The Anti-Corruption Commission (ACC) of Bangladesh is currently conducting an extensive investigation into allegations that 459 Bangladeshi nationals laundered money to acquire 972 properties in Dubai under the United Arab Emirates’ Golden Visa program. These individuals are suspected of siphoning capital from Bangladesh to build vast real estate portfolios in the UAE, a trend that has drawn significant scrutiny from domestic anti-graft authorities.
The inquiry, which has been ongoing for over three years, initially identified 70 individuals as primary suspects. Following this initial phase, the investigation team expanded its scope and gathered documentation on an additional 20 to 25 individuals. These suspects are believed to have utilized the UAE’s Golden Visa scheme to legitimize their presence while concealing the illicit origins of the funds used to purchase high-value assets in Dubai.
After collecting substantial data from the National Board of Revenue (NBR), the Bangladesh Financial Intelligence Unit (BFIU), and other relevant agencies, the ACC had prepared to send a specialized team to Dubai to recover records for approximately 100 individuals. However, the mission remains stalled. While some sources within the commission cite administrative and visa-related complications for the delay, the necessity of the trip remains a point of internal discussion.
According to ACC spokesperson and Deputy Director Md. Aktarul Islam, the commission is actively collecting documents regarding the allegations. In April 2025, the ACC formally requested detailed data from the NBR, including Tax Identification Numbers (TIN) for the 70 individuals initially identified. The letters, signed by then-investigation team leader and Deputy Director Ram Prasad Mandal, sought to trace funds moved through various foreign banks, including Swiss institutions, to facilitate these property acquisitions.
The list of 70 suspects includes several prominent figures, such as Ahsanul Karim, Anjuman Ara Shahid, Hefzul Bari Mohammad Iqbal, Humaira Selim, Juran Chandra Bhowmik, Md. Rabbi Khan, Mohammad Golam Mostafa, Mohammad Oliur Rahman, S. A. Khan Ekhtekharuzzaman, Saifuluzzaman Chowdhury, Syed Fahim Ahmed, Syed Hasnain, Syed Mahmudul Haque, Syed Ruhul Haque, Golam Mohammad Bhuiyan, and Haji Mohammad Khorshed Alam, among others.
A senior ACC official emphasized that relying solely on domestic documentation is insufficient to conclude an investigation of this magnitude. To verify the allegations, investigators must access the Dubai Land Department records, confirm beneficial ownership, identify the source of funds, and review the original Golden Visa applications. Without such international cooperation, establishing the full truth behind these transactions remains a significant challenge for the commission.
The official noted that an NBR team had visited Dubai earlier last year for separate money laundering investigations and successfully gathered critical evidence. The ACC believes a similar approach is necessary, as Dubai serves as a highly attractive destination for those seeking to hide laundered assets. The commission is exploring the use of Mutual Legal Assistance Treaties (MLAT) to formalize this data exchange with UAE authorities.
Research by the US-based non-profit Center for Advanced Defense Studies (C4ADS), published in May 2022, first brought international attention to the scale of this issue. The report revealed that 459 Bangladeshis had invested approximately 315 million USD to acquire 972 residential properties in the Gulf region. These assets include 64 properties in Dubai Marina and 19 in Palm Jumeirah, with at least 100 villas and five entire buildings linked to Bangladeshi owners.
Data from C4ADS and the EU Tax Observatory indicates that by 2020, the paper value of these properties reached 313 million USD. Furthermore, investigators have noted that the trend of property acquisition by Bangladeshis in Dubai has accelerated over the past two years. Despite global economic downturns, Bangladeshis have remained among the top foreign buyers in Dubai’s real estate sector, often keeping these investments entirely hidden from Bangladeshi tax authorities.
The investigation continues to face hurdles as it attempts to bridge the gap between domestic financial records and the opaque nature of offshore property holdings. The ACC maintains that until they can verify the purchase prices, transaction sources, and true ownership structures through direct access to Dubai’s registry, the full extent of the money laundering operation will remain partially obscured.