Shahjalal’s money embezzled, assets worth Tk 25 crore of former official seized

A huge amount of immovable and movable properties purchased with embezzled money from the Shahjalal Fertilizer Project in Sylhet have been seized.

The Criminal Investigation Department (CID) has seized a huge amount of immovable and movable properties purchased with embezzled money from the Shahjalal Fertilizer Project in Sylhet. The seized assets include 12 flats, land, land shares and money in bank accounts.

The CID said that Khandaker Muhammad Iqbal, the former head of the accounting department of Shahjalal Fertilizer, embezzled money from the Shahjalal Fertilizer Project of Bangladesh Chemical Industries Corporation (BCIC) by submitting fake bills and receipts through fraud. These assets were seized after receiving primary evidence that he used the embezzled money to purchase various immovable and movable properties in his own name and the name of his wife Halima Akhter.

According to CID information, the estimated total value of the seized assets is at least Tk 250 million. The seized list includes 23.5 kathas of land, 11 land shares (totaling 392.7323 ayuthans), 12 flats—whose deed value is Tk 84,766,590, but the current market value is about Tk 250 million. In addition, Tk 30,65,852 in three bank accounts has been seized on the court's orders.

Investigation into the case revealed that Khondaker Muhammad Iqbal joined the Shahjalal Fertilizer Factory of BCIC as an assistant accountant in 2005. Later, he was promoted to the post of head of the accounting department. In his 14-year career, he owned several flats in Dhaka, land in various areas including Dhaka-Gazipur, two department stores, and 91 cars. He was fired about five years ago on charges of embezzlement.

The CID said that on April 26, 2023, the organization filed a case under the Prevention of Money Laundering Act as a plaintiff. The case statement stated that Iqbal embezzled a total of Tk 388.327 million from the Shahjalal Fertilizer Project using fake bills and receipts. These fake bills and receipts were made in the names of two fictitious companies owned by his wife Halima Akhter—TI International and Nusrat Traders.

The investigation also revealed that in June 2022, RAB arrested Iqbal and his wife under the Arms and Special Powers Act. Later, based on the complaint of RAB, the CID started a money laundering investigation and filed a case after the investigation.

Other properties seized during the investigation of the case include six flats in the Ramna and Airport areas of Dhaka and a total of 304 percent of land in Dhaka, Gazipur and Mymensingh—with a deed value of more than Tk 71.1 million. According to BRTA, out of 91 vehicles registered in the name of Iqbal and his interest organizations, 21 minibuses and two Hi-S have been seized.

The 21 minibuses seized on the court's orders are currently being used on rent at the Rooppur Nuclear Power Plant. The 53 lakh 80 thousand 335 taka earned from these vehicles so far has been deposited in the state treasury with the permission of the court.

Currently, the Financial Crime Unit of the CID is conducting the investigation into the case. The CID said that the investigation is continuing in the interest of uncovering complete information about the crime, identifying unknown accomplices and following the legal process.