A court in Bangladesh has permitted the freezing of bank accounts and both movable and immovable assets tied to Hong Kong-based China Supreme Limited, a firm in which Nassa Group Chairman and former EXIM Bank Chairman Nazrul Islam Majumder, alongside his son Walid Ibne Islam and daughter Anika Islam, serve as investors and ultimate beneficial owners. The directive follows an application submitted by a joint investigation team from Bangladesh’s Anti-Corruption Commission after gathering cross-border documentation and evidence concerning an alleged massive financial fraud and international money-laundering network.
Allegations of Stolen Bank Funds and Offshore Transfers
Investigators allege that Majumder, his family members, and associates fraudulently acquired approximