Hasina’s allies transact properties in UK, face call for asset freezes
Nearly a year after the student-led uprising toppled former Prime Minister Sheikh Hasina’s government in August 2024, Bangladesh’s interim administration is grappling with allegations that politically connected figures from her regime laundered millions through UK luxury real estate.
An investigation by The Guardian and Transparency International has uncovered that several individuals under scrutiny in Dhaka have engaged in property transactions in the UK over the past year, prompting calls from Bangladeshi officials for Britain’s National Crime Agency (NCA) to freeze their assets.
A trail of wealth in London and beyond
The probe reveals at least 20 property transactions – sales, transfers, or refinancing - linked to figures under investigation by Bangladesh’s Anti-Corruption Commission (ACC). These include members of the powerful Sobhan family, whose Bashundhara Group spans cement to media, and associates of former land minister Saifuzzaman Chowdhury, whose £170 million UK property portfolio, including over 300 properties, was frozen by the NCA in June 2025. The Rahman family, tied to the Beximco conglomerate, also saw £90 million in assets, including a £35 million Mayfair apartment, frozen in May.
Notable transactions include a £7.35 million Knightsbridge townhouse, previously owned by Bashundhara’s managing director Sayem Sobhan Anvir via a UAE-based company, transferred in April 2024 to Brookview Heights Ltd., a UK firm linked to Orbis London, a real estate advisory with offices in Liechtenstein and Singapore. The property was later sold to a company directed by an accountant managing multiple high-value London properties. Additionally, two applications for dealings involve an £8 million Surrey mansion owned by Shafiat Sobhan. The Sobhan family, under ACC investigation for alleged money laundering, denies wrongdoing and vows to defend against the allegations.
Anisuzzaman Chowdhury, brother of Saifuzzaman, sold a £10 million Georgian townhouse near Regent’s Park in July 2024, with three further refinancing applications recorded. His lawyers argue the sale predates the revolution and see no basis for asset freezes. A British-Bangladeshi property developer, also under ACC scrutiny for allegedly irregular loans from UCB bank, faces a travel ban in Bangladesh but denies any misconduct.
Calls for swift action
Bangladesh’s interim government, led by Chief Adviser Dr Muhammad Yunus, is intensifying efforts to repatriate assets allegedly looted through state contracts and banking fraud during Hasina’s 15-year tenure. Central Bank Governor Ahsan H Mansur, who led a delegation to London in June 2025, urged the UK to issue more freezing orders, stating, “We are aware of efforts to liquidate assets. Blocking transactions will allow us to follow due process for repatriation.” ACC Chairman Mohammad Abdul Momen echoed this, requesting NCA action against several individuals amid a surge in post-revolution property dealings.
The delegation’s stay at London’s Dorchester hotel, where rooms start at £800 per night, drew irony given their mission to target elite wealth. The UK’s role is pivotal due to its large Bangladeshi diaspora and its support for tracking laundered assets, a focus sharpened since Russia’s 2022 invasion of Ukraine highlighted London’s reputation as a haven for suspicious funds.
Questions of due diligence
The transactions raise concerns about the role of UK law firms and consultants facilitating deals for individuals under investigation. Joe Powell, a Labour MP and chair of a parliamentary group on corruption and tax, warned, “Assets can vanish quickly unless frozen during investigations.” He praised the NCA’s actions but urged broader measures to curb illicit wealth flows, emphasizing London’s need to shed its image as a hub for dirty money.
In Bangladesh, the asset recovery push is framed as a critical anti-corruption drive by some, but critics warn of a potential witch-hunt targeting Hasina’s allies.
A high-stakes pursuit
As Dhaka’s probes deepen, UK properties like Knightsbridge townhouses and Surrey mansions remain central to allegations of systemic looting under Hasina’s regime. The interim government’s call for asset freezes aims to preserve these assets for potential repatriation, offering hope for economic recovery amid Bangladesh’s ongoing turmoil. However, the involvement of UK professionals in these transactions highlights the need for stricter due diligence to prevent the flow of illicit wealth, as both nations navigate a complex path toward accountability.
Source: The Guardian