ACC sues BFIU's Masud Biswas over illegal wealth

The case alleges the acquisition of assets worth Tk 14.7 million ‘beyond known sources of income’

The Anti-Corruption Commission, or ACC, has filed a case over illegal wealth acquisition against Masud Biswas, former head of the Bangladesh Financial Intelligence Unit, or BFIU - the state agency responsible for the prevention of money laundering.

“The charge of acquiring assets worth Tk 14.7 million ‘beyond known sources of income’ has been noted in the case statement," ACC Director General (Prevention) Akhtar Hossain told the media on Thursday.

The lawsuit was filed under Section 27 (1) of the Anti-Corruption Commission Act, 2004, and Section 5 (2) of the Prevention of Corruption Act, 1947.

The commission also decided to issue a notice to Masud's wife Kamrun Nahar seeking information on Tk 7.2 million in assets “beyond known sources of income”.

The anti-graft watchdog says the information received about the land and apartments in the name of Masud in parts of Dhaka will be investigated.

On Sept 25, the ACC announced a probe against Masud after receiving allegations of “money laundering and acquisition of huge wealth" through irregularities and corruption.

A four-strong panel of the commission, led by its Deputy Director Gulshan Anwar Pradhan, was tasked with the investigation.

After the interim government took charge, the ACC started taking cognisance of corruption allegations against top officials of different institutions and organisations, including ministers and MPs of the previous government. The agency also formally launched an investigation into the allegations against Masud following the development.

The allegation against the former head of the financial intelligence unit said he had amassed huge wealth through “abuse of power, irregularities and corruption”.

He put an end to the complaint of suspected irregularities in the purchase of Sky Capital Airlines's aircraft by not forwarding it to law-enforcing agencies in “exchange for bribes”, the case alleges.

He is also accused of looting around Tk 50 billion from the bank of NRBC Commercial Bank Member Parvez Tamal, by allowing the report of its financial irregularities to be sent as a "general observation report" instead of an intelligence report.

The bank account transactions of Himidri Limited, which is listed on the stock market, were suspended due to irregularities and abnormal price rises. Masud is alleged to have ordered its withdrawal “in return for financial benefits”.

Despite having "confirmed information" about money laundering against Tanaka Group, SA Group, and Anwar Group, Masud did not send the complaints to law-enforcing agencies and registered them by "taking personal advantage”, the complaints said.

There are several other allegations of money laundering against Masud.

These include allegations of “laundering money abroad” by taking millions of taka in loans from Islami Bank Bangladesh Ltd in collusion with S Alam Group Chairman Mohammed Saiful Alam, “laundering money abroad” by taking “immoral benefits” from Abdul Kadir Molla's Thermax Group, and “covering up” the money laundering case of Zeenat Enterprises and amassing a huge amount of wealth “in exchange for bribes”.

bdnews24.com was not able to immediately get a comment from Masum on the matter.