CID starts investigation into allegations of money laundering against Nafeez Sarafat, his wife

The Criminal Investigation Department (CID) of police has launched a preliminary investigation against Padma Bank's former chairman Chowdhury Nafeez Sarafat and his wife Anjuman Ara Shahid over allegations of laundering money abroad.

The Financial Crime Unit of CID will be conducting the investigation, several officials of the unit confirmed the matter to The Business Standard.

The CID recently held a meeting to investigate irregularities in the financial sector where allegations of money laundering, through fraud, forgery, over invoice, under invoice and hundi activities, against the couple and their organisations were highlighted.

A document containing the information presented at the meeting was obtained by TBS. According to which, Nafeez Sarafat and his associate Hasan Taher Imam licensed an asset management company named RACE Asset Management in 2008. Currently, there are 13 funds under the company. 

Nafeez Sarafat, Anjuman Ara and Hasan Taher became directors of Farmers Bank (now Padma Bank) after investing money from the funds. Later, Nafeez Sarafat made his wife Anjuman Ara a director of Southeast Bank.

According to CID sources, RACE formed 10 mutual funds with a combined size of Tk4,500 crore by collecting money from various institutions and individuals. The FDRs opened with the money from the funds were discontinued before their expiry period in connivance with bank officials. As a result, investors of the funds were deprived of profits worth crores of taka.

Besides, money was taken from the funds to purchase shares in the name of various relatives of Nafeez instead of the funds. That's how the couple laundered money by depriving the investors crores of taka, sources said.