The Minister's Millions I Al Jazeera Investigations

Summary

An 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

00:00

📢 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.

05:01

💰 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.

10:02

🏠 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.

15:03

🏦 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.

20:06

🔍 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.

Keywords

💡Corruption

Corruption is the abuse of power for personal gain. In the video, protesters in Bangladesh accuse the political elite, including the Prime Minister, of corruption. The video investigates hidden fortunes amassed by officials like a Bangladeshi minister, who owns vast properties overseas, despite strict currency rules.

💡Bangladesh

Bangladesh is the central country in this investigation, where an uprising occurs due to allegations of corruption. The video shows how Bangladeshi ministers, despite their official salaries, have amassed massive wealth abroad, contributing to public unrest.

💡Money Laundering

Money laundering is the illegal process of concealing the origins of money obtained through criminal activity. The video explores how a Bangladeshi minister has allegedly laundered money by investing in overseas properties, avoiding legal scrutiny in both Bangladesh and the UK.

💡Property Empire

A property empire refers to large-scale investments in real estate. In the video, a Bangladeshi minister is shown to own 360 homes in the UK, as well as properties in New York and Dubai. This wealth was amassed while serving as a government official, raising questions about its legitimacy.

💡Politically Exposed Persons (PEPs)

Politically Exposed Persons (PEPs) are individuals with prominent public roles, which makes them high-risk for corruption. The Bangladeshi minister featured in the video is a PEP, meaning his financial dealings should have undergone extra scrutiny, but his vast property purchases escaped rigorous oversight.

💡Uprising

An uprising refers to a rebellion or revolt against authority. The video starts with news of an uprising in Bangladesh, where citizens protest against corruption, leading to the resignation of the Prime Minister. This context frames the larger narrative of corruption and hidden wealth.

💡Anti-Money Laundering Laws

Anti-money laundering laws are designed to prevent illegal money from entering the financial system. The video highlights how these laws should have flagged the Bangladeshi minister’s suspicious financial activities, yet loopholes in regulations allowed him to continue amassing wealth overseas.

💡Central Bank

The Central Bank in Bangladesh is responsible for regulating financial transactions. The video discusses how the bank’s rules limit citizens from taking more than $122,000 out of the country per year, making the minister’s ability to invest hundreds of millions overseas highly suspicious.

💡Capital Flight

Capital flight refers to the large-scale exit of financial assets from a country. The video exposes how Bangladeshi politicians have transferred massive amounts of wealth to foreign countries, contributing to the country’s economic instability and public outrage.

💡Hidden Assets

Hidden assets are properties or wealth that are not publicly declared or are kept secret to avoid taxes or legal repercussions. The Bangladeshi minister featured in the video hid millions of dollars in assets across the UK, USA, and Dubai, violating both local and international financial laws.

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]