ACC seizes, freezes Tk10,500cr assets in last six months

Highlights

• Assets worth Tk10,475.86 crore seized and frozen
• Tk10,310.25 crore at home, Tk165.61 crore abroad
• Most assets belong to Awami League MPs, ministers, and business associates
• Tk9,544.50cr movable assets belonging to these influential individuals frozen
• Assets seized between the end of August and 20 February.
• Of 582 flats seized abroad, 580 are owned by ex-Minister Saifuzzaman Chowdhury Javed
• TIB chief Iftekharuzzaman urges ACC to act faster and complete judicial proceedings quickly

 Over the past six months, based on petitions filed by the Anti-Corruption Commission, separate courts in Dhaka have seized and frozen assets worth around Tk10,475.86 crore, both domestic and foreign, owned by over 200 former MPs and ministers, bureaucrats, high-ranking government officials and businessmen.

Following the fall of the Awami League government in the face of a mass uprising led by students last August, the ACC began investigations into illegal assets belonging to these influential individuals, closely linked to ousted Hasina government.

According to a report from the ACC's Asset Management Division, this seizure includes Tk765.75 crore worth of assets seized within Bangladesh, comprising 191 acres of land valued at Tk690.81 crore, 28 houses, 38 flats, 15 plots, 6 shops, 23 cars, one truck, three ships, three companies and 52 commercial organisations.

Furthermore, Tk9,544.50 crore in movable assets belonging to influential individuals have been frozen. This includes shares worth Tk8,713.76 crore and Tk817.14 crore from 1,030 bank accounts. Additionally, savings certificates, gold, foreign currency and other financial assets have been frozen by court orders.

Overseas assets seizure

The investigation, which began at the end of August and continued through 20 February also revealed that assets worth Tk165.61 crore abroad have been seized. This includes 582 flats and commercial properties owned by these individuals.

Furthermore, $8.88 lakh and €86.20 lakh invested under 23 companies in various countries have been frozen, along with $7.13 lakh and €28.69 lakh held in foreign bank accounts.

Focus on ousted Awami League MPs, ministers

ACC officials stated that the majority of the seized assets belong to influential members of the ousted Awami League government, including former ministers, MPs and their business associates. 

Among the notable individuals affected, 580 of the 582 seized flats abroad belong to ex-Land Minister Saifuzzaman Chowdhury Javed. 

Additionally, assets belonging to several other high-profile individuals, including former MPs Abdus Sobhan Golap, Zillul Hakim, Zunaid Ahmed Palak and Jannat Ara Henry, have been frozen.

The assets of controversial businessman Saiful Alam, head of S Alam Group; former Chairman of Padma Bank (formerly Farmers Bank) Chowdhury Nafiz Sarafat; Managing Director of Sikdar Group Ron Haque Sikdar; their families; and businesspeople closely connected to the Awami League have been seized and frozen.

National and int'l joint efforts 

The ACC has sought assistance from the Bangladesh Financial Intelligence Unit (BFIU), the National Board of Revenue (NBR), and foreign intelligence agencies to trace these illegal assets both in Bangladesh and abroad.

Over a hundred cases have been filed against individuals based on evidence of illicit wealth accumulation and money laundering, leading to the seizure and freezing of their assets. 

The ACC has continued to file petitions in court for the confiscation of further assets, resulting in the issuance of court orders for their attachment.

Legal process, future implications

While the asset seizure and freezing process is ongoing, a ACC lawyer spoke to TBS on the condition of anonymity, explaining: "Freezing or attaching assets means these assets cannot be transferred or converted; they are effectively placed under government control. Following this, the government may appoint a receiver to manage the income and expenditure accounts. In some cases, receivers have already been appointed."

After a thorough trial, if the court rules in favour of confiscation, the accused individuals will face punishment, he added. 

Need for speedy justice

Transparency International Bangladesh (TIB) Executive Director Iftekharuzzaman stressed that while the process is complex and time-consuming, especially regarding foreign assets, it is crucial for the ACC to act swiftly.

"The judicial process must be expedited to send a clear message that those who engage in corruption while in power will eventually be held accountable," he said.