CID files case against Rangdhanu Group chairman for laundering Tk878cr, seizes assets
The CID has seized approximately Tk17 crore from 13 bank accounts and 1,00,000 square feet of commercial space located on Level 2 of Jamuna Future Park
The Criminal Investigation Department (CID) has filed a case against Rafiqul Islam, chairman of Rangdhanu Group, over allegations of laundering Tk878 crore.
The case was filed at Gulshan Police Station by Sub-Inspector of the Financial Crime Unit Jahir Rayhan.
The other accused named in the case are Rafiqul Islam's wife Jobeda Begum, 53, his sons Kawsar Ahmed Opu and Mehedi Hasan Dipu, and Rafiqul Islam's brother Mizanur Rahman.
Keep updated, follow The Business Standard's Google news channel
Additionally, 6 to 7 unidentified individuals have also been accused in the case.
Simultaneously, under court orders, the CID has seized approximately Tk17 crore from 13 bank accounts and 1,00,000 square feet of commercial space located on Level 02 of Jamuna Future Park.
According to a press release issued today (7 August), the investigation revealed that Rongdhanu Builders Pvt Ltd had acquired land or secured power of attorney from various individuals before reselling the properties.
On 8 March 2022, Rafiqul Islam's sons, Kawsar Ahmed Opu and Mehedi Hasan Dipu, sold 7.5751 acres of land to the Bangladesh Police Officers' Multipurpose Co-operative Society.
Later, on 1 June 2022, they fraudulently resold 6.3375 acres of that land to East West Property Ltd, a concern of the Bashundhara Group, earning Tk5.73 crore through deception.
In addition, the CID alleges that the accused created forged work orders for sand-filling at the Police Officers' Co-operative Society to fraudulently secure Tk270 crore in loans from First Security Islami Bank and Tk200 crore from Union Bank.
The investigation further revealed that Rafiqul Islam, in collusion with unidentified accomplices, obtained Tk400 crore in loans from Islami Bank's Baridhara branch using fabricated property valuation documents.
Rather than repaying these loans, he laundered the funds abroad and acquired citizenship of Antigua and Barbuda by investing $200,000, the release added.
The CID stated that these offences — fraud, forgery, embezzlement, and money laundering — fall under the Money Laundering Prevention Act, 2012.
