NBR unit uncovers Tk50cr tax evasion by Sayeed Khokon and wife, freezes accounts

The Income Tax Intelligence and Investigation Unit (ITIIU) of the National Board of Revenue (NBR) has uncovered evidence of around Tk50 crore in tax evasion by former Dhaka South City Corporation mayor Sayeed Khokon and his wife Farhana Sayeed.

Following the findings, banks have been instructed to freeze the couple's bank accounts and transactions for one year, the unit's Commissioner Md Abdur Rakib confirmed the matter to The Business Standard today (16 October).

He said, "Preliminary investigation revealed that both of them possess a large amount of undeclared wealth. Our investigation is still ongoing."

The Income Tax Department only assesses how much tax has been evaded on undisclosed assets or income. Determining whether those assets were acquired illegally falls under the jurisdiction of other agencies, such as the Anti-Corruption Commission.

Earlier, in February, a Dhaka court ordered the suspension of transactions in three bond accounts under the names of Sayeed, Farhana, and his mother Shahana Hanif, which together hold investments worth around Tk90 crore.

Prior to that, another court had also ordered the freezing of 79 bank accounts belonging to Sayeed and his family.