The Criminal Investigation Department (CID) has initiated an investigation into money laundering allegations against former land minister Saifuzzaman Chowdhury Javed and individuals and organisations associated with his interests.

Based on information and complaints from various sources, the CID's financial crimes unit started the investigation for alleged money laundering in the US, London, United Arab Emirates, and Singapore under the Money Laundering Prevention Act, the CID stated in a press release today.

Saifuzzaman, also a former Awami League lawmaker from Chattogram 13 constituency, founded a company, Nahar Management Incorporated, in the United States in 2005 and subsequently purchased nine flats in that country under the company's name. Additionally, in 2014 and 2015, he established two companies in Dubai -- Rapid Raptor FGE and Zeba Trading FGE -- for software business purposes, it said.

The press release added that he acquired two flats valued at 22,50,300 dirhams in Q Gardens and Boutique Residence in Al-Barsha South-Third, Dubai, under his wife Rukhmila Zaman Chowdhury's name. Furthermore, between 2016 and 2021, he purchased 620 houses in the US, UK, and UAE with a combined market value of approximately $48 crore.

For business purposes, Saifuzzaman opened eight companies in the UK and Dubai between 2010 and 2023 in his and his wife's name, with fixed and current assets valued at $21.72 crore.

Allegations suggest that these investments were made with funds laundered from Bangladesh. Neither Saifuzzaman nor any of his family members appear on the list of 21 companies approved by Bangladesh Bank for foreign investment, according to the CID.

Moreover, the wealth statement Saifuzzaman submitted to the Election Commission reportedly excludes information regarding his overseas assets, the press release added.