The Criminal Investigation Department (CID) has filed a money laundering case against the managing director, chairman, and another director of Bestway Land Properties Ltd, along with 17 affiliated companies. The case, filed with Banani Police Station on July 21, alleges defrauding customers by collecting money for land plots without delivering the promised properties or providing refunds. The accused include Bestway Land Properties Managing Director Md Mizanur Rahman, Chairman Tania Sultana Tanvi, and Director Md Momen. Seventeen companies linked to the accused have also been named in the case. The CID's investigation found that at least 37 customers paid a total of Tk 70.27 million for plots that were never handed over. The company allegedly provided registered sub-sale deeds as security instead of allocating land. The CID is continuing its investigation to determine the full extent of the fraud and trace the movement of funds.
The case was filed under Sections 4(2) and 4(4) of the Money Laundering Prevention Act, 2012 (amended in 2015) following a preliminary investigation by the CID's Financial Crime Unit. The accused launched extensive promotional campaigns between 2010 and 2014, offering residential plots in several mouzas of Rupganj, Narayanganj, including Bholab, Tarail, Birab, and Mochar Taluk. Customers were persuaded to purchase plots through installment payments following attractive advertisements.
Investigators reviewed transactions in 82 bank accounts and found that between 2010 and 2014, deposits totaling Tk 3.59 billion and withdrawals amounting to Tk 3.58 billion had been made through various transactions, indicating possible transfer, conversion, and layering of illicit funds. They also identified 2,713 registered sub-sale deeds issued as guarantees between 2010 and 2014, which they say support allegations that customers were deceived while the proceeds were diverted through related business entities.
The Financial Crime Unit is continuing its investigation to determine the full extent of the fraud, trace the movement of funds, identify additional individuals or entities involved, and determine whether more customers were affected. The CID urged the public to verify the ownership of land, project approvals, legal documentation, and the legitimacy of financial transactions before investing in any housing or real estate project. It also called on citizens to report any information related to fraud, illicit financial transactions, or money laundering to law enforcement authorities.
This case highlights the importance of stringent regulatory measures and public vigilance in the real estate sector to protect consumers from fraudulent practices. The CID's action underscores the government's commitment to combating financial crimes and ensuring transparency in business operations.
