ACC to investigate ex-BGMEA chief Kutubuddin’s assets

Illegal wealth accumulation, money laundering

FE Team | Published: January 16, 2025 22:05:35

FE REPORT
The Anti-Corruption Commission (ACC) has launched an inquiry into alleged illegal wealth accumulation and money laundering by Kutubuddin Ahmed, former president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and founder of Envoy Textiles Limited and Sheltech Group.
The ACC decided to initiate the probe on Thursday, according to the ACC officials.
Kutubuddin Ahmed, who started as a bank officer, amassed an extraordinary amount of wealth over the past 15 years, owning assets worth billions of taka.
He reportedly established over 30 companies, including housing, textile, and ceramics ventures. His housing company, Sheltech, is accused of being a conduit for laundering black money belonging to police officials, Bangladesh Bank personnel, National Board of Revenue (NBR) officials, and unscrupulous businesspeople. Sheltech employees have allegedly been trained in various techniques to assist clients in laundering illicit wealth.
Despite soaring property prices in Dhaka's prime locations such as Gulshan, Baridhara, and Banani, Sheltech is accused of underreporting transaction values in official documents for high-rise buildings and floor space. The company reportedly colludes with buyers to declare prices lower than the actual construction costs. This practice allows buyers to underreport their investments in tax filings or avoid reporting them altogether. Kutubuddin, along with his legal team, allegedly provides guidance on these methods.
Further accusations state that Kutubuddin launders undeclared money from the real estate sector to foreign accounts. He is alleged to have bank accounts in Portugal and Dubai and has obtained a Golden Visa by showcasing investments in Dubai. Additionally, he is accused of creating a network of money laundering through illegal channels (hundi) to legalise illicit funds.
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