Former BFIU Chief Accused of Tax Evasion and Money Laundering Abroad

Staff Reporter | PNN:

An investigation by the Income Tax Intelligence and Investigation Unit of the National Board of Revenue (NBR) has revealed evidence of tax evasion and money laundering abroad against A.F.M. Shaheenul Islam, the recently dismissed chief of the Bangladesh Financial Intelligence Unit (BFIU).

According to NBR sources, Shaheenul Islam transferred nearly 11.1 million BDT from an Eastern Bank account to his daughter Nova Islam in Canada, while he declared only 1 million BDT in his income tax return. This indicates that he illegally transferred over 10 million BDT.

The investigation has uncovered records of the former BFIU chief’s various bank accounts, credit cards, and mobile financial transactions through services like bKash and Rocket. His total transactions from fiscal year 2018-19 to 2023-24 exceed several crores. Additionally, evidence shows he concealed ownership details of flats and other properties in his tax filings.

The NBR probe revealed that a flat of 1,105 sq. ft. in Siddheshwari, Ramna, was purchased in the name of his wife Suma Islam, with a deed value of 3.13 million BDT, although the actual market value is approximately 7.1 million BDT. Moreover, the flat where Shaheenul Islam resides is registered under his father-in-law’s name, but its real value is around 3 million BDT.

An official from the Income Tax Intelligence Unit stated, “There is a significant discrepancy between Shaheenul Islam’s bank, credit card, and mobile transactions and his tax documents. This provides strong evidence of tax evasion and illegal money transfers abroad. It is possible that money was also sent through informal channels like hundi.”

Following a video scandal, Bangladesh Bank had sent Shaheenul Islam on leave. Subsequently, on September 8, the government canceled his appointment as BFIU chief.