With mountains of wealth abroad, ex-land minister Saifuzzaman’s Tk127cr assets under ACC scanner back home 

Former land minister Saifuzzaman Chowdhury, who made headlines last year for allegedly owning over 577 houses and flats worth several thousand crores of taka in the UK, the US, and the UAE, is now under scrutiny for his assets worth Tk127.03 crore within Bangladesh.

According to findings by the Anti-Corruption Commission (ACC), Saifuzzaman and his wife, Rukhmila Zaman Chowdhury, hold shares in 23 registered companies and have business links with 14 other firms across the country. The ACC has also traced six luxury apartments in Dhaka and 315.91 acres of land in Chattogram registered in their names.

The assets in Bangladesh that have come under ACC radar are like a drop in the ocean compared to Saifuzzaman's properties traced abroad.

Despite Saifuzzaman reportedly fleeing the country after the fall of the Sheikh Hasina-led government on 5 August 2024, his businesses continue to operate without disruption. The ACC confirmed that the couple holds 20% shares in 23 limited companies, including two listed on the Dhaka and Chattogram stock exchanges, with a total valuation of Tk102.86 crore. The remaining 14 businesses linked to Saifuzzaman are currently under investigation.

In total, the couple's domestic assets under investigation are valued at over Tk127 crore, comprising Tk102.86 crore in company shares and Tk20.5 crore worth of flats and Tk3.67 crore worth of land. A Dhaka court has already ordered the attachment of these assets.

In addition, the ACC has frozen 39 bank accounts in Bangladesh belonging to Saifuzzaman and his wife, with a combined balance of Tk5.17 crore, along with 10 foreign accounts holding UAE Dirham 88,268 and $2,00,206.72.

Overseas assets attached

The investigation extends far beyond Bangladesh's border. According to ACC documents, a Dhaka court has ordered the attachment of Saifuzzaman's overseas assets, including 343 properties in the UK, 228 in the UAE, and 9 in the USA.

On 11 June 2025, the UK's National Crime Agency froze assets linked to Saifuzzaman, valued at an estimated £73.15 million (approximately Tk1,025 crore). These include flats, plots, and shares in 10 offshore companies. At a press conference held on 16 June, ACC Chairman Mohammad Abdul Momen confirmed the figures, stating that a preliminary list of suspected money launderers, including Saifuzzaman, had been shared with UK authorities during a recent official visit.

Businesses still operational

Sources said Syed Kamruzzaman Chowdhury, a close associate of Saifuzzaman and the company secretary of Aramit Group, has been overseeing business operations in the absence of Saifuzzaman and his wife.

On 17 June, a Dhaka court barred Kamruzzaman, along with Utpal Paul and Abdul Aziz, from leaving the country. The three have been accused of abetting Saifuzzaman in suspected money laundering and other financial crimes.

Attempts to contact Kamruzzaman were unsuccessful, as his mobile phone was found switched off.

When contacted, Kanak Kanti Sen, chief financial officer of Aramit PLC, told TBS that although the business climate is challenging, the company remains operational. "Different government organisations contact us for various queries. We try to respond properly."

When asked whether the company is facing any political pressure, Kanak said, "I look after financial matters. I am not authorised to answer that question."

Companies under ACC radar

According to ACC records, Saifuzzaman and his wife hold significant shares in Aramit Cement PLC, Aramit PLC, Aramit Poly Boards Ltd, Aramit Lube Oil Ltd, Aramit Marble Ltd, Aramit Steel Mills Ltd, Aramit Thai Aluminum Ltd, Aramit Footwear Ltd, Aramit Steel Pipes Ltd, Aramit Metals Ltd, Aramit Alu Composite Panels, Aramit Power Ltd, Asif Super Steel Mills Ltd, Asif Synthetic Fibers Ltd, Javed Steel Mills Ltd, Nahar Metals Ltd, Chittagong Shipyard Ltd, Synthetic Resin Products (Pvt) Ltd, Vanguard Steel Ltd, Diesel Motor & Services, and four asset management firms – Ardent, Legendary, Luminous, and Prolific.

Additionally, Saifuzzaman is linked to 14 other enterprises and trading houses, including Vision Trading, Crescent Traders, Eminent Traders, Classic Trading, Model Trading, Imperial Trading, Alpha Traders, Pragati Enterprise, Moon Star Traders, Dream Enterprise, Shahadat and Brothers, Anchor Trading, and Shah Amanat Enterprise.

According to the website of Aramit PLC, a flagship company in Saifuzzaman's portfolio, the firm has been operating since 1963. It is a pioneer in the production of coated roofing materials, drainage pipes, and ceiling insulation sheets in Bangladesh.

The current management structure shows SM Alamgir Chowdhury as its chairman and Rukhmila Zaman Chowdhury as its managing director. Other board members include Khourshedul Alam, SM Shah Alom, Md Jakir Hossain (from Asif Steel), Jeba Zaman, Tanayeem Zaman Chowdhury, and Md Shariqul Alam (from Javed Steel).

Travel ban

A Dhaka court imposed a travel ban on Saifuzzaman and his wife on 7 October 2024 over massive graft allegations. The ACC continues to expand its investigation and is coordinating with international agencies, including the UK's NCA, to recover public wealth and prosecute those involved.