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CIC has frozen all bank accounts linked to former CSE president Fakhr and his family’s businesses in Bangladesh
Published : 29 Mar 2025, 03:32 AM
In a far-reaching financial scandal, investigators have uncovered a brazen cross-border tax evasion scheme stretching from Dubai to Dhaka’s upscale Gulshan district.
A father and son, dodged taxes by funnelling stone and coal imports through Dubai, all while concealing the true profits from the Bashundhara Residential Sports Complex and quietly buying up luxury flats and high-end cars in Gulshan.
The graft watchdog claims to have uncovered these details about Fakhrus Salehin Nahian, former director of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), and his father, Fakhr Uddin Ali Ahmed, former president of the Chittagong Stock Exchange (CSE), related to their tax and investment “irregularities”.
An NBR official told bdnews24.com that the Central Intellingence Cell (CIC) froze all the family’s business accounts in Bangladesh.
The CIC, while investigating “tax evasion”, also discovered details of the father and son’s business, assets, and overseas investments.
According to the CIC’s report, it found evidence of the father and son’s investment in a 33-storey skyscraper in Dubai, which houses 224 apartments.
A team of intelligence officers recently investigated illegal assets of Bangladeshis in the United Arab Emirates and came across information about their “investment” in the Dubai tower.
Father Fakhr Uddin and son Nahian concealed details about their family’s business involving the import of stone and coal, and reportedly evaded around Tk 600 million in income tax by investing in assets within the country.
Nahian, however, denied these allegations, saying they had not engaged in any “irregularities”.
The Sylhet-based business family is involved in different sectors, including tourism, the capital market, manpower export, and the import of coal and stone.
They own businesses such as Hotel Star Pacific, Casablanca Hotel and Restaurant, Sylhet Communications Systems Limited, and International Securities Limited.
The CIC’s report says it found evidence of the family’s ownership of a modern tower block named “Sapphire 32” in Dubai’s Al Barsha area.
The ongoing project is said to include 224 apartments, consisting of studio apartments, as well as one, two, and three-bedroom units, along with common spaces, a gym, and a swimming pool.
The CIC claims to have found evidence of Fakhrus Salehin Nahian and Fakhr Uddin Ali Ahmed owning 13 percent of this project.
While Nahian claimed the project’s agreement would occur on Jul 2, 2024, the “grand” opening of the tower took place on Jul 6, 2024. Construction of the tower began in October 2023.
In addition to Nahian and his father, a person named Abdennaser Mohammad Sadeq is also listed as a co-owner of the tower. The tower is being constructed by Dar Al Karama Real Estate.
Besides Nahian and his father, a person named Abdennaser Mohammad Sadek is also a part-owner of the tower.
The tower’s construction is being carried out by Dar Al Karama Real Estate.
A CIC official told bdnews24.com that neither Nahian nor his father obtained permission for this investment from Bangladesh.
"They might have been laundering money through the import of stone, but it has not yet been proven. So, we do not want to make any conclusive statements. The investigation is ongoing.
“But it is true that their investment in Dubai has been discovered,” said the officer, who wished to remain anonymous as CIC officials do not have the authority to comment.
Despite admitting to ownership in the Dubai housing project, Nahian claimed that they did not launder money from Bangladesh but instead made the investment using commission earnings from working as a “sales agent” for the family of a Syrian friend.
“I do not live there, so why would I invest there? The way they [NBR] have framed this is completely unfair to me,” he said.
