Gazi’s mountain of assets extends abroad

Golam Dastagir Gazi has not only amassed wealth within Bangladesh but also built a vast fortune overseas. Preliminary investigations have revealed that he owns assets in at least eight countries. Gazi, his wife Hasina Gazi, and son Pappa Gazi have enrolled in Malaysia’s "My Second Home" program by spending a large sum of money. Through a shell company named Gazi Plastic (International), Gazi and his family laundered thousands of crores of taka abroad under the guise of investment in Malaysia.

According to sources at the Anti-Corruption Commission (ACC), Gazi owns assets in the United States, United Kingdom, Canada, United Arab Emirates, Singapore, Brunei, and several other countries. The ACC is currently investigating his money laundering activities. Preliminary estimates suggest that in the last 15 years, Gazi has laundered approximately 8,000 crore taka abroad.

Gazi’s rise began after the Awami League came to power in 2009, when he secured the party nomination for Rupganj in Narayanganj and became a Member of Parliament. However, instead of serving the public, he is alleged to have engaged in rampant corruption, abuse of power, and misappropriation of public funds.

Initial findings show that Gazi used hundi, under-invoicing, and over-invoicing methods to transfer money abroad. Gazi Plastic claimed to export plastic goods internationally. According to Bangladesh Bank records, between 2011 and 2024, Gazi Plastic exported goods worth 825 crore taka — but only 23 crore taka worth of proceeds were repatriated to Bangladesh. This indicates that about 800 crore taka was siphoned off. Gazi and his family transferred the money to foreign destinations.

Bangladesh Bank's investigation also revealed that over the past 15 years, Gazi imported raw materials worth approximately 923 crore taka. However, the declared value of these imports was nearly three times higher than actual market prices. Through over-invoicing alone, he is believed to have laundered about 350 crore taka. Moreover, he used hundi to transfer large sums of money abroad.

For instance, during the time Gazi and his family registered for Malaysia’s Second Home program, substantial investment was made — none of which was declared to Bangladesh Bank or reflected in income tax records, suggesting illegal money transfers. Gazi also established an international company named Gazi Plastic in Singapore without proper government authorization, allegedly to market products and facilitate money laundering. Responsible sources have confirmed that Gazi owns two luxury flats in Dubai, valued at approximately 57 crore taka.

Two properties in Long Island, USA, have been traced to Pappa Gazi. U.S. authorities are now investigating the source of funds used to purchase them. If he fails to justify his income, the properties may be seized.

In Montreal, Canada, two flats are registered under Hasina Gazi’s name — bought in 2015 and 2019 and currently rented out. Golam Dastagir Gazi also owns a 4,500 sq. ft. office space and a courier service in Singapore, as well as a money exchange business in Malaysia.

Preliminary estimates suggest that over the past 15 years, the Gazi family laundered approximately 8,000 crore taka abroad. Yet, their income tax returns show earnings that are significantly lower than the wealth they have accumulated.

The ACC has filed multiple cases against Gazi and his wife. According to ACC records, in the last 15 years, Gazi has amassed about 1,446 crore taka in moveable and immoveable assets. At the same time, he has taken 935 crore taka in bank loans, which were not invested in any industry but allegedly laundered abroad. His last declared movable assets totaled 6.9 crore taka, which stands in stark contrast to his actual overseas holdings.

Gazi took loans from six different banks over the past 15 years, all of which are now defaulted. The loan amounts were never used to establish factories or businesses — instead, the entire funds were transferred overseas via hundi. His family now manages these laundered funds.

On August 25, Golam Dastagir Gazi was arrested, but his son and wife remain at large. Sources confirmed that Pappa Gazi fled abroad before August 5, initially staying in Dubai and now residing in Malaysia, where he is reportedly establishing new businesses. In November, Pappa Gazi registered a new export-import company named Gazi Enterprise in Malaysia, which has also opened a branch in Singapore. The company is importing various goods from Bangladesh, believed to be another conduit for money laundering.

Multiple sources confirm that Pappa Gazi is now reinvesting the laundered money into new ventures. The ACC has already sent letters to various countries in pursuit of asset recovery, but Gazi’s name remains absent from official reports on money laundering cases. His offshore assets are yet to be fully traced.

However, a senior official at Bangladesh Bank stated that the evidence of money laundering via under-invoicing and over-invoicing is now “conclusive.” Gazi's declared exports did not bring back corresponding foreign exchange, and his declared import costs far exceeded actual values — making these clear violations of the Money Laundering Prevention Act. Bangladesh Bank is currently taking legal action, and the CID has been tasked with investigating the matter.

Close associates of Gazi say that his wealth isn't limited to these few countries. Bangladesh Bank officials believe that a special task force should be formed urgently to recover the laundered assets hidden in various countries.