Court orders freezing of foreign assets belonging to Bashundhara chairman and family members

A Dhaka court has ordered the freezing of foreign assets belonging to Bashundhara Group Chairman Ahmed Akbar Sobhan Shah Alam, its Managing Director Sayem Sobhan Anvir, and eight other family members. These assets, spanning six countries and two offshore jurisdictions, include bank accounts, real estate, and business holdings.

The family members named in the order are Shah Alam’s wife Afroza Begum; his sons Sayem Sobhan Anvir (Managing Director of Bashundhara), Sadat Sobhan, Shafiat Sobhan (Vice-Chairman of the conglomerate), and Safwan Sobhan; as well as Sadat’s wife Sonia Ferdowshi Sobhan, Anvir’s wife Sabrina Sobhan, and Safwan’s wife Yasha Sobhan.

On November 21, Judge Md Zakir Hossain of the Dhaka Metropolitan Senior Special Judge's Court passed the order under the Money Laundering Prevention Act 2012. The order, which will remain effective until further notice, came following a petition submitted by Anti-Corruption Commission (ACC) Deputy Director Nazmul Hussain, head of the inquiry team. The petition was presented in court by ACC Public Prosecutor Mir Ahmed Ali Salam.

The ACC’s investigation found that Shah Alam and his family had accumulated vast wealth through undisclosed means, allegedly laundering money to the United Arab Emirates, Slovakia, St. Kitts and Nevis, Switzerland, the British Virgin Islands, the United Kingdom, Singapore, and Cyprus. The commission disclosed that these funds were used to purchase assets and invest in companies abroad.

The court directed copies of the order to be sent to relevant authorities in the concerned countries, including Slovakia’s State Register, St. Kitts and Nevis’ Citizens International, Switzerland’s Chamber of Commerce and Industry, the British Virgin Islands’ Ministry of Financial Services, the UK Department for Business and Trade, Singapore Exchange, Habib Bank in the UAE, and Cyprus’s Ministry of Interior and Department of Lands and Surveys, for further action under mutual legal assistance agreements.

The court also instructed the ACC to publish the order in the official gazette and widely circulated newspapers to inform the public. Additionally, the order was forwarded to the ACC and the Public Security Division of the Home Ministry to facilitate implementation through mutual legal assistance.

Details presented to the court revealed that the family took significant loans under their companies’ names from various banks, laundering portions of the funds abroad without the required approval from the Bangladesh Bank. They also failed to declare their foreign assets and income in tax filings with the National Board of Revenue.

The inquiry noted that Anvir secured Slovakian citizenship by investing €3 million, while Yasha Sobhan obtained Cypriot citizenship with a €2 million investment. Shah Alam and Afroza Begum acquired St. Kitts and Nevis citizenship by investing $25 million. The family collectively invested in 19 companies abroad and acquired properties in Cyprus.

Evidence showed that Safwan and Sonia Ferdowshi opened bank accounts in Habib Bank (UAE) and Eurobank (Cyprus) to conduct illicit transactions. Notably, €287.5 million was transferred from Safwan’s Habib Bank account to Sonia’s, with subsequent remittances to Cyprus. The accounts reportedly hold $356,970.

Sonia Ferdowshi was also linked as a beneficiary, shareholder, or director of multiple companies in the British Virgin Islands, including Asimina Consulting Inc, Francatina Development Inc, Soms Group SA, and Cordyline Universal SA, among others.

An investigation by The Observer and Transparency International, published in The Guardian, revealed that Shah Alam’s family members owned two large properties in the UK valued at £13 million, managed through British Virgin Islands-registered companies Golden Oak Venture Limited and Kaliakra Holdings Limited.

Earlier, on October 6, the Bangladesh Financial Intelligence Unit (BFIU) directed banks to freeze the personal accounts of Shah Alam and his family members. Additionally, on October 21, the same court issued a travel ban on Shah Alam and eight family members amid corruption allegations.