Saifuzzaman Chy's asset sale in UK: UCB sends letter seeking return of $350m

United Commercial Bank (UCB) has sent a letter seeking the return of $350 million from the proceeds of the sale of part of the UK-based assets of former Bangladesh land minister Saifuzzaman Chowdhury.

On 29 June, UCB sent the letter to UK asset management firm Grant Thornton requesting the funds.

The letter stated: "As part of recovery and accountability initiatives, UCB is undertaking a forensic audit covering loans approved and disbursed during the tenure of the previous board (September 2018–July 2024), involving the misappropriation of around $350 million by Mr Chowdhury and his wife (and a number of associates), and believes with a high degree of confidence that the UK Property Companies are co-conspirators with them in relation to the fraud against UCB."

UCB has lodged the claim against the individual estates of Saifuzzaman Chowdhury, his wife Rukhsmila Zaman, and the UK property companies. The bank supports Grant Thornton partners in seeking further administration appointments over the remaining UK property companies — specifically including Aramit Properties Limited, Rukhsmila Properties Limited, ZTS Properties Limited, and New Ventures (London) Limited — as well as over Chowdhury and his wife, as appropriate.

According to a report by British daily The Telegraph on Monday, steps have been taken to sell a portion of Saifuzzaman Chowdhury's assets in the UK to settle his debts. Grant Thornton administrators have been tasked with selling part of Chowdhury's properties, which include residential buildings in London and various cities in southeast England. Proceeds from these sales will be used to repay creditors, which include Singapore-based lender DBS and the British Arab Commercial Bank.

The report further stated that six housing companies owned by Chowdhury have entered administration. These companies were used to manage various assets he owned in the UK.

The Telegraph reported that details of Chowdhury's UK property empire emerged after Bangladeshi authorities launched an investigation into his alleged illicit wealth. He reportedly owns more than 300 properties — including houses, flats, and apartments — in the UK, valued at £170 million. He is accused of acquiring these assets through money laundering.

Following a request from Bangladeshi authorities, the UK's National Crime Agency (NCA) seized several of Chowdhury's assets in June, including an £11 million luxury home in St John's Wood, north London, as well as multiple flats in London's Fitzrovia district.