Why ACC arrests Bangladesh's ex-financial intel chief 

Highlights: 

• Ex-BFIU chief Masud Biswas arrested this morning
• Currently in custody, would be taken to ACC for questioning around noon
• ACC case accuses him of acquiring assets beyond known income sources

Masud Biswas, the former head of the Bangladesh Financial Intelligence Unit, was arrested by the Anti-Corruption Commission today (18 January) with the assistance of the Detective Branch of Dhaka Metropolitan Police. 

Subsequently, he was taken into the commission's custody, said ACC Deputy Director Md Akhtarul Islam. 

The anti-graft body has started quizzing him, reports UNB.

Masud will be produced before a court by a team led by ACC Deputy Director Gulshan Anwar Pradhan after initial interrogation, said ACC's public relations officer Akhtarul Islam.

On 25 September last year, the ACC initiated a probe into Masud after the agency's intelligence unit uncovered substantial corruption evidence. On 2 January, it filed a case accusing him of acquiring assets beyond his known income sources.

According to the case statement, Masud allegedly amassed Tk1.87 crore in illegal wealth and retained it under his control.

The ACC has also issued a separate notice under Section 26(1) of the ACC Act, seeking a wealth statement from Masud's wife, Kamrun Nahar, after identifying Tk72.56 lakh in unexplained assets in her name.

According to the watchdog, the couple owns properties, including land and flats in Dhaka, which are being scrutinised.

Other allegations

Allegations against Masud include involvement in suspicious aircraft purchases for Sky Capital Airlines Limited, accepting bribes to suppress issues instead of reporting them to law enforcement.

Masud also allegedly intervened in transactions involving Himadri Limited by lifting a suspension in exchange for financial gain. Despite evidence of money laundering and fraud involving Tanaka Group, SA Group, and Anwar Group, he failed to report these cases to law enforcement, benefiting personally.

Ties to S Alam

Additionally, Masud has been accused of collaborating with Saiful Alam, the chairman of S Alam Group, to launder money through fraudulent loans secured from Islami Bank. He is further implicated in accepting unethical benefits from Abdul Kadir Mollah's Thermax Group and laundering money overseas.

Masud is also accused of covering up money laundering cases involving Zeenat Enterprises in exchange for bribes, leading to the accumulation of significant assets.

A four-member investigation committee, led by ACC Deputy Director Gulshan Anowar Pradhan, has been formed to probe the allegations.