Bangladeshi Businessman Nafeez Sarafat has Assets Frozen

The Anti-Corruption Commission has been ordered to freeze 74 bank accounts belonging to Bangladeshi businessman Chowdhury Nafeez Sarafat.

It was ordered by the Dhaka court as a part of an ongoing investigation into allegations that the former Padma Bank chairman embezzled Tk 887 crore.

The order was issued by Judge Mohammed Zakir Hossain of the Dhaka Metropolitan Senior Special Judge’s Court.

It came following an application from ACC Deputy Director Mohammed Masudur Rahman, who is leading the inquiry.

The accounts of Sarafat’s wife, Anjuman Ara Shahid, and their son Chowdhury Rahib Safwan Sarafat have also been frozen.

The ACC’s application states that the agency is investigating Sarafat for bribery, forgery, misuse of power, corruption, and financial embezzlement.

Prosecutor Ruhul Islam Khan, representing the ACC, informed the court that freezing these accounts was necessary to prevent further financial misconduct.

This is not the first action taken against Sarafat’s assets.

On January 22, 2025, the court ordered the confiscation of his three-bedroom flat and five-bedroom villa in Dubai.

The properties, located in the Burj Khalifa neighbourhood and Damac Hills, are reportedly worth at least Tk 10.4 crore.

These holdings were first exposed in an investigative report published on January 7, 2025.

The report detailed the offshore assets of 19 Bangladeshis, including Chowdhury Nafeez Sarafat.

Sarafat has not publicly commented on the allegations.

However, he previously stated that non-resident Bangladeshis and dual citizens are legally allowed to own properties abroad.

The authorities remain concerned about the source of his wealth and possible financial irregularities.

Due to this, further domestic asset seizures followed.

On January 7, the ACC was directed to confiscate 22 flats registered under Sarafat, his wife, and his son in Dhaka and Gazipur.

These actions are part of a broader effort to track down allegedly misappropriated funds.

Authorities had already restricted Sarafat’s movements months earlier.

On October 7, 2023, the court imposed a travel ban, preventing him from leaving the country as investigations progressed.

The ACC believes this move was necessary to ensure that he remains available for legal proceedings.

Chowdhury Nafeez Sarafat resigned as chairman of Padma Bank in January 2023, citing health reasons.

His tenure at the bank, formerly known as Farmers Bank, has been marred by allegations of financial mismanagement.

Investigations into his financial dealings are ongoing, with authorities determined to hold those involved in large-scale corruption accountable.