The Criminal Investigation Department (CID) has conducted a money laundering investigation against Rafiqul Islam, the owner of Rangdhanu Group, along with related individuals and entities.
During the investigation, CID discovered that Rangdhanu Builders Pvt. Ltd. purchased land from various individuals or acquired power of attorney and subsequently sold them.
On March 8, 2022, Rafiqul Islam’s son Kawsar Ahmed Apu and Mehedi Hasan Dipu sold 7.5751 acres of land to the Bangladesh Police Officers Multipurpose Cooperative Society through various deeds. Among that land, on June 1, 2022, they sold 6.3375 acres again to East West Property Ltd., a company under Bashundhara Group, through multiple deeds, fraudulently earning Tk 573.6 million (Tk 57.36 crore).
Besides, by showing a fake work order for landfilling in the name of the Police Officers Multipurpose Cooperative Society, they deceitfully secured loans of Tk 270 crore from First Security Islami Bank and Tk 200 crore from Union Bank, which they then embezzled. Furthermore, they created fake valuation documents to obtain a loan of Tk 400 crore from Islami Bank, Baridhara Branch, by inflating the property value, in collaboration with unidentified individuals.
Moreover, they secured loans from several other banks and laundered the funds without repayment. Using laundered money, they invested USD 200,000 in the Caribbean island nation of Antigua and Barbuda to obtain its citizenship.
Such acts of fraud, forgery, and money laundering are punishable offenses under Sections 2 (Sha) (5), (6), (14) of the Money Laundering Prevention Act, 2012 (Amended 2015). Accordingly, the CID has filed a case against Rafiqul Islam and his associates under Gulshan Police Station Case No. 14, dated 07/08/2025, under Sections 4(2)(4) of the Money Laundering Prevention Act, 2012.
At the same time, CID, by court order, has frozen 13 bank accounts containing approximately Tk 17 crore, along with 100,000 square feet of commercial space on Level 02 of Jamuna Future Park.
