Court Freezes Bank Accounts, Company Shares of Bashundhara

A Dhaka court has ordered the freezing of 70 bank accounts and shares in 22 companies held by Bashundhara Group Chairman Ahmed Akbar Sobhan Shah Alam and seven members of his family over allegations of corruption and money laundering.

The Anti-Corruption Commission (ACC), which is investigating the case, stated that Shah Alam and his family members—who include his son and Bashundhara Group Managing Director Sayem Sobhan Anvir—had deposited over Tk 2,075 crore and $192,034 across the frozen bank accounts. The current balances amount to Tk 19.81 crore and $10,538, according to the ACC’s application.

Judge Md Zakir Hossain of the Dhaka Metropolitan Senior Special Judge’s Court issued the order on Tuesday following a petition filed by ACC Assistant Director Md Sajid-Ur-Roman, who is leading the inquiry.

Besides Shah Alam and Sayem Anvir, the freeze order applies to Shah Alam’s other sons Sadat Sobhan, Shafiat Sobhan, and Safwan Sobhan; Sadat’s wife Sonia Ferdowshi Sobhan; Anvir’s wife Sabrina Sobhan; and Safwan’s wife Yeasha Sobhan.

The court also ordered the freezing of over 75.46 crore shares in 22 companies, with a market value exceeding Tk 1,458 crore. These shares are held in the names of the chairman, his wife Afroza Begum, their sons, and daughters-in-law.

According to the ACC, the family transferred large sums abroad without permission from Bangladesh Bank and invested in countries including Slovakia, Cyprus, the United Arab Emirates, Switzerland, the British Virgin Islands, the UK, Saint Kitts and Nevis, and Singapore. The commission alleges that they acquired foreign citizenships through investment and failed to disclose the foreign assets in their tax filings, violating money laundering and foreign exchange laws.

“They laundered money out of Bangladesh through illegal means and invested it in foreign properties, businesses, and bank accounts,” the ACC said in its submission. It also alleged that the accused had begun attempts to transfer their assets elsewhere, prompting the need for urgent court intervention to protect the investigation.

When this correspondent contacted MM Jasim Uddin, Chief Operating Officer of Bashundhara Group’s brand and marketing division, for a response. He requested written questions via WhatsApp but had not replied as of 1:00am on Thursday.

This is not the first legal action against the Bashundhara chairman and his family. On 21 November last year, the same court ordered a freeze on their alleged overseas assets in six countries and two offshore jurisdictions, including bank accounts, real estate, and business interests.

Earlier, on 6 October 2023, the Bangladesh Financial Intelligence Unit (BFIU) instructed banks to freeze all personal accounts held by Shah Alam and his family. Later, on 21 October, the court also imposed a travel ban on Shah Alam and eight of his family members in connection with the same corruption allegations.