The Minister's Millions I Al Jazeera Investigations
Summary
TLDRAn undercover investigation reveals corruption within the political elite of Bangladesh, leading to an uprising that forces Prime Minister Sheikh Hasina to flee the country. The report focuses on a minister, Shamsul Chowdhury, who accumulated a vast fortune through property investments in the UK, USA, and Dubai, while evading financial scrutiny. Despite laws against such wealth accumulation, Chowdhury amassed over $700 million in hidden assets. The investigation uncovers how he manipulated money-laundering loopholes, sparking protests in Bangladesh and the downfall of the government.
Takeaways
- 📢 An uprising in Bangladesh led to the resignation of Prime Minister Sheikh Hasina amidst corruption accusations.
- 🏠 A Bangladeshi minister, Chowdhury, was implicated in owning $700 million worth of global properties, including 360 homes in the UK.
- 💼 Chowdhury accumulated wealth through his role in Bangladesh's government and businesses, evading currency and money laundering laws.
- 💸 His investments spread across Britain, Dubai, and the U.S., funded partly through loans from British banks and undeclared wealth transfers.
- 🔍 Al Jazeera's undercover investigation revealed that Chowdhury's wealth was not disclosed on his tax returns or electoral filings in Bangladesh.
- ⚖️ Strict currency rules in Bangladesh prevent citizens from moving large sums abroad without Central Bank approval, yet Chowdhury managed to bypass these restrictions.
- 🏢 Chowdhury used intermediaries like Ripon Mahmood to acquire properties discreetly in the UK, leveraging his political influence.
- 💰 Despite restrictions, banks such as DBS and UK lenders continued providing loans to Chowdhury’s companies, helping him build his empire.
- 🚨 The exposure of his dealings has led to investigations in Bangladesh, freezing his assets, dissolving UCB Bank's board, and further anti-corruption probes.
- 🇧🇩 The scandal has ignited public outrage over corruption in Bangladesh, highlighting the issue of illicit wealth being moved to Western markets.
Q & A
What was the main reason for the protests in Bangladesh?
-The protests in Bangladesh were due to allegations of corruption by the political elite, which led to the Prime Minister fleeing the country.
Who is the main subject of the undercover investigation in the script?
-The main subject of the undercover investigation is a Bangladeshi Minister named Mr. Chowri, who is accused of having a hidden fortune.
What was the annual salary of the Bangladeshi Minister mentioned in the script?
-The Bangladeshi Minister mentioned in the script had an annual salary of $113,000.
How many homes did Mr. Chowri reportedly buy in the UK?
-Mr. Chowri reportedly bought 265 homes across Britain.
What is the significance of the term 'PEP' as used in the script?
-In the script, 'PEP' stands for 'Politically Exposed Person', referring to high-ranking politicians and government officials who are considered to be at high risk for corruption and money laundering.
What is the role of Ripon Mahmud in the script?
-Ripon Mahmud is an estate agent who works discreetly with wealthy clients like Mr. Chowri and helps manage their business in London.
What was the estimated total value of Mr. Chowri's hidden assets as revealed in the script?
-The estimated total value of Mr. Chowri's hidden assets was nearly $700 million.
What was the amount of money Mr. Chowri personally loaned to himself according to new company accounts?
-According to new company accounts, Mr. Chowri personally loaned himself a staggering £47 million, equivalent to $62 million.
What was the outcome of the protests in Bangladesh as mentioned in the script?
-The outcome of the protests was that the Prime Minister of Bangladesh, Shikha Hena, fled the country, the government fell, and regime loyalists were detained.
What actions did Bangladesh authorities take in response to the allegations against Mr. Chowri?
-In response to the allegations against Mr. Chowri, Bangladesh authorities ordered banks to suspend transactions of his personal and business bank accounts, and the Central Bank dissolved UCB's board to protect depositors' interests.
Outlines
📢 Breaking News: Bangladesh Prime Minister Resigns Amid Uprising
The video begins with breaking news of Bangladesh's Prime Minister fleeing the country amidst rising protests against corruption by the political elite. Al Jazeera's investigative team had been on the trail of one key figure accused of hidden wealth long before the protests. The report details the undercover investigation into a high-ranking Bangladeshi official, who owns luxurious properties in London and has amassed a secret fortune, evading scrutiny.
