Nafiz Sarafat is the head of fraud in CID investigation

Not only cheating or forgery, Chowdhury Nafiz Sarafat has smuggled a huge amount of money abroad by conducting hundi activities by over-invoicing and under-invoicing exports. CID's Financial Crimes Unit has started investigation against him under the Money Laundering Act. In the preliminary investigation, CID has found money laundering information against him.

The CID officials involved in the investigation say that the investigation is being conducted against his wife Anjuman Ara Shahid, Hasan Taher Imam and their organization as Chowdhury Nafiz Sarafat has collaborated in various misdeeds including money laundering.

According to related sources, Chowdhury Nafiz Sarafat started his career through Standard Chartered Bank in 1999. He became the independent director of the private IFIC Bank while staying in the foreign bank. He quit his job in one bank and became director of another bank in the face of questions. Joined ICB Islamic Bank in 2008. Earlier Chowdhury Nafiz Sarafat got a mutual fund license from Bangladesh Securities and Exchange Commission (BSEC). He first applied for the license in his own name. Since licenses are not issued in individual names, he formed the company on the advice of BSEC member Mohammad Ali Khan. Named the company Bangladesh Rais Asset Management. His ownership is 25 percent. The remaining ownership is in the name of Hasan Imam.

Use of mutual funds for personal gain

According to CID sources, the asset management company licensed under the name Rais Management PCL in 2008 received a good response among the capital market stakeholders through various workshops at that time. After starting in 2008, within 2013, the company got the responsibility of asset management in 10 term mutual funds. Currently there are 13 funds under the firm. Basically, these mutual funds were used as a means of earning money for personal benefit by Chowdhury Nafiz Sarafat, his wife Anjuman Ara Shaheed and Hasan Taher Imam. They invested the money of the fund and bought the shares of the then Farmers Bank (now Padma Bank) and became the board directors of the bank. However, the funds did not make any profit from this investment. Later, Chowdhury Nafiz Sarafat made his wife Anjuman Ara Shahid the director of Southeast Bank.

Pressure to invest Rs 500 crore in Best Holdings bonds

Recently, Chowdhury Nafiz Sarafat pressured Bangladesh Infrastructure Finance Fund Limited (BIFFL) to invest Tk 500 crore in Best Holdings bonds. Rais Asset Management Company formed 10 mutual funds by collecting money from various institutions and individuals. The combined size of the funds is around Tk 4500 crore.

FDR in Mutual Fund Money, Deprived Investors

FDRs opened for a fixed period with funds from mutual funds are liquidated in collusion with bank officials before the expiry of the period. As a result investors in the fund are deprived of profits worth crores of rupees. 650/700 crores of funds are deposited in STD/SND accounts at only 3-4% interest. 2-3 percent interest money is embezzled in connivance with bank officials.

Capital market dividend absorption

Although there is a rule of distribution of minimum 75 percent of the dividend received from the capital market among investors, Race Asset Management misappropriates most of the dividend money without complying with that rule. The mastermind behind it is Nafis Sarafat.

Purchase of shares in the name of relatives rather than in the name of the fund

The investigating officers of CID also said that a large part of the money invested in the brokerage house BGIC (most of the shares of which are bought in the name of relatives of CEO Hasan Imam) is not bought in the name of the fund but in the name of various relatives. Shares are purchased. In this way, the investors of the fund are deprived of profits worth crores of rupees and embezzled. Sometimes the funds (500-700 crores) buy a large amount of shares of a company in the capital market and deliberately increase its price, causing financial loss to the common shareholders. Even though the period of mutual funds (10 years) has passed without returning all the money with profit to the investors, with the connivance of SEC and ICB (SEC and ICB) the period of mutual funds is again increased to 10 (ten) years.

According to CID, the Canadian University of Bangladesh Board of Trustee Chairman Chowdhury Nafiz Sarafat. On December 2, 2018, Rajuk allotted a plot of 171.16 katha to Canadian University in Purbachal New Town Project. The government suffered a loss of 77 crore rupees. Apart from owning mutual funds, Nafiz Sarafat is also the chairman of Argus Credit Rating Services.

It should be noted here that Nafiz Sarafat emerged after Awami League formed the government in 2009. Behind the scenes of becoming one of the most influential people in various sectors, he developed relationships with the then Home Minister Mohiuddin Khan Alamgir and former IGP Benazir Ahmed. The image of his good relationship with former Prime Minister Sheikh Hasina has also appeared in the media. At home in Gopalganj, he called Sheikh Hasina 'coufu' and former finance minister AHM Mustafa Kamal 'uncle'. The former IGP used to introduce Benazir as 'Cousin'.

Almost everyone in the bank and capital market knows about Nafiz Sarafat's relationship with Sheikh Hasina's advisor and Beximco Group Vice Chairman Salman F Rahman, Exim Bank Chairman Nazrul Islam Majumder and Bangladesh Bank Governor Abdur Rauf Talukder. In just 13 years, Nafiz Sarafat became known as a mysterious but irresistible person in banks, capital markets, electricity, private universities, media and other sectors under state patronage.

All transactions of Chowdhury Nafiz Sarafat, a prominent figure in the financial sector, as a BO (Beneficiary Owners) during the recent Awami League government have been suspended indefinitely. The Anti-Corruption Commission (ACC) has already started an investigation into allegations of irregularities in the financial sector, taking over banks and looting money from the capital market against him.

He recently resigned from the post of chairman and director of Padma Bank. Padma Bank Managing Director Tarek Riaz Khan said that he has submitted his resignation letter citing health reasons. Spokesperson of Bangladesh Bank confirmed his resignation to reporters. Majbaul Haque too.

When asked, CID Special Superintendent of Police Bachir Uddin told Dhaka Post that CID's Financial Crimes Unit conducted hundi activities against Chowdhury Nafiz Sarafat, his wife Anjuman Ara Shaheed and Hasan Taher Imam along with his accomplices through fraud, forgery, over-invoicing and under-invoicing and organized crime. Investigations have been started regarding the smuggling of huge amount of money abroad. We have already received some information. Based on the facts, a case will be filed against him under the Money Laundering Act.