In front of a grand, mansion-style home stretches a driveway gleaming with the latest luxury cars. Behind the house, a private speedboat waits at its dock, ready to glide across the lake. From the back door, the owner can step straight onto the boat for a leisurely ride—or slip into one of the expensive cars out front and race away down the road. The whole setting feels so extravagant that it could easily pass for a scene from a movie.
Yet, just 40 kilometers from downtown Toronto via the Gardiner Expressway, several Bangladeshis are living this cinematic lifestyle. No, these are not long-time immigrants who have spent years working hard or building businesses to establish themselves. Most of them arrived in Canada only in the past few years—and it was during this time that these lavish houses were purchased. They have no visible sources of substantial income in Canada. Many of them are current or former officials of various government departments in Bangladesh.
Among Toronto’s Bangladeshi community, a new term has emerged—one that outshines even the infamous “Begumpara.” Several new nicknames are now used, coined by adding words like “palli” (village) or “para” (neighborhood) to certain government departments or professions. Community members say that the amount of money transferred from Bangladesh to Canada in the past 15 years has set a record.
Despite widespread allegations, the interim government of Bangladesh has yet to take any action against those who have laundered money from Bangladesh to Canada and are now living in luxury.
How many Bangladeshis have moved to Canada with laundered funds? That’s a difficult question to answer. Not every government official, businessperson, or politician who moves to Canada is a money launderer. But when a Joint Secretary-level government officer from Bangladesh buys a luxury home in central Toronto worth $1.5 to $2 million in cash, there is reason to be suspicious.
It’s true that in North America, one can buy a home with a bank loan if they have a good credit score. But that requires a verifiable source of income. When individuals with no visible earnings in Canada purchase expensive homes outright in cash, their activities naturally draw attention and raise questions.
According to reports, a Canadian federal agency has provided law enforcement authorities with information on 1,582 instances of money laundering. During Toronto’s anti-corruption civil movements, several Canadian journalists affiliated with the International Consortium of Investigative Journalists (ICIJ) said informally that they possessed a list of around 200 Bangladeshis suspected of money laundering. They are reportedly in the process of verifying and investigating those cases.
Canada’s federal financial intelligence unit, FINTRAC (the Financial Transactions and Reports Analysis Centre of Canada), identified these 1,582 cases of money laundering. The detailed information on the suspects was shared with the Canadian Security Intelligence Service (CSIS) and the Royal Canadian Mounted Police (RCMP). Since then, the Canadian government has adopted a tougher stance on immigration from Bangladesh, implementing stricter vetting for visa applicants and imposing restrictions on property purchases by foreigners.
Among the roughly 200 Bangladeshis whose names have surfaced are banker Nafiz Sarafat, Awami League leader Kazi Zafrullah, former MP Shahid Islam Papul, garment businessman and ruling party leader Siddiqur Rahman, businessman Mohiuddin Ahmed, former Health Secretary Manzurul Islam, former Prime Minister’s Press Secretary Naimul Islam Khan, PK Halder (Prashanta Kumar Halder), former secretary and banker, and Awami League leader Abdus Sobhan Golap, among others.
Interestingly, the person said to own the largest assets among Bangladeshis in Canada—an extremely controversial businessman—does not appear on this list. Investigations revealed that all of his Canadian assets were funded through a third country. The money was transferred legally through the Canadian branch of a company registered in that country, which is why Canada considers the funds legitimate.
FINTRAC gathered information from banks, insurance companies, stockbrokers, real estate brokerages, and casinos to conduct its investigations and uncover instances of money laundering. According to various sources, during the COVID-19 pandemic, large amounts of money were funneled into Canada from different countries, prompting FINTRAC to step up its scrutiny. Real estate brokerages were placed under special surveillance.
Despite the economic downturn during the pandemic, Canada’s real estate market remained unexpectedly strong. According to the Teranet–National Bank House Price Index, housing prices in October 2020 reached their highest level in 22 years. This index is regarded as one of the most reliable measures of housing price trends.
How did the housing market boom while the economy was struggling? Who was buying all these houses at such a time? These questions have given rise to many rumors and lively gossip within Toronto’s Bangladeshi community—stories about which government official paid $2.5 million (about Tk22 crore) in cash for a home, which politician’s son-in-law bought a luxury property, or which television executive built a dream house designed to his own taste using cash payments.
Bd-pratidin English/TR
