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Lotus Kamal and his daughter's Dubai empire

News Desk | banglanews24.com
Update: 2024-09-06 12:43:00
Lotus Kamal and his daughter's Dubai empire

Former finance minister of the Awami League government, A H M Mustafa Kamal, popularly known as Lotus Kamal, and his daughter Nafisa Kamal are being investigated for allegedly laundering approximately Tk25,000 crore and building a vast empire in Dubai. 

Reports indicate that Kamal, notorious for manipulating the stock market before becoming a minister, and his family have amassed significant assets, including properties under various names in Dubai, especially in the real estate sector.

According to sources from the Anti-Corruption Commission (ACC), a syndicate led by Lotus Kamal and his family siphoned off around Tk20,000 crore through illegal fees charged for sending workers to Malaysia. This group allegedly extorted large sums from workers by offering fake job promises. In 2010, Lotus Kamal also allegedly laundered Tk5,000 crore abroad through stock market manipulation. A three-member investigation team led by ACC Deputy Director Nurul Huda has started verifying these claims.

On 16 May 2022, the European Union (EU) Tax Observatory reported that 532 Bangladeshis had ownership of properties in Dubai's real estate sector. This list reportedly includes the names of Lotus Kamal and his family. The value of Bangladeshi-owned properties in Dubai’s real estate market is estimated to be USD283 million, which rises to USD377 million when off-plan properties are included.

Professor Dr. Moinul Islam, former president of the Bangladesh Economic Association, claims that Lotus Kamal, while serving as finance minister, drove the country's economy to the brink of collapse, enjoying all the perks of the government while causing severe disarray in the financial sector.

Kamal, who served as an MP for Cumilla-10 for 16 years, reportedly fled the country on 15 July, along with his daughter Nafisa Kamal carrying bags of money. The government has since frozen the bank accounts of Lotus Kamal, his wife Kashmiri Kamal, and his daughter, and the Bangladesh Financial Intelligence Unit (BFIU) has halted transactions from their business accounts.

Residents of Kamal's constituency allege that for the past 15 years, people were held hostage by Kamal's syndicate, with positions such as union chairmen and members being sold to the highest bidder, and corruption pervading all sectors under his control. 

ACC sources say that after a four-year suspension, the Malaysian labour market reopened in July 2022, during which Kamal's syndicate was involved in extorting exorbitant fees from workers. The recruitment agencies led by Kamal’s wife and daughter reportedly sent thousands of workers to Malaysia, charging Tk544,000 per worker, far exceeding the government-set cost of Tk79,000.

Additionally, many workers faced hardships in Malaysia, with some returning home empty-handed, leading the UN Office of the High Commissioner for Human Rights (OHCHR) to release a statement in April 2023 highlighting the dire conditions faced by Bangladeshi workers there.

Reports suggest that Lotus Kamal was directly responsible for exacerbating the country's economic crisis during his tenure. His time as finance minister saw record-high non-performing loans in banks, severe dollar shortages, inflation at an 11-year high, and rampant corruption. Investigations indicate that he laundered approximately Tk5,000 crore abroad through stock market fraud.

Moreover, Kamal is accused of constructing a 20-story building in Gulshan, exceeding the 14-story limit approved by Rajuk, with ongoing legal issues preventing further action against the illegal construction.

Kamal’s role in the 2010 stock market crash was also extensively documented, with a commission led by Khondkar Ibrahim Khaled recommending legal action against him. However, no punitive measures were taken during the Awami League's rule, allowing Kamal and his syndicate to continue exerting control over the stock market, placing handpicked individuals in regulatory positions to aid in their fraudulent activities.

The ongoing ACC investigation is focused on the Dubai-based assets of Lotus Kamal and his family, as well as their involvement in money laundering and other corrupt practices.

BDST: 1242 HRS, SEP 06, 2024
MN
 

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