💰 High-Level Corruption and Overseas Wealth
The second segment explores how the Bangladeshi minister managed to evade anti-money laundering checks to amass a huge property empire in the UK. Despite being a high-ranking official with strict currency controls, the minister avoided disclosing his assets abroad, a clear violation of Bangladesh's constitution. The report also highlights the role of estate agents in facilitating the minister's property acquisitions and evading scrutiny.
🏠 Investigating the Minister’s Wealth Network
This part delves deeper into the network of estate agents, lawyers, and financiers that helped the minister acquire hundreds of properties across the UK, Dubai, and New York. The team goes undercover to meet key players, uncovering how money is funneled through Dubai-based companies and how these professionals manage to bypass strict banking regulations. The minister’s legal advisors and financiers play crucial roles in financing and laundering his wealth.
🏦 Uncovering the Minister’s Financial Schemes
In this segment, the report follows the minister’s connections to London and Dubai financial institutions, revealing how these entities facilitated his money laundering activities. Undercover footage shows discussions about moving large sums of money across borders through informal banking channels, and the team uncovers loans and investments that helped the minister grow his hidden empire. His wealth reportedly spans multiple countries, including America and Dubai.
🔍 The Scale of the Minister's Global Wealth
The final section reveals the true scale of the minister's wealth, with properties worth nearly $700 million across several countries. Legal experts weigh in on the potential repercussions of the minister’s failure to declare his assets, both in Bangladesh and the UK. The segment concludes with growing unrest in Bangladesh, where the government has fallen and the prime minister has fled. Authorities begin freezing the minister’s accounts, and an investigation into his illegal wealth is launched.
Mindmap
Keywords
💡Corruption
💡Bangladesh
💡Money Laundering
💡Property Empire
💡Politically Exposed Persons (PEPs)
💡Uprising
💡Anti-Money Laundering Laws
💡Central Bank
💡Capital Flight
💡Hidden Assets
Highlights
Bangladesh Prime Minister Shikha Hasina's government faces an uprising due to corruption allegations.
Al Jazeera's investigation uncovers a network accused of corruption and money laundering.
The investigation focuses on a Bangladeshi Minister, Rizwan Chowdhury, with a $113,000 salary but a vast property empire.
Chowdhury's London property portfolio is worth an estimated $250 million, raising questions about the source of funds.
Bangladesh's currency rules restrict citizens from taking more than $122,000 out of the country annually.
Chowdhury's properties in the UK are managed by a network of advisers and agents.
The Minister's wealth is linked to his business and stake in Bangladesh's largest bank, UCB.
Undercover reporters gain access to Chowdhury's $14 million London home.
Chowdhury's overseas assets are not declared on his Bangladesh tax returns, potentially violating the law.
Ripon Mahmud, an estate agent, is revealed as a key figure in managing Chowdhury's UK properties.
Chowdhury's network includes lawyers, wealth managers, and lenders who facilitate his property acquisitions.
The Minister owns properties in New York, New Jersey, Dubai, and Singapore, in addition to the UK.
Chowdhury admits to using a fixer in Dubai to manage his real estate business and move funds.
The investigation estimates the total value of Chowdhury's hidden assets at nearly $700 million.
Chowdhury personally loaned himself £47 million, which was not declared to Bangladesh tax authorities.
Bangladesh authorities are investigating Chowdhury for the illegal acquisition of hundreds of millions of dollars.
The case highlights the need for stronger regulation to prevent London from being a center for corrupt elites.
The Bangladesh protests lead to the Prime Minister fleeing and the government falling, with Chowdhury's future uncertain.
