Authorities have ordered the freezing of the bank accounts and land acquisition of Bangladesh’s richest man and chairman of Summit Group, Muhammad Aziz Khan, who lives in Singapore. Similar measures have been taken against his family members and close associates on charges of money laundering. The businessman, however, has denied the allegations.
Muhammad Aziz Khan said that he has been contacted by the Anti-Corruption Commission (ACC), Bangladesh Securities and Exchange Commission (BSEC), Registrar of Joint Stock Companies and Firms (RJSC) and Income Tax Authority.
He said, “We are fully cooperating with any investigation by the government. We are sure that the truth will be revealed after the investigation.”
He also claimed that no case has been filed against him or his companies in Bangladesh so far.
Brother in jail, top richest on the list:
Aziz Khan’s brother Muhammad Farooq Khan. He was once Bangladesh’s state minister for civil aviation and tourism. He was arrested in 2024 on charges of murdering a political activist. He is currently in prison pending trial.
Aziz Khan, 70, was ranked as the 49th richest person in Singapore in the 2025 Forbes list. His net worth is estimated at US$1.1 billion. He is the chairman of Summit Group, an industrial conglomerate active in Bangladesh’s infrastructure sector. They have investments in power, ports, fiber optics and real estate.
The group’s flagship company, Summit Power International, was registered in Singapore in 2016. The company has introduced itself as South Asia’s leading infrastructure development and management company.
In 2019, Japanese energy giant GERA Co. bought a 22 percent stake in the company for $330 million, valuing the company at $1.5 billion at the time.
First independent power plant in Bangladesh:
Aziz Khan migrated to Singapore in the 1970s. Although he started his business career with thermoplastic products, he later moved into fertilizer and molasses exports. In 1997, he set up the first private independent power plant in Bangladesh. Currently, his company operates 11 power plants, making it the largest independent power producer in the country.
He became a permanent resident of Singapore in 1988 and acquired Singaporean citizenship between April 2023 and February 2024. According to his biography, he is a member of the International Council of UNICEF and served as the Honorary Consul General of Finland in Bangladesh from 2016 to 2025.
Investigation intensified after political upheaval:
In August 2024, former Prime Minister Sheikh Hasina was ousted from power in the face of student protests and fled to India. She was later sentenced to death and also found guilty in a corruption case. She was replaced by Nobel laureate Muhammad Yunus. However, after the BNP won the February 12 general election, a change in interim leadership is coming. A year ago, a white paper commissioned by Dr. Yunus claimed that about $234 billion may have been illegally smuggled abroad during Sheikh Hasina’s long 15-year rule. The Yunus administration canceled the white paper after allegations of irregularities in an LNG project of the Summit Group were raised. However, Summit said that the tax exemption in the power sector was applicable not only to them, but to the entire sector. A Bangladesh court has ordered the seizure of cash, shares and land against Aziz Khan and his family at home and abroad since 2025. This includes shares worth 4.1 million euros in Luxembourg, at least 41.74 crore taka in Bangladesh, and 38,800 square feet of land.
Second billionaire Masood also under investigation:
Uncertainty in future investments
Aziz Khan said the ongoing investigation has not immediately hurt his business; in fact, it has improved in some areas. However, plans to set up a data center with an investment of $1 billion have stalled. In his words, “Bangladesh has a surplus of electricity. We want to set up a data center. But in the current situation, it is not progressing.”
Singapore’s Ministry of Home Affairs said that under the Mutual Legal Assistance Act, assistance can be provided to foreign authorities, assets can be seized and information can be exchanged — but on a case-by-case basis.