Tashfia Tabassum :
– A high-level intelligence dossier has implicated Bangladeshi businessman Hifazul Amin Chowdhury, widely known as Sadi, and his brother Mehedi Amin Chowdhury in a sophisticated transnational network accused of gold smuggling, hundi operations, and large-scale money laundering centred around the country’s international airports.
According to a joint intelligence investigation, the brothers allegedly used their business conglomerate, Convoy Group, as a front for illicit financial activity.
The group’s portfolio—spanning hotels, restaurants, catering services, and travel agencies—was allegedly used to launder proceeds from smuggling operations and to move contraband gold into Bangladesh.
Investigators believe that Sadi’s operations exploited Hazrat Shahjalal International Airport (HSIA) in Dhaka and Osmani International Airport in Sylhet, where Convoy-linked outlets such as Spice Restaurant and Shitolpati Lounge operated within restricted airport zones.
Intelligence officials allege these venues served as conduits for smuggling gold and illicit cash under the cover of hospitality services.
Sources said that through political patronage from the now-ousted Awami League government, Sadi obtained exclusive airport catering and service contracts without competitive tenders, giving his network privileged access to sensitive facilities.
Officials claimed that by bribing airport security staff and using airline crew, the group established a “safe corridor” for gold trafficking. Several airline employees and female associates were reportedly recruited to carry gold, channel hundi funds, and influence officials.
The Bangladesh Financial Intelligence Unit (BFIU) uncovered evidence of extensive money laundering and suspicious banking activity. Investigators documented transactions exceeding Tk 445.79 crore across 53 accounts linked to 14 companies under the brothers’ ownership, including Spices King Ltd., Convoy Services, Eagle Services, The Tiger Trail Ltd., and Uttara Travels and Tours. Of this, Tk 444.86 crore was withdrawn shortly after being deposited, raising red flags.
The BFIU report also found that Tk 23 crore was transferred to 18 border and remittance-sensitive districts, while Tk 17 crore was sent from Convoy accounts to individuals in Feni, Munshiganj, Faridpur, Rajshahi, Satkhira, Kushtia, and other areas—transactions inconsistent with any legitimate business purpose.
Although their restaurant, Spices King Ltd., reportedly received foreign investment, banks found no records of dividend payments to the investors. Moreover, large transfers were made from the companies’ bank accounts to border regions and remittance-prone districts within Bangladesh. These patterns strongly suggest that the brothers laundered money abroad through hundi (informal remittance) channels.
Review of personal and corporate accounts showed Sadi held 22 bank accounts and his brother 16. One Dhaka Bank account in Sadi’s name received deposits of Tk 11.23 crore, most withdrawn soon after, including Tk 5.02 crore from Spices King Ltd. Between 2012 and 2017, large transfers from this account went to Sabbir Rent-A-Car.
Intelligence officials alleged that during the previous government’s tenure, the brothers enjoyed direct political protection, enabling them to dominate airport businesses and evade scrutiny.
The Criminal Investigation Department (CID) had earlier opened a financial crime probe based on the BFIU findings but reportedly suspended it after the brothers allegedly paid a large sum to a former CID chief. Sources said preparations are now underway to reopen the investigation.
Analysts say the case exemplifies how cronyism and state capture during the former regime fostered illicit wealth accumulation, undermining regulatory oversight.
Observers warn that such revelations could draw renewed scrutiny from the Financial Action Task Force (FATF) regarding Bangladesh’s compliance with global anti-money-laundering (AML) standards.
The intelligence dossier also cites evidence that Sadi owns 10 to 12 residential properties in New York City, suggesting a significant overseas asset base. If confirmed, this would underscore the international reach of Bangladeshi smuggling networks that route illegal gold and laundered funds through Dubai, Singapore, and India before reaching Bangladesh.
Officials fear that such transnational syndicates threaten both regional financial stability and Bangladesh’s credibility in global AML and counter-terror finance (CFT) frameworks.
Experts stress that dismantling these entrenched networks will require independent enforcement, international cooperation, and institutional reform to sever ties between political patronage and business interests.
If validated, the allegations against the Convoy Group expose how criminal enterprises exploited weak oversight in Bangladesh’s airport infrastructure and financial systems.
Analysts argue that holding such actors accountable will be essential for restoring public trust and safeguarding Bangladesh’s aviation and banking sectors from future exploitation.
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