A Dhaka court has directed the freezing of foreign assets belonging to Bashundhara Group Chairman Ahmed Akbar Sobhan, also known as Shah Alam, and eight of his family members, including Managing Director Sayem Sobhan Anvir, across six countries and two offshore jurisdictions.
The frozen assets include bank accounts, real estate holdings, and business investments.
The court's order applies to Afroza Begum, wife of Ahmed Akbar Sobhan; Sayem Sobhan Anvir, Managing Director of Bashundhara Group; son Sadat Sobhan, Shafiat Sobhan, Vice-Chairman of Bashundhara Group; son Safwan Sobhan, Sadat Sobhan's wife Sonia Ferdowshi Sobhan; Sayem Sobhan Anvir’s wife Sabrina Sobhan; and Safwan Sobhan’s wife Yasha Sobhan.
Judge Md Zakir Hossain of Dhaka Metropolitan Senior Special Judge's Court issued the order on November 21 following an application submitted by Anti-Corruption Commission (ACC) Deputy Director Nazmul Hussain, head of the inquiry team.
The freezing order, issued under the Money Laundering Prevention Act 2012, will remain effective until further notice.
The ACC alleges that Shah Alam and his family amassed wealth beyond their declared income through illicit means and laundered it to several foreign jurisdictions, including – United Arab Emirates, Slovakia, St Kitts and Nevis, Switzerland, British Virgin Islands, United Kingdom, Singapore, and Cyprus.
The inquiry found that they obtained substantial loans in the names of their companies, laundered portions of these funds abroad, and acquired assets and investments in the listed locations.
Sayem Sobhan Anvir obtained Slovakian citizenship by investing €3 million. Yasha Sobhan secured Cypriot citizenship by investing €2 million. Shah Alam and Afroza Begum obtained St Kitts and Nevis citizenship by investing $25 million.
The petition revealed the family invested in 19 companies in these jurisdictions and purchased multiple properties, including houses in Cyprus.
Safwan Sobhan and Sonia Ferdowshi were found to have bank accounts in Habib Bank (UAE) and Eurobank (Cyprus), used for illicit transactions.
From Safwan's Habib Bank account, €287.5 million was transferred to Sonia's account and then remitted to Cyprus. They reportedly hold $356,970 in these accounts.
Sonia was listed as a shareholder or beneficiary in several companies in the British Virgin Islands, including Asimina Consulting Inc, Francatina Development Inc, and Soms Group SA.
Copies of the court's order were sent to the relevant authorities in the six countries and offshore jurisdictions for action under mutual legal assistance agreements.
An investigative report published in The Guardian in collaboration with Transparency International also highlighted the family’s foreign assets. It revealed ownership of two properties in the UK worth £13 million, held through British Virgin Islands-registered companies Golden Oak Venture Limited and Kaliakra Holdings Limited.