Transcripts
[Applause]
[Music]
an uprising in
Bangladesh with protesters calling out
corruption by the political Elite
resulting in the Prime Minister fleeing
the country breaking news story the
Bangladesh Prime Minister shik casena
has
resigned but before the uphe
aljazera was already on the trail of one
of those
accused we went undercover into his
Network my client they are very
Untouchable people to investigate
allegations of a hidden Fortune I have a
very penous nice penous evading
scrutiny you a big project
Authority enjoying his riches in London
I love suits the super2 200 cost 6,000
but with growing anger about his wealth
we go on the trail of The Minister's
[Music]
Millions long before the uprising
alzer's eye unit had a tip
off that a Bangladeshi Minister on a
$113,000 salary had a master property
Empire in in
Britain the i unit set up an undercover
team to investigate the
allegation by 2023 the year before the
protests in Bangladesh our undercover
reporters reached the ministers Inner
Circle and were invited into his $14
million London
home hello hello are hello Mr Lee please
welcome welcome
[Music]
yeah it's a very private house I need
very secure
house how many
in this is
[Music]
my this my new
[Music]
[Applause]
R saam andri is from a powerful family
in the port city of chiong
he is a close Confidant of the Prime
Minister in 2014 he became a member of
Parliament and Junior Minister and in
2019 Shay castina promoted him to head
the land
Ministry my father was very close with
prime minister actually I'm
also she's my
boss child's wealth comes from business
and his stake in one of Bangladesh's
largest banks UCB
but Bangladesh's strict currency rules
designed to protect the economy prevent
citizens from taking more than $122,000
a year out of the
country our foreign currency Reserve has
gone down drastically if someone were to
take money out of Bangladesh without the
specific permission of the Central Bank
this is certainly a crime under money
laundering
act the i unit set out to investigate
the ministers overseas
wealth first we needed to establish how
much property the minister owned in
Britain the results were
surprising chalry set up a string of
companies in the
UK between 2016 and 2021 he bought 265
homes across
Britain he was buying from major
development
like Barkley group your minister is in
business yo he's in the property
business he's making a killing from the
housing crisis but the buying spree
didn't stop there in 2021 chowri
purchased this plush London property for
nearly $6
million chry's properties are boletes
which he rents out to generate
profits then in 2022 he bought 89 homes
our analysis shows he owned an estimated
360 homes totaling over
$250
million and here's an extremely rich and
extremely well-connected
politician and he's buying up hundreds
of housing units in the UK this guy who
is supposedly an elected Democratic
politician of an extremely poor
country as a prominent politician from
Bangladesh a country that ranks highly
on International corruption
indexes Mr chowri would have faced
stringent checks when dealing with
estate agents Banks lenders and
lawyers anti-money laundering laws
consider high- ranking politicians and
government officials to be a high
corruption risk their wealth could be
stolen State funds or bribes paid to
obtain government contracts they're
known as politically exposed persons or
peps and require extra scrutiny
so how did the minister pass these tests
to find out we deployed an undercover
team to view one of his rental
properties Mar lion he has over 300
homes just in London
alone this is a sales agent for letting
agency moving City he comes to London
buy a few homes and any Jets off during
lockdown we spent 200 million just on
new homes in UK
we checked whether chower had declared
his overseas assets on his Bangladesh
tax returns and electoral filings he
hadn't the Constitution is very clear
because as a minister they cannot have
any other source of income yes a
politician MP or MP candidate must
declare their Global asset position so
the income or asset they have in the
country and abroad
[Music]
hello sir how are you very well thank
you as we had hoped the agent offered to
introduce us to his boss thank you very
much Ripon Mahmud is an estate agent
originally from The Minister's hometown
of Chittagong he works discreetly with
wealthy clients like cusum and
chowri so my clients I don't get me
wrong they're like how can I say they
are very Untouchable people and uh they
trust you they build the trust any
investment 10 million million
happening Ripon Mahmud is on his way to
a London hotel to meet our undercover
team thank you very much thank you we
are posing as wealthy overseas investors
looking to move $100 million out of
China into the UK property
Market we Billy Billy to me
you Keen for business the agent gave us
the next clue about our Target Mr
