The Anti-Corruption Commission (ACC) has asked for information from 11 countries, including the USA, Canada, Australia, the UAE, Malaysia and Singapore, about the assets of Masud Biswas, former head of the Bangladesh Financial Intelligence Unit (BFIU).
Additionally, a letter has been sent to the Additional Inspector General of Police (Immigration) and Special Branch, urging measures to prevent Masud from leaving the country.
The letter, signed by Gulshan Anwar Pradhan, deputy director and inquiry officer of the ACC, was issued from the ACC headquarters on Thursday.
ACC Public Relations Officer Akhtarul Islam confirmed the news to The Financial Express.
The letter outlines allegations against Masud Biswas, including abuse of power, accepting bribes, and amassing illegal wealth worth millions of taka through corrupt practices.
On September 25, the ACC officially launched an investigation into the corruption allegations against Masud following initial findings of misconduct by its intelligence unit.
The investigation revealed that instead of preventing money laundering, Biswas allegedly facilitated it and engaged in extensive bribery schemes.
His tenure coincided with several major financial scandals, including the Hallmark and Bismillah cases, which involved the laundering of over Tk 920 billion.
His role during these cases has raised significant concerns, as he reportedly took a passive stance.
One of the core allegations against him involves failing to verify Cash Transaction Reports (CTRs), a responsibility of the BFIU, which is crucial for detecting suspicious financial activities.
Furthermore, Masud allegedly pressured banks into funding unnecessary training programmes, events and foreign trips, misusing funds in the process. The investigation also uncovered that in the past few years, the BFIU conducted only 8-10 major investigations annually, with suspicions that Masud used these cases to seek financial benefits from those under investigation.
Additionally, Mr Masud is accused of accepting illegal benefits from various business groups, including a Chattogram-based company and Abdul Kadir Molla's Thermex Group, to turn a blind eye to their money laundering activities.
One of the most serious allegations involves Tk 5.0 million as a bribe to cover up a case involving the company Jinat Enterprise.
Similarly, he reportedly facilitated the transfer of loans from the United Commercial Bank (UCB) to entities linked to the bank's chairman, despite the irregularities identified in the BFIU's investigations.
Masud also allegedly accepted a 2,000sf apartment as a bribe while serving as an observer of a private bank, further demonstrating his misuse of authority.
The investigation also found that he allowed banks to exceed loan limits, such as in the case of Rupali Bank granting Tk 4.0 billion in loans to Dolly Construction. Despite detecting these irregularities, Masud took no action due to receiving bribes.
Other cases include the illegal approval of Tk 15 billion in loans by four branches of National Bank to several companies, including Shantona Enterprise, without approval from the head office. In return, Masud reportedly received illicit benefits and helped shield responsible bank officials from accountability. Similarly, he failed to take action in a case involving Saad-Musa Group, which received around Tk 10 billion in loans through irregular means.
Masud is also accused of receiving funds from various organisations during foreign trips to cover up financial scandals involving Market Systems and Nagad, among others.
These cases paint a picture of widespread corruption during his tenure as the head of the BFIU, and the ACC is actively seeking to hold him accountable through its ongoing investigations.
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