Bangladeshi billionaires under investigation by the Anti-Corruption Commission (ACC) in Dhaka are transferring ownership of properties in the UK, according to an investigation by the UK-based media outlet The Guardian and the international anti-corruption watchdog Transparency International. The Guardian published a report on this on Saturday.

The Guardian reports that several Bangladeshi tycoons under investigation in Dhaka since the uprising have been selling, transferring or refinancing UK assets. Their dealings have raised questions about the quality of due diligence carried out by UK law firms and consultancy firms, which have helped the suspects conduct business in London and facilitate transactions.

According to the UK Land Registry Office, at least 20 'transaction applications' have been submitted in Dhaka in the past year relating to properties owned by individuals under investigation. Of these, four are properties owned by the family of former Land Minister Saifuzzaman Chowdhury, three by Beximco Group Vice Chairman Salman F Rahman, and three by Bashundhara Group Chairman Ahmed Akbar Sobhan.

The Guardian reports that security forces have shot hundreds of protesters during a student-led uprising in Bangladesh that ousted Prime Minister Sheikh Hasina. August 5 marks almost a year since the autocratic leader fled the country. The current interim government is trying to find a way out of a political and economic crisis. Against this painful backdrop, a large house in Knightsbridge, London, has caught everyone's attention. Powerful and politically connected individuals under the previous government in Bangladesh used their high positions to loot state contracts and the banking system. They invested millions of pounds in property in the UK. This is essentially laundered money. Investigators in Dhaka are investigating them.

In May, the National Crime Agency (NCA) seized £90 million worth of property belonging to Salman F. Rahman’s family in London. Last year, the Guardian published the family’s portfolio of properties in the UK. Three weeks later, the NCA seized more than £170 million worth of property belonging to Saifuzzaman Chowdhury. He had built up a huge fortune while he was the Land Minister. Of these, more than 300 properties (ranging from apartments to luxury townhouses) were in the UK.
Bangladesh’s interim government has called for the UK to seize more properties. Some are calling the situation with London properties an anti-corruption drive, while others are saying it is politically motivated.