chowri a good friend of mine Mr so this
guy the
exactly what you want me to do with
you exactly pretty much I done for
him he's from
Dubai uh
China was a foreigner yeah of course
he's a he's a c and forer he's a sitting
Minister he's a powerful minister
he's smart what he does he doesn't go
big project when he go big project
Authority
G big money big numbers everybody get a
lot you know what I'm saying so he gets
10
million you know what I'm saying and and
you have to look I didn't buy cash ah
bang land
money while Ripon was managing The
Minister's business in
London elections loomed in
Bangladesh ay enjoyed the Limelight as a
leading figure in the Hina government
promising to root out
corruption meanwhile our team in London
made a
breakthrough we heard the minister had
us
assets he had purchased nine luxury
apartments five in Prime New York
locations and another four across the
river in New
Jersey after more meetings Ripon
admitted to us his client was Minister
Chow I one my biggest Cent coming to
town tomorrow he's coming from
Bangladesh he's a land Minister and he's
a client of yeah I said everything I got
like four years
ago every year he invest to me about
over 100
[Music]
million we need it to get to the min
before he returned to
[Music]
Bangladesh but first Ripon said we
should meet chry's advisers how are you
Hi how are you good to see
you so we met The Minister's
lawyer subir Desai is a partner at
Charles Douglas solicitors in
Mayfair he is also the firm's money
laundering reporting officer responsible
for ensuring the company complies with
regulations this one this one you can do
this one here he is enjoying dinner with
his client the minister and
Ripon since 2021 his firm has done legal
work on over a 100 loan transactions for
chre companies working on refinancing
properties
next Ripon introduced us to Rahul m a
private wealth manager at DBS one of the
biggest Asian
Banks Ripon said rahul's bank had faced
challenges in onboarding Mr Chow the
banking term for screening new clients
before accepting
them
CH s bank red light
they're very stri we couldn't on even
think
sit but by January 2024 DBS made 19
Loans To The Minister's companies
helping Finance his
Empire
finally Ripon introduced our undercover
team to Parish
Raja CEO of bridge Finance lender Market
Financial
Solutions the Mayfair lenders businesses
made hundreds of loans to the
minister what you're seeing here is a
kind of network clearly that is having
an impact on The Minister's
reach ripon's Network also includes the
developers that sold to Mr
chower who bought nearly a quarter of
his properties over 80 from Barkley
homes one of Britain's top builders
we sent in a new undercover reporter to
meet Ripon at a Barkley Sales Event to
find out how a minister and politically
exposed person could have bought so much
property from them so I work with them
very very
CL I
know
so I said what
pass so they know how I
so for me I put them
they our undercover meeting revealed yet
another clue about the
minister so I work with there
few one of them with
Minister I go for du as well
[Music]
we followed up the Dubai lead and
discovered even more of The Minister's
properties analyzing a leak of Dubai
Property Data reveals the scale of his
buying the minister is listed owner of a
luxury apartment at the Dubai Warf
culture Village his wife Ruka Zaman
bought property in this high-end
development by 2020 the minister was the
listed owner of another 54 properties in
the city's most exclusive
developments having met the network of
advisers and established the minister
owned hundreds of properties in the UK
America and Dubai we finally met the
minister himself at his London
home that's beautiful would he reveal to
us the secret of how he had built his
vast overseas Empire I love this
house Mr C he in realy that is his
business all the profer invested in
Dubai
London how many properties you have in
London I can put business here I have a
good
portfolio and I also have a a portfolio
in Dubai I have the best proper
downtown I have near du in Oprah I have
a very Penthouse nice Penthouse well but
I also bought a villa with private
Lagoon and everything it's very nice
I have a in Singapore
Malaysia I have a prop in New York
Manhattan very nice okay I got some
though he explained how a discreet fixer
on the ground is
essential all the properties your London
R
are
through he's my
main he's my brother I don't dealing
with anybody
I trust him he admitted prime minister
Shake Casina knew about his secret
wealth she knows I have a business
here we asked how he had financed his
spending spree I like remember Parish
Raja who we met
earlier the porish is a he's strong he's
a
strong do you know him well of course
yeah right he lend me so much money I so
you didn't
work forish give you about 100 million I
have been G $100 million line okay
for forish the banking section Mr C is
very strongly alive anything problem he
