The Anti-Corruption Commission (ACC) has uncovered a vast international money laundering network hidden behind the shipbreaking industry in Chittagong.
The agency has now intensified its investigation into this economic empire built against former Eastern Bank Limited (EBL) chairman Shawkat Ali Chowdhury, his family and related institutions.
The initial investigation revealed sensational information about 187 suspicious accounts spread across 28 banks across the country and transactions worth more than 8,400 crore taka.
Suspicious flow of billions of taka: 41 bank accounts in the names of Shawkat Ali, his wife Tasmia Amberin, daughter Zara Namreen and son Zaran Ali Chowdhury and 146 in the names of various institutions related to their interests have been found. 8,407 crore 90 lakh taka has been deposited in these accounts and 8,247 crore 50 lakh taka has been withdrawn at an incredible speed.
Fake Companies and Fake LCs:
Between 2015 and 2023, three controversial letters of credit (LCs) worth about US$11 million (about Tk120 crore) were opened through Chittagong Standard Chartered Bank. Although the money was sent to three shell companies registered at the same fake address in the British Virgin Islands, investigations did not find any business existence for them.
Customs Department and Non-cooperation in Import:
There have been allegations of huge amounts of money being laundered abroad by opening LCs for the import of 141 old ships through SN Corporation since 2012. Although the relevant documents were requested from the Chittagong Customs House, major signs of information concealment are becoming clear as they were not provided within the stipulated time.
Preparations for international asset seizure: Already, Shawkat Ali has been fined Tk 3.07 billion for his undeclared assets worth $25 million in the UK. Currently, the ACC is making final preparations to send a Mutual Legal Assistance Request (MLAR) through the Ministries of Foreign Affairs and Home Affairs to find out the details of the illegal assets purchased by his family in Singapore, the United Arab Emirates and the UK.
Details of the complaint and investigation:
The main accused is Shawkat Ali Chowdhury (former Chairman, Eastern Bank) and his family
Related bank accounts:
A total of 187 accounts in 28 banks (41 in the name of the family, 146 in the name of the organization)
Total transactions:
Deposits of Tk 8,407.90 crore / Withdrawals of Tk 8,247.50 crore
Fake foreign companies:
Red Ruby Group, Talent Mile and Columbia Seas (all British Virgin Islands)
List of countries under investigation:
United Kingdom, United Arab Emirates (Dubai) and Singapore
Next steps of the investigation team:
A three-member special team led by ACC Deputy Director Md. Mustafizur Rahman is currently deeply analyzing the KYC of the banks, transaction records and import documents of Chittagong Customs. As soon as the desired documents are received from Customs, Shawkat Ali Chowdhury and his family members will be summoned for direct face-to-face interrogation.
The tough stance of law enforcement agencies indicates that the days of banking sector influence or influential positions being used to get away with it are over. The main goal of the ACC is now to bring back this huge amount of laundered money through international legal cooperation and coordinated action by the NBR.