TDS Desk:

Lotus Kamal – the fortuitous Awami League figure – fled the country with empty bank accounts just before Sheikh Hasina’s downfall. Though he left behind at least 37 flats, apartments, and houses in Dhaka and Cumilla, none of his immovable assets have been seized. The Anti-Corruption Commission (ACC) only froze his bank accounts on 22 August, but did not touch his real estate holdings – a decision that raises serious questions.

This makes Lotus Kamal one of the luckiest individuals after 5 August. Nothing has yet affected him. He left the country on 1 August. Before departing, he emptied almost all bank accounts held under his name and those of his wife and daughter. When the ACC moved to freeze the accounts, they found negligible balances.

According to preliminary ACC estimates, Kamal withdrew approximately Tk798 crore in cash during this time – funds widely believed to have been laundered. ACC has now filed a case against him, his wife Kashmeri Kamal, and their daughter Nafisa Kamal, alleging possession of Tk165.57 crore in undisclosed wealth. However, investigations suggest the actual figure is much higher.

A total of 107 accounts have been frozen, but most had already been emptied – transactions amounting to over Tk850 crore. The ACC charges state Kamal acquired assets worth Tk27.52 crore inconsistent with his known income – a figure some experts dismiss as laughable. Kamal and his companies held Tk234.86 crore across 32 accounts, from which Tk211.55 crore was withdrawn before his departure.

His wife Kashmeri Kamal, accused of possessing Tk44.11 crore in illicit assets, is believed to hold wealth worth over Tk5,000 crore, much of it abroad. Despite this, only minimal account activity has been reported. She had Tk90.60 crore across 38 accounts, of which Tk86.87 crore was withdrawn before the freeze.

Their daughter Nafisa Kamal faces allegations of holding Tk62.14 crore in undeclared assets. She had Tk102.15 crore across 17 accounts, and withdrew Tk97.07 crore before restrictions took effect.

Beyond bank accounts, Kamal’s vast real estate empire remains untouched. In stark contrast to other corruption cases, no properties have been seized. This includes 37 properties in Dhaka alone. Among them is the prominent Lotus Kamal Tower in Nikunja and Joar Sahara, built with significant irregularities.

Another high-profile property is a luxury tower on plots 59 and 60 of Gulshan Avenue – constructed beyond the approved 14-storey plan with an additional six illegal floors. During his tenure as MP and Finance Minister, these violations were quietly regularised using political influence. Applications were filed by Kashmeri and Nafisa Kamal to legalise the extra floors by paying fines. Despite objections from RAJUK and the Fire Service, the process moved forward.

Elsewhere, Kamal owns a 10-katha mansion in Banani, along with multiple high-value flats and homes in Badda, Gulshan, and Cumilla. Kashmeri Kamal owns five flats in Gulshan and six in Badda, all currently rented. None have been seized. The family’s properties under Lotus Kamal Properties, as well as shares in Saudi-Bangladesh Contracting Company and other ventures worth Tk25 crore, remain intact. Additionally, savings certificates worth Tk40 crore and three luxury vehicles belonging to Kashmeri Kamal are yet to be confiscated.

Despite being widely seen as a principal architect of the country’s financial collapse, Lotus Kamal appears to enjoy exceptional leniency from the state. The question remains: why such generosity towards one of Bangladesh’s most infamous economic offenders?