The investigative report “The Minister’s Millions” by Al Jazeera mainly details Saifuzzaman Chowdhury Javed’s illicit wealth in the United Kingdom. However, Bangladesh Pratidin has investigated and found that the origin of this top Awami League leader’s money laundering trail began in the United Arab Emirates (UAE).
The money later laundered to the UK and US was first routed through Singapore, where he also established businesses via Dubai.
Saifuzzaman Chowdhury’s money laundering reportedly started in 2009. Initially, he transferred money from Bangladesh to Dubai and formed companies there. Through those companies, he legally moved the funds to Singapore and used bank loans there to acquire properties in London.
Recently leaked property records reveal that Saifuzzaman is the registered owner of more than 250 luxury apartments in the UAE, with a combined value exceeding USD 140 million.
His wife, Rukhmila Zaman, is listed as the owner of over 50 more properties in Dubai worth USD 25 million. Saifuzzaman owns a penthouse in the exclusive Opera District of Dubai, including a luxury apartment worth over USD 5 million.
Altogether, the former minister and his wife have spent around USD 170 million on more than 200 high-value apartments in the UAE. Globally, the couple reportedly owns more than 600 listed properties, and the Anti-Corruption Commission (ACC) of Bangladesh is currently investigating these assets.
By 2020, Saifuzzaman had acquired at least 54 properties in Dubai. He also owns nine luxury apartments in the U.S., five of which are located in prime areas of Manhattan and four across the river in New Jersey.
By January 2024, Singapore-based DBS Bank had issued 20 loans to Saifuzzaman’s companies to support his real estate empire. The then-CEO of a financial firm called “Financial Solution” played a key role in legitimizing these transfers and investments, opening the door to laundering proceeds through legitimate ventures.
Subsequently, Saifuzzaman established multiple companies in the UK and UAE.
Records show that Saifuzzaman opened his first company in the UAE, Rapid Raptor FZE, on February 8, 2014, for a computer software business. A year later, on February 18, 2015, he launched Jeba Trading FZE for building materials and construction.
In late 2023, his wife Rukhmila Zaman Chowdhury purchased two flats in Q Gardens Boutique Residences, Al Barsha South-Third, for AED 1,125,300 and AED 1,125,069, respectively.
Saifuzzaman holds a bank account at Dubai Islamic Bank and maintains both dirham and dollar accounts at First Abu Dhabi Bank, along with a dirham account at Janata Bank UAE. These accounts hold AED 39,583 and USD 6,670 in total.
In the UK, Saifuzzaman owns eight companies valued at GBP 203.1 million (approx. BDT 3,000 crore). His wife Rukhmila and daughter Zeba Zaman also own companies there, including one under their family-owned business group Aramit.
According to available data, his first UK-based company, New Venture (London) Limited, was established on July 13, 2010. His latest venture, Sadakat Properties Limited, was set up on July 22, 2021. All these companies operate in the real estate sector, registered at 8 Devonshire Square, London.
Assets and capital details:
New Venture (London) Limited — GBP 11.7 million
ZTS Properties (opened Feb 17, 2016) — GBP 73.1 million
Rukhmila Properties (opened July 6, 2019) — GBP 28 million
Aramit Properties (opened May 6, 2020) — GBP 21.5 million
ZTZ Properties (opened July 30, 2020) — GBP 29.9 million
Zeba Properties (opened June 21, 2021) — GBP 12.9 million
Zaria Properties — GBP 6 million
Sadakat Properties Limited — approx. GBP 20 million
Following the fall of the Awami League government, the Criminal Investigation Department (CID) began probing Saifuzzaman’s alleged foreign money laundering. CID’s preliminary findings suggest that between 2016 and 2021, he purchased 620 properties across the US, UK, and UAE at a cost of USD 480 million (approx. BDT 5,724 crore).
In 2015, he founded Nahar Management Inc. in the US and bought nine luxury apartments under its name. Earlier, in 2009, he had opened Rapid Raptor FZE and Jeba Trading FZE in Dubai for software and construction-related businesses. His wife later bought two flats in Q Gardens for AED 2,250,300 (approx. BDT 7.31 crore).
Between 2016 and 2021, CID found that Saifuzzaman acquired 620 properties valued at USD 480 million. From 2010 to 2023, he and his wife opened eight businesses in the UK and Dubai with a combined asset value of USD 217.26 million (approx. BDT 2,591 crore).
These businesses and properties were established using funds laundered from Bangladesh. However, Saifuzzaman or any member of his family do not appear on the list of 21 individuals or firms authorized by Bangladesh Bank to invest abroad.
Moreover, Saifuzzaman failed to disclose any foreign assets in his election affidavit, a clear violation of the Money Laundering Prevention Act. The CID’s Financial Crimes Unit is now conducting a full investigation against him and related individuals or entities.
Bd-pratidin English/TR
