Play store
The Anti-Corruption Commission (ACC) has launched an investigation into real estate company Subastu Development Limited over allegations of embezzling money from hundreds of customers, laundering funds abroad and accumulating substantial illegal assets.
The commission has formally decided to investigate allegations against the company’s chairman, Abidur Rahman, and members of its board of directors, according to ACC sources on Sunday.
Multiple specific complaints have been submitted to the commission, alleging that the company’s chairman and directors misappropriated large sums paid by customers for flats and plots and transferred the money abroad.
After conducting an initial assessment of the allegations, the commission decided to proceed with the investigation. It has also completed the process of appointing an investigator and a supervising officer to ensure that the inquiry is completed promptly.
According to the complaints received by the ACC, the company’s board allegedly embezzled money collected from hundreds of ordinary customers through the sale of flats and plots, laundered the proceeds overseas and accumulated substantial assets both at home and abroad.
The appointed investigator has been instructed to submit an investigation report within the stipulated timeframe in compliance with the Anti-Corruption Commission Act 2004, ACC Rules 2007, Money Laundering Prevention Act 2012 and Money Laundering Prevention Rules 2019.
The ACC has also instructed the investigator to notify the commission promptly in writing if it becomes necessary during the investigation to freeze any bank accounts belonging to the accused or attach their movable and immovable assets.
ACC officials said the investigation would focus on accounting for funds collected from customers, determining how the money was actually used, tracing any alleged embezzlement and overseas transfers, and verifying the sources of the personal and corporate assets of the chairman and other directors.