Tk 7cr money laundering case filed against Bestway Land Properties MD, 17 linked firms
The investigation found that at least 37 customers paid a total of Tk 70.27 million for plots that were never handed over. The victims also failed to recover their money despite waiting for years.
The Criminal Investigation Department (CID) has filed a money laundering case against the managing director, chairman and another director of Bestway Land Properties Ltd, along with 17 affiliated companies.
The case was lodged over allegations of defrauding customers by collecting money for land plots without handing over the promised properties or refunding the payments.
The case, filed with Banani Police Station on 21 July under Sections 4(2) and 4(4) of the Money Laundering Prevention Act, 2012 (amended in 2015) following a preliminary investigation by the CID's Financial Crime Unit.
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The accused include Bestway Land Properties Managing Director Md Mizanur Rahman, Chairman Tania Sultana Tanvi and Director Md Momen.
Seventeen companies linked to the accused have also been named in the case, including Bestway Land Properties Ltd, Bestway Design and Development Ltd, Great Wall Land Property Ltd, Bestway Powertech Ltd, Bestway Foundation Ltd, Bestway Cooperative Commercial Credit Ltd, Novelta Bestway Pharmaceuticals Ltd, Bestway Motors Ltd, Bestway Venture Capital and Incubation Ltd, Bestway Nationwide Housing Ltd, NRB Town Ltd, Bestway Agro Ltd, Bestway Times City Ltd, Bestway Jemi Land Properties Ltd, Global Connect BD Ltd, Heritage Hotels and Resorts Ltd and Bestway Media and Communication Ltd.
According to the CID, the accused launched extensive promotional campaigns between 2010 and 2014, offering residential plots in several mouzas of Rupganj, Narayanganj, including Bholab, Tarail, Birab and Mochar Taluk.
Customers were persuaded to purchase plots through installment payments following attractive advertisements.
The investigation found that at least 37 customers paid a total of Tk 70.27 million for plots that were never handed over. The victims also failed to recover their money despite waiting for years.
Instead of allocating the promised land, the company allegedly provided registered sub-sale deeds merely as security or guarantees.
The CID said a significant portion of the money collected from customers was transferred through bank accounts operated by the accused and their affiliated companies.
Investigators reviewed transactions in 82 bank accounts and found that between 2010 and 2014, deposits totaling Tk 3.59 billion and withdrawals amounting to Tk 3.58 billion had been made through various transactions, indicating possible transfer, conversion and layering of illicit funds.
They also identified 2,713 registered sub-sale deeds issued as guarantees between 2010 and 2014, which they say support allegations that customers were deceived while the proceeds were diverted through related business entities.
The Financial Crime Unit is continuing its investigation to determine the full extent of the fraud, trace the movement of funds, identify additional individuals or entities involved and determine whether more customers were affected.
The CID urged the public to verify the ownership of land, project approvals, legal documentation and the legitimacy of financial transactions before investing in any housing or real estate project.
It also called on citizens to report any information related to fraud, illicit financial transactions or money laundering to law enforcement authorities.
