A high-profile business deal meant to reshape Bangladesh’s property market has reportedly soured.
Bproperty Ltd has threatened to file legal action against Rupayan Group and its chairman, accusing them of breaching a binding agreement to purchase a majority stake in the real estate marketplace.
According to a statement from Bproperty, Rupayan Group had agreed in February 2025 to acquire 60% of the company for Tk17 crore, with an upfront payment of Tk5 crore.
But the promised deposit never came. Instead, two large cheques issued by Rupayan’s chairman reportedly bounced, a move Bproperty calls “a gross financial fraud.”
Dhaka Tribune obtained copies of the agreement, and screenshots of several communications between the two companies, which corroborated the lack of progress regarding the agreement.
“We entered this deal in good faith, believing that it would benefit the country’s real estate sector,” said Bproperty CEO Mark Nosworthy. “Instead of support, we faced betrayal.”
In February this year, a deal was signed between the two companies, which claimed to have “entered into a high-impact partnership that brings together the most advanced technology, huge investment, and shared vision for a smarter, more accessible property market.”
With this capital investment, the two firms would expedite the handover of huge urban development schemes while incorporating living communities supported by required facilities.
Rupayan Group Chairman Liaquat Ali Khan Mukul stated during the joint venture launch that the investment would be a long-term vision of improvement and national impact.
"We are not investing in property. We are investing in a smart future in housing, with more access and more for each project with a larger national purpose," he further said. "With this deal, we are constructing the foundation for communities that offer healthcare, education, sustainability, and urban living."
"Secondary apartment and land sellers will see more robust buyer reach, faster transactions, and simpler pricing, all driven by Bproperty's tech platform. Landowners will have the opportunity to partner with developments that will change the face of the Bangladesh skyline.”
Lingering silence
Bproperty says it made multiple attempts to renegotiate the deal, including offers from Rupayan to buy a smaller stake or collaborate as a channel partner. But every proposal ended in silence.
For eight months, the group allegedly remained unresponsive, leaving Bproperty to absorb both financial and emotional strain.
Nosworthy called it “a wake-up call to investors everywhere about the consequences of working in Bangladesh and diminishes the gains the country has made in recent years attracting foreign investment.”
Dhaka Tribune contacted Habibur Rahman Palash, head of media at Rupayan Group, to respond to Bproperty’s allegations regarding lack of progress in the deal, and the two dishonoured cheques.
Despite assurances to refute the allegations, Rupayan Group did not respond to either of the allegations.
Bproperty also accused Rupayan of a wider pattern of broken promises, noting that some property buyers who paid the company in full have yet to receive registration for their homes, calling this part of a “consistent disregard for legal and financial agreements.”
Bproperty’s CEO drew a sharp comparison to the FR Tower case—the 2019 tragedy where illegal additional floors led to fatal consequences.
“We fear that this case will be treated with the same indifference, and once again, justice will be delayed,” he said.
While the new legal action concerns a financial dispute, Nosworthy framed it as part of a larger problem: a culture of impunity in the business world that hurts both companies and consumers.
A vision undermined
Since 2016, Bproperty says it has invested over Tk170 crore to bring transparency and professionalism to the housing market—focusing on education, job creation, and affordability rather than luxury development.
“If we had been allowed to develop and market properties efficiently, we could have kept prices affordable," Nosworthy said.
"But Mukul's deliberate mismanagement of funds and refusal to cooperate have caused irreparable harm."
Despite the frustration, Bproperty maintains that it has a role to play in Bangladesh.
"We understand what the people need," the CEO said. "We will keep working to provide homes for ordinary citizens, not just luxury properties for the elite."
Still, he questioned whether Bangladesh's legal and regulatory systems would step in to protect investors and honest businesses. "Who do I go to for justice?" Nosworthy asked.
"Can any government agency help us save our people and the industry?"
Call for Accountability
The Bproperty CEO appealed to the government and regulatory bodies such as Bangladesh Investment Development Authority (BIDA) to enforce business laws fairly and safeguard investor confidence.
"This is not just about Bproperty. This is about the future of the real estate sector and the reputation of Bangladesh. It's time to show the world that this country is a trustworthy and reliable place to invest."