just jump
him the politician then turned to more
important matters I like your shoe you
like the shoe yeah nice shoe what turn
is this T and I also make it t I also
order in her M takes 4 months I £3,000
each each each 3,000 shoes each CR B CR
uh biley crop half full full biley crop
is 6,000 so half B Croc with cff skin
£3,000 very nice four
months every time you come you spend
about 2 in
the I love to
super 200 super 180 super 200 cost
£6,000 canal in Bound Street they I just
go and and the send it to my
house the suits the shoes the rolls the
houses but how did he get the money here
remember you can only take $122,000 a
year out of
Bangladesh so how did you invest the
money here transfer the money from I
have a business in Dubai
so from I have a trading real estate
business in Dubai so I bring money from
Dubai to here and then I took a loan
from here but where did the money in
Dubai come from Ripon
explained but he us his Dubai companies
are more more work with his Bangladeshi
companies yeah traing traing all sort of
things those remarks may be of interest
to the authorities in
Bangladesh we raised our cover story
with him that we needed to move $100
million cash from China he offered to
help I have a one Connection in
Dubai I can ask
him whether he will accept any cash in
China then he'll pay in
Dubai and he knew his way around
underground
banking my guy du can give you
money I have to ask
me how much is
cash then he pays you in Dubai if I tell
him look at Dubai I'll pay you 100
million you 100 that's not an issue but
my suggestion to you would
be slowly slowly bring the money outside
China and slowly
slowly back through different Channel
not official
TR thank you so much inde did later
after reflecting chry
backtracked see it's not going to work
you can't no I can't no way no is he
just talking to a friend as a I don't
think so if he is not for proper CH I
don't no that Central Bank will flag
up or whenever you get a Time come here
check in my
house with a standing invitation to see
the minister again in the cab Ripon
Finally Revealed the true scale of The
Minister's Global
wealth I hand over I manage everything
for
him no actually he got 20 million stock
New York San
Francisco but Dubai he got 195
so1 195 million he invested in Dubai do
state London go about 300 plus
million our tip had paid
off we had discovered the total value of
The Minister's hidden
assets nearly $700
million but we had one final surprise in
store new Company accounts showed the by
2022 chowder had personally loaned a
staggering £47 million equivalent to $62
million to
himself none of this was ever declared
by chry to the Bangladesh tax
[Music]
authorities something that one lawyer
said could also be a problem for him in
Britain if a person particularly a pep
has made false declarations on their tax
returns
that can be a real problem here if there
is any um suspicion that a person is
dealing with What's called the benefit
from Criminal conduct and is bringing
that benefit
here then that potentially is an offense
of money laundering even
if the potential criminal conduct has
happened in another
country we had our last meeting with
Ripon where he had a warning for his
client if he didn't protect his new
found wealth I told him I keep telling
him last 3 years I said a 3600 million
700 million asset and you
met he can talk to me about rollsroyce
shoes is hard he shoes please he's like
a
kid what's the Met view last few months
we had a go you going to get sorry for
my
friend he going to give
and as the bangler protests reached
boiling
point the people wanted to find out
where the country's looted riches had
gone their prime minister shik Hena had
fled the country
country her government
fell regime loyalists were
detained protests erupted outside UCB
bank shareholders accused Chow of
looting
it soon after the Central Bank dissolved
ucb's board in order to protect the
interests of depositors and the bank
Bangladesh authorities also ordered
Banks to suspend the transactions of
chry's personal and business bank
accounts anti-corruption Watchdogs say
Chow's case Rings alarm Bells this
really has to be a wakeup call to the UK
about the loopholes we have the
weaknesses of our regulation um and the
fact that if we're really serious about
closing down London as a center for
corrupt Elites we have to have far
stronger regulation and
enforcement and Western countries should
take a tougher stand against Capital
flight the wealth of the developing poor
countries must remain in this PO in
those countries for the well-being of
the people of those
countries chry's future is
uncertain his exact whereabouts
unknown but the eye unit obtained a
recording of a recent
[Music]
call Bangladesh is now investigating
chry for the illegal acquisition of
hundreds of millions of dollars
[Music]
he
[Music]
[Applause]
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