Money Laundering Case of Tk 16.13 Billion Against Former Padma Bank Chairman and Three Others

Nov 29, 2025
Business

File Image: Former Padma Bank Chairman Chowdhury Nafiz Sarafat. (Source: PNN)

Staff Report, PNN:

A money laundering case worth Tk 16.13 billion has been filed against former Padma Bank chairman Chowdhury Nafiz Sarafat and three others. The Financial Crime Unit of the Criminal Investigation Department (CID) filed the case under the Money Laundering Prevention Act at Gulshan police station in Dhaka.

CID Special Superintendent of Police Jasim Uddin Khan confirmed on Friday that initial investigation shows Sarafat used his asset management company, RACE Management PCL, to divert funds for personal and illegal interests. The company, founded in 2008, managed 10 mutual funds by 2013 and now manages 13.

Investigators found that Sarafat, his wife Anjuman Ara Shahid, and associate Dr. Hasan Taher Imam used mutual fund money to acquire shares in Farmers Bank (now Padma Bank) and secure positions on its board. Anjuman Ara Shahid was appointed director of Southeast Bank. CID also found that the group embezzled significant funds via brokerage house Multi Securities.

Further investigation revealed 78 bank accounts under Sarafat and family names, with deposits of Tk 18.09 billion and withdrawals of Tk 18.05 billion; current balance is only Tk 2.92 million. Assets in Canada, Singapore, UAE, and other countries were also identified.

CID said over Tk 16.13 billion was illicitly obtained through fraud, forgery, and local and international currency trafficking, leading to the money laundering case. CID assured that operations against money laundering would continue to protect state financial interests.