The Bangladesh Financial Intelligence Unit (BFIU) has uncovered a vast financial web linked to AKM Shahidul Hoque, the former Inspector General of Police (IGP).

Shahidul is currently imprisoned in connection with the killing of a protester during the July-August uprising of the country which toppled the autocratic regime of Sheikh Hasina.

The BFIU probe has revealed that over 560 crore taka (around $53 million) was funneled through accounts tied to the Mazid-Zarina Foundation, a non-profit educational organization named after Shahidul’s parents, before being redirected into businesses controlled by his family.

Officially registered as a school and college operator in Shariatpur (School Code: 6061; College Code: 6028; EIIN: 136825), the foundation operated 72 bank accounts across Bangladesh.

By September 9, 2024, these accounts had accumulated 560 crore taka, primarily sourced from deposits made by garment manufacturers, construction firms, real estate developers, and insurance companies.

The investigation indicates that the funds were allegedly funneled through the foundation into several entities, including Era Builders, a construction firm owned by Shahidul’s family, along with other businesses closely tied to his relatives.

A senior BFIU official, speaking on condition of anonymity, raised concerns about the suspicious patterns of deposits.

"The geographic spread of deposits—from Dhaka and Chittagong to Sylhet, Kushtia, and Jessore—raises significant red flags. The diverse sectors involved suggest a clear abuse of Haque’s position and influence as the head of the police force," the official told Bangla Outlook.

At the time of the investigation, only 10 crore taka remained in the foundation’s accounts, with the bulk of the funds having been transferred elsewhere.

Vast sums of money flowing through channels that appear to have been specifically designed to disguise illicit activity, the BFIU official asserted.

The BFIU has now referred the case to the Anti-Corruption Commission (ACC), which is investigating potential violations of the Prevention of Money Laundering Act, 2012.

Family enrichment and offshore holdings

The BFIU report highlights a series of suspicious financial activities involving Shahidul’s family members, particularly his wife, Shamsun Nahar Rahman, a businesswoman and owner of A Cube Enterprise, who received substantial foreign currency deposits.

Shamsun Nahar’s accounts saw a total of $235,000 in deposits, with $165,000 withdrawn. Despite this, her accounts still hold $70,581, a sum that BFIU officials have deemed "highly irregular" for the family of a public servant.

Meanwhile, Shahidul's post-retirement venture, Saras Shipping Line Ltd., claimed a modest monthly income of just Tk4 lakh, which stands in stark contrast to the vast financial footprint left by his family’s network.

Shahidul’s own accounts revealed further anomalies.

At the First Security Islami Bank, he was “gifted” a 4,571-square-foot apartment valued at 2.25 crore taka, which he subsequently rented out for regular income.

In addition, a Padma Bank account under his name received deposits totaling 14.65 crore taka, of which 14 crore taka was withdrawn, often via intermediaries, including transfers to Era Builders, a family-controlled construction firm.

Shahidul, who served as IGP from December 2014 to January 2018, was arrested on August 3, 2024. His arrest marked a significant moment, as he became the first former IGP to be detained, alongside Abdullah Al Mamun, the IGP during the July-August protests.

Before the January 2024 elections, which saw a boycott from the major opposition parties, Shahidul sought the Awami League’s nomination for the Shariatpur-1 constituency, but was ultimately unsuccessful in securing that.

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