Investigation into Sadat Mannan’s Tk213 Crore Assets Raises Money Laundering Concerns
Sadat Mannan, son of former Minister MA Mannan, is under investigation for Tk213 crore in assets, mostly abroad. The NBR suspects money laundering due to incongruent income sources. Sadat’s family is also involved, facing account freezes. MA Mannan denies wrongdoing, asserting his son’s properties were legally obtained. The inquiry underscores significant concerns regarding wealth transparency among political figures.
The National Board of Revenue’s Central Intelligence Cell (CIC) is investigating Sadat Mannan, son of former Planning Minister MA Mannan, due to nearly Tk213 crore owned assets. After liabilities, his net assets are assessed at Tk140 crore. Significant holdings, mainly in the UK and Switzerland worth about Tk132 crore, have raised suspicions of potential money laundering.
Sadat, who possesses a UK passport and has lived there for nearly 30 years, declared his assets while filing his tax returns in 2024. However, he failed to provide details on income sources. His background includes over 20 years of service at Barclays Bank, leading to speculation about the legitimacy of his wealth acquisitions.
This investigation has widened to include his family members, prompting banks to freeze their accounts. A CIC official indicated that orders were issued to freeze the Mannan family accounts following the discovery of Sadat’s foreign assets. The ongoing inquiry emphasizes Sadat’s obligation to explicate his wealth sources to avoid taxation on assumed income.
MA Mannan responded to the claims, denying any illegal assets for himself or his children. He verified the ownership of the seven Dhaka apartments by Sadat, noting they were purchased from a relative. Regarding international assets, MA Mannan admitted to limited knowledge.
The investigation initially began at Dhaka Tax Zone-15, which reported assets exceeding Tk100 crore tied to Sadat Mannan. NBR estimates his total Bangladesh assets, including non-agricultural and agricultural properties, are above Tk8 crore. Concerns arise about the plausibility that Sadat could afford seven apartments in a premium area like Banani without illicit financial support.
According to Apurba Kanti Das, a former NBR member, Bangladesh can seek information on Sadat’s foreign holdings. The investigation will ascertain whether assets resulted from his banking career or illegal transfers from Bangladesh. The government underscores that until verified, Sadat’s foreign income remains legally ambiguous.
Recent investigations by the National Board of Revenue (NBR) have spotlighted the considerable wealth of Sadat Mannan, prompting scrutiny regarding the origin of his financial resources. This scenario arises amid increasing awareness of corruption and financial transparency in Bangladesh, particularly concerning government officials’ family members. Such investigations aim not only at asset verification but serve to bolster public confidence in financial regulations and ethical governance.
The CIC’s inquiry into Sadat Mannan emphasizes growing concerns over potential money laundering and asset legitimacy tied to public officials’ families. As Sadat’s assets, primarily in foreign jurisdictions, come under review, the NBR’s determination hinges on his ability to account for the sources of his wealth. The implications of this investigation may extend beyond individual accountability to broader discussions on financial ethics in governance.
Original Source: www.tbsnews.net
