A fresh investigative report has leveled serious money laundering allegations against former Sports and Local Government Adviser Asif Mahmud Sajeeb Bhuiyan, claiming that nearly Tk 11,000 crore was transferred abroad over the past 16 months.
According to the report, the funds were allegedly moved through a syndicate and invested in Dubai (UAE), Singapore, Australia and Switzerland. The claims have not yet been independently verified by authorities, and no formal charges have been announced.
Breakdown of Alleged Overseas Investments
Citing intelligence sources and international financial intelligence documents, the report outlines the alleged distribution of funds:
Dubai (United Arab Emirates): Real Estate and Gold Trade
The largest share — approximately Tk 4,500 crore — was allegedly invested in luxury properties in Palm Jumeirah and Business Bay. The report claims funds were transferred through informal channels and used to establish real estate ventures under the UAE’s Golden Visa scheme. It also alleges that a legal consultancy firm was opened in the name of a close relative of Asif Nazrul.
Singapore: Commercial Investments and Trading
About Tk 3,000 crore was reportedly invested in trading companies in areas such as Marina Bay and Mount Elizabeth. The report alleges that inflated procurement bills and over-invoicing under the Local Government Engineering Department (LGED) and the Sports Ministry were used to channel funds into Singaporean bank accounts.
Australia: Residential Properties and Hospitality Sector
Approximately Tk 2,000 crore was allegedly spent on properties in Sydney and Melbourne under the names of family members. The report also claims that a three-star hotel in Sydney’s suburbs was in the process of being acquired.
Switzerland: Bank Deposits via Shell Companies
An estimated Tk 1,500 crore is alleged to have been deposited in a Zurich-based bank under the name of a shell company.
Alleged Sources of Funds
The report identifies three main sources of the alleged funds:
Mega Project Commissions: Infrastructure and bridge development projects under the Local Government Ministry were allegedly subjected to cost inflation. A mini stadium project was cited as an example of significant budget escalation.
Recruitment and Transfer Irregularities: It is alleged that a former APS and associated individuals collected money in exchange for government postings through an unofficial “rate chart” system.
Contractor Syndicate: The report claims a contractor network linked to family members controlled major public works contracts, with profits allegedly converted into foreign currency and transferred abroad.
Allegations of Legal Facilitation
The report further alleges that legal mechanisms were used to facilitate company formation abroad and to provide protection against potential investigations. However, there has been no official confirmation of these claims.
Reaction
A former official of Transparency International Bangladesh (TIB), speaking anonymously in the report, described the allegations as “deeply alarming” and said that if evidence is substantiated, the matter could fall under international anti-money laundering laws.
As of publication, neither Asif Mahmud nor Asif Nazrul has issued a public response to the allegations. Government agencies have also not announced any formal investigation.
Given the gravity of the claims,
analysts suggest that any substantiated evidence would likely require both domestic and international scrutiny under anti-corruption and anti-money laundering frameworks.
Until official findings are released, the allegations remain claims contained within the investigative report.
