Summit Group, one of the country's leading business conglomerates, its chairman Aziz Khan, and his family members have laundered thousands of crores of taka abroad. With the money they have laundered, they have built up mountains of wealth in various countries.
There is a legal provision to seek permission from Bangladesh Bank before making any kind of investment abroad. But Summit Group did not even come close to getting permission. Various investigations have shown that Summit Group took money out of the country by providing false information to Bangladesh Bank.
Many complaints have already been filed by various investigative agencies, both anonymously and by name, alleging that Summit Group Chairman Aziz Khan and his family members have laundered money abroad. The Bangladesh Bank's Financial Intelligence Unit, the Anti-Corruption Commission (ACC), the National Board of Revenue (NBR), and the CID are investigating these allegations.
The complaint states that Summit Group officials have openly invested abroad. They have bought ships, luxury houses, villas, apartments and flats, commercial establishments, and shopping malls. They have also built prestigious hotels with the money they have laundered. Aziz Khan and his family have invested heavily in Singapore, Kenya, Malaysia, Dubai, India, Sri Lanka, Saudi Arabia, the UK, the US, and Hong Kong with the money they smuggled. Most money is laundered in countries or cities where the source of the invested money is not questioned and is unconditionally recognized as legitimate.
The complaint filed with the NBR shows that Summit Group officials laundered most of the money (80 percent) through banking channels by providing false information. Without any secrecy, they opened companies abroad and obtained recognition that the laundered money was legal (white). Summit Group has made large investments in other countries by showing the profits of those companies.
The money has been laundered in countries where there is no tax on investment. Then, the illegal money has been legalized and invested in other countries, which is illegal. Taking money in this way is considered laundering, which is a punishable crime.
Forbes magazine publishes a list of the world's richest people. Aziz Khan is the 41st richest person in Singapore. According to Forbes, 68-year-old Aziz Khan is a permanent resident of Singapore of Bangladeshi origin. Other members of his family are also Singapore citizens. Aziz Khan's Summit Group is a leading private sector company in Bangladesh, with businesses in power, ports, fiber optics, housing, and liquefied natural gas.
Aziz Khan of Summit Group was named in the Panama Papers in 2016. The Anti-Corruption Commission (ACC) initiated an investigation into the matter at that time. However, Summit Group was able to stop the investigation with the help of senior authorities of the then government. The investigation resumed after the interim government took office on August 8, 2024.
Bangladesh Bank Executive Director and Spokesperson Arif Hossain Khan told the Khaborer Kagoj that many people had laundered money out of the country. The money has been laundered in countries where there is no tax on investment. Then, the illegal money has been legalized and invested in other countries, which is illegal. Taking money in this way is considered laundering, which is a punishable crime.
"In the meantime, the investigation has revealed the issues of money laundering and investment abroad with the money laundered by many organizations, which are now under investigation," he said.
Aziz Khan, brother of Farooq Khan, the Awami League government's aviation and tourism minister, is the chairman of the Summit Group. According to Forbes, Aziz Khan is worth $1.12 billion. The central bank has no information that he obtained this money legally from Bangladesh. Aziz Khan is not only the richest man in Singapore but also among the richest men in the world, according to Forbes' 2024 audit and statistics. Aziz Khan is ranked 2,545th out of 2,781 people from 78 countries.
Summit Communication Chairman Muhammad Farid Khan is a member of the Awami League's (banned) presidium. Farid is a close friend of Sajeeb Wazed Joy. Summit is accused of taking various benefits during the previous government for this.
"There are allegations of money laundering in the name of Summit Group. There are also allegations of abuse of power in the name of Summit Group. The Summit Group has committed financial irregularities by abusing its power. The current government should investigate the misdeeds of the Summit Group and its chairman to protect the country from past financial irregularities," said Iftekharuzzaman, Executive Director of Transparency International of Bangladesh (TIB).
According to Bangladesh Bank sources, a total of 20 companies have been approved to invest abroad so far. However, no government institution has information about such a large amount of illegal investment by Summit. The published white paper states that during the 15 years of the previous government, 234 billion US dollars were illegally laundered from Bangladesh through corruption in 28 ways, and the money from the laundered funds was illegally invested abroad.
