanent resident of Singapore.
In 2016, Aziz Khan’s name appeared in the Panama Papers in connection with money laundering, prompting an investigation by the Anti-Corruption Commission (ACC). However, questions remain about how the ACC can probe individuals with significant political influence.
Aziz Khan has been a permanent resident of Singapore for many years and recently acquired Singaporean citizenship, requiring him to renounce his Bangladeshi citizenship due to the prohibition on dual nationality. For seven consecutive years, he has been listed among Singapore’s top 50 richest people by Forbes, topping the list in 2018, and since 2022 has appeared on Forbes’ global billionaires list. He remains the only Bangladeshi to feature on these lists.
Last year, CNA Luxury highlighted his personal art collection and confirmed his residence in Singapore since 1988. In 2016, he moved Summit Group’s head office to the country. Forbes’ 2024 update ranks his wealth at $1.1 billion, placing him 2,674th on the global billionaires list. Although born in Bangladesh, he is officially a Singaporean citizen, and he, his wife, children, and nephew reside primarily in Singapore.
Aziz Khan first appeared on Singapore’s top 50 richest list in 2018 with a net worth of $910 million, ranked 34th. His wealth fluctuated in subsequent years—$850 million in 2019, $955 million in 2020, $990 million in 2021, $1 billion in 2022 (ranked 42nd), and $1.12 billion in 2023 (ranked 41st).
Born in 1955, Aziz Khan began his entrepreneurial journey at age 18 with a borrowed capital of 30,000 taka, producing shoes in Old Dhaka while supplying Bata Company. He later imported PVC and pioneered the export of ‘Chitagur,’ remaining in the trading business for over two decades. However, his wealth skyrocketed after the Awami League came to power, with the electricity sector playing the biggest role in his rise. He became a key figure in privatizing sensitive sectors like power, contributing to his billionaire status.
A significant portion of his wealth comes from Summit Power Limited, listed on the Dhaka Stock Exchange. Company records from 2003 to 2023 show assets growing from 100.82 million taka to 11,122.9 million taka, and net profits from 110.54 million taka to 171.54 million taka. However, much of this wealth is allegedly tied to favoritism under the Awami League regime over the last 15 years rather than legally earned business activities.
Translated by AM
