Undeclared high-rises, bank accounts, bonds linked to ex-mayor Khokon traced

The National Board of Revenue's tax intelligence wing has accused former Dhaka South City Corporation mayor Sayeed Khokon and members of his family of concealing income and assets worth at least Tk315 crore over the past five years.

At least Tk145 crore of undisclosed income and assets has been traced to the influential Awami League leader himself, while a further Tk170 crore is linked to his wife, mother and sister.

According to documents from the Income Tax Intelligence and Investigation Wing, Khokon, whose mayoral tenure ended on 16 May 2020, has extensive undeclared investments in high-rise buildings, bank deposits, bonds and overseas transfers.

The Business Standard has obtained some of the investigation documents from the tax intelligence wing. A review found that Khokon concealed investments worth around Tk70 crore in two buildings in Dhaka's Gulshan and Banani areas – one 19 storeys high and the other 14 storeys.

Intelligence wing sources also said he failed to disclose investments of around Tk12 crore in Mudaraba Term Deposit Receipts (MTDRs), commonly known as fixed deposit receipts, as well as treasury bills, bonds, rental income from buildings and other financial instruments.

They further alleged that money transferred to Australia in the name of Khokon's daughter was not included in his tax filings.

Evidence has also been found of undisclosed stock market investments and loans amounting to Tk14 crore provided to his own company, Aara Hospitality Services Limited, which were allegedly omitted from official records.

Family members under scrutiny

According to the tax intelligence wing, it had also found evidence of concealed income and assets worth Tk86 crore in the name of Sayeed Khokon's wife, Farhana Sayeed, Tk66 crore using  his mother Fatema Khatun's name and another Tk18 crore in his sister Shahana Hanif's name. 

Earlier, in February 2025, transactions in three bond accounts in their names with investments of around Tk90 crore were suspended.  Some 79 bank accounts belonging to the family were frozen earlier following court orders. 

A senior tax intelligence official said a former member of the National Board of Revenue had contacted the tax intelligence wing on behalf of Khokon and his family. The Anti-Corruption Commission has separately been conducting inquiries into allegations of illegal income linked to Sayeed Khokon.

Buildings in Banani, Gulshan

According to information from tax intelligence officials, a 19-storey building named Sayeed Khokon's Autograph stands at 67/A and 68 on Kemal Ataturk Avenue in Banani. Investigators estimated an undisclosed investment of around Tk65 crore in the building. 

Another property, Wakwood Hotel and Apartment, located at House 4G, Road 104, Block G in Gulshan, is also alleged to involve undisclosed investment worth Tk5 crore. 

Intelligence wing sources also claimed that more than Tk45 crore in rental income from the two buildings has remained undisclosed since the 2021-22 financial year.

Another source said Khokon allegedly legalised Tk50 crore by paying a 10% tax that year.

According to tax department calculations, the family's evaded taxes with fines would amount to Tk100 crore, with Khokon alone accounting for around Tk74 crore over the past five years.

Speaking to TBS on the matter, Dr Iftekharuzzaman, executive director of Transparency International Bangladesh (TIB), said concealed income or assets could indicate illegal earnings.

"That is why, alongside the tax department, the Anti-Corruption Commission should conduct a proper investigation."

Attempts to contact Sayeed Khokon and his family members for comment were unsuccessful.

Sources said a former National Board of Revenue member, Md Alauddin, has been maintaining communication with the tax intelligence wing on behalf of the family. Multiple phone calls to him went unanswered. When contacted via WhatsApp with details of the allegations, he replied, "I am not their adviser. I never looked at their tax files, so I cannot say anything about them."