Md. Al Masum Khan: The Anti-Corruption Commission (ACC) of Bangladesh has initiated a formal investigation into serious allegations of embezzlement and money laundering amounting to approximately Tk 2,000 crore against former High Commissioner to the United Kingdom, Saida Muna Tasneem, and her husband, Touhidul Islam Chowdhury, Chairman of Generation Next Fashions Ltd.

In a press briefing held today (Monday), ACC Chairman Mohammad Abdul Momen stated that the duo, through collusion and abuse of diplomatic and corporate privileges, secured massive loans from multiple commercial banks under the names of 12 fake and shell companies. The funds were allegedly siphoned off abroad over the years under the guise of business expansion and trade operations.

According to preliminary findings, the accused obtained financial facilities from a series of major banks including UCBL, Bank Asia, EBL, City Bank, BRAC Bank, NBL, Trust Bank, Southeast Bank, and AB Bank. The firms implicated in this scheme include Generation Next Fashions and eleven other entities, many of which exist only on paper and lack verifiable operations or legitimate revenue streams.

ACC sources revealed that the suspected transactions bear classic signs of trade-based money laundering, often involving over-invoicing and fictitious imports/exports, routing funds to offshore accounts and investment portfolios under foreign aliases.

This is not just financial fraud. It is a breach of public trust involving a former envoy who represented Bangladesh on an international stage, said Chairman Momen, affirming that all legal tools, including the Mutual Legal Assistance Treaty (MLAT), will be utilized to trace, freeze, and recover illicit assets overseas.

He added that letters have already been sent to relevant domestic banks seeking transaction records, and international agencies including the UK’s National Crime Agency (NCA) and the Financial Conduct Authority (FCA) will be contacted for cross-border cooperation.

Legal experts opine that if proven, this case could set a strong precedent under the Anti-Money Laundering Act 2012 and the Penal Code, with potential jail terms, asset forfeiture, and diplomatic disgrace looming for the accused.

The ACC’s investigation is ongoing, and further updates are expected as forensic audits and international cooperation unfold.