Staff Correspondent:

Former Finance Minister A H M Mustafa Kamal—widely known as Lotus Kamal—allegedly amassed a vast fortune of illegal wealth both in Bangladesh and abroad, severely damaging the national economy in the process. Disguised as a manpower export initiative to Malaysia, he is accused of embezzling and laundering Tk11.28 billion (Tk1128 crore)). Additionally, in coordination with family members, he reportedly acquired illegal assets worth Tk10.15 billion through large-scale money laundering operations.

These findings have been revealed through investigations conducted by the Anti-Corruption Commission (ACC). According to those involved in the investigation, Lotus Kamal and his family have established a lavish lifestyle in Dubai using the laundered funds.

The ACC has already filed six separate cases against Lotus Kamal, and the investigations are nearing completion. Charge sheets (formal accusations) are expected to be submitted in court soon for proper legal proceedings. Furthermore, the ACC has sent letters to various countries, including Malaysia and the UAE, requesting information on the destinations of the laundered money.

A senior ACC official, speaking on condition of anonymity, stated that the investigations into the cases against Lotus Kamal have made significant progress. Mutual Legal Assistance Requests (MLAR) have been sent to several countries, including Malaysia and Dubai, seeking information on his overseas assets.

MASTERMIND OF MANPOWER EXPORT SYNDICATE

The ACC has filed 12 cases against Lotus Kamal and owners of 12 different agencies over the embezzlement and laundering of Tk11.28 billion in the name of manpower export to Malaysia. The cases were filed on March 11 at the ACC’s Integrated District Office (Dhaka-1). According to the case documents, the accused, by abusing their authority while serving as ministers, MPs, Upazila chairmen, and councilors, conspired through a syndicate to collect fees five times higher than the government-fixed rate of Tk78,990.

Lotus Kamal, owner of Orbital Enterprises, and his wife Kashmiri Kamal have been accused in the first case. The case has been accused of embezzling and laundering Tk1.009 billion. Lotus Kamal and his wife have also been accused in the second case. The case has been accused of embezzling and laundering Tk501.6 million. In the third case, 115 million 47 thousand 500 taka has been charged, in the fourth case 914 million 42 million 15 thousand taka, in the fifth case 119 million 32 million 70 thousand taka, in the seventh case 130 million 43 million 22 thousand 500 taka, in the eighth case 143 million 91 million 60 thousand taka, in the ninth case 135 million 55 million 77 thousand 500 taka, in the tenth case 70 million 60 million 12 thousand 500 taka, in the eleventh case 47 million 65 million 37 thousand 500 taka and in the twelfth case 63 million 59 million 97 thousand 500 taka have been charged.

ILLEGAL WEALTH AND MONEY LAUNDERING WORTH TK 10.15 BILLION

The ACC filed four more cases on February 13 against Lotus Kamal, his wife, and two daughters, accusing them of accumulating illegal assets worth Tk 1.65 billion and laundering Tk 8.5 billion. Each case names Lotus Kamal as the principal accused.

EMPIRE IN DUBAI BUILT ON EMBEZZLED FUNDS

It has been revealed that Lotus Kamal and his family laundered nearly Tk 250 billion to build a vast empire in Dubai. Once a controversial businessman involved in stock market manipulation, Kamal eventually rose to political power. According to the ACC, his family holds significant undeclared assets in various sectors, including real estate in Dubai.

Data from the European Union Tax Observatory (EUTax), published on May 16, 2022, indicates that 532 Bangladeshis own properties in Dubai (including off-plan properties purchased before construction is completed). The list reportedly includes Lotus Kamal and his family members. The latest data estimates that Bangladeshi-owned properties in Dubai are worth USD 283 million, which rises to USD 377.4 million including off-plan properties.

In response to these findings, the Bangladesh Financial Intelligence Unit (BFIU) has frozen the bank accounts of Lotus Kamal, his wife Kashmiri Kamal, and daughter Nafisa Kamal, as well as those of their business entities.