Intensive tax-file scrutiny and asset hunt in Dubai by revenue sleuths have unearthed a notable volume of tax-dodging and money laundering by numerous bigwigs, including a former president of Chittagong Stock Exchange.
Officials have said the Central Intelligence Cell (CIC), as part of the current anti-graft crackdown under the interim government, has tracked down suspects who include Fakhor Uddin, a former president of Chittagong Stock Exchange, and his family members.
The findings show caches of undisclosed asset hoarded in Dubai, including Sapphire 32, a 33-storey residential-building project, intelligence sources said.
"The findings would be placed before government high-ups soon," says a CIC official.
Mr Uddin, the largest coal and boulder importers of Bangladesh, is the developer of the project along with his son Fakhorus Salehin Nahian and close associate Abdennasser Mohamed Sadek.
They are owners of Dar AI Karama Real Estate, the developer of the project.
Following the key findings, the CIC, under the National Board of Revenue (NBR), froze bank accounts of Mr Uddin and his son, brothers and other partners on February 10, 2025.
According to web-search results, work on the project began in October 2023.
The payment plan for the project says it has been launched with an instalment plan allowing investors to pay 60 per cent during the construction phase and 40 per cent upon handover of the property. The residential building with 224 units is located at JVC District 12, Jumeirah Village Circle, Dubai.
According to the findings, the individuals have concealed their land ownership in Bashundhara Residential area, income derived from sports complex in that land, luxury apartment in Gulshan, and luxury cars like BMW and Mercedes.
Also, the tax files of their company -- International Securities Limited -- have concealed investment in purchase of commercial space in Gulshan.
Corporate entities namely M/s Fakhor Uddin Ali Ahmed, M/S Hotel Star pacific, M/S Casablanka hotel and restaurant, Sylhet Communications Systems Limited, and International Securities Limited are owned by these individuals.
The CIC suspects that the individuals have evaded taxes in their personal tax filing with the help of those companies' accounts.
As per the Income Tax Act, such assets are subject to heavy taxes as it all is considered stolen asset and tax would be imposed equivalent to the market value of the asset.
Following the CIC's action, the businesses have filed writ petition with the High Court for unfreezing their bank accounts.
In a document to the court, the CIC has said Fakhor Uddin, his two brothers -- Falah Uddin and Salah Uddin -- close associate Foyez Hassan Ferdous and son Fakhorus Salehein Nahian have evaded payment of taxes by concealing wealth surcharge and actual investment in the tax files.
The taxpayers have imported stones and coal under their own names but furnished the details in the corporate (partnership) tax files since 2017-18.
"Such irregularities have resulted in evasion of Tk 500 million in taxes on account of wealth surcharge," it says.
The CIC has already frozen bank accounts of the accused, save wives and daughters, associated with the business group.
Also, four companies' bank accounts have also been frozen initially by the CIC.
However, following the writ petition by the latter, the High Court has issued stay order on the CIC's order, thus unfreezing International Securities Co Ltd for next three months.
CIC officials have said the bank accounts of the company have been unfrozen to avoid capital-market investors' suffering.
The tax intelligence has detected a large volume of investment by those businessmen which they have not shown in the tax files.
"The CIC team has visited Dubai and traced assets of the taxpayers over there," said a senior tax official.
Mr Ahmed owns five organisations that include International Securities Ltd, Hotel Crown Resorts Limited, Casablanca Hotel and Restaurant, and Sylhet Communication Systems Ltd.
Bank accounts of his three brothers -- Salahuddin Ali Ahmed, Falahuddin Ali Ahmed and Foyez Hassan Ferdous -- and his son Fakhorus Salehin Nahian have been frozen by CIC orders.
CIC investigations have found out that those businessmen have imported stones under their names but shown the details in the tax files of corporate-partnership tax files to evade taxes.
As individuals, they were supposed to pay wealth surcharge, exceeding Tk 40 million, if the income on stone imports was shown in their tax files.
The CIC officials suspect Tk 500 million worth of tax evasion through these tactics.
"They have adopted the technique deliberately as corporate taxpayers are not entitled to pay surcharge," says one CIC official.
"We have found the luxury cars undervalued in the tax file which does not match with the declaration given to Bangladesh Road Transport Authority (BRTA)."
Fakhorus Saleheen Nahian was FBCCI director while Mr Salahuddin was Sylhet Chamber of Commerce and Industry president.
The CIC officials found evidence that Awami League leaders Saddam Hussain and Inan have fled the country after the July-August mass uprising with the support and shelter of Mr Fakhor Uddin.
Despite several attempts over the phone and sending text, none of the accused individuals could be reached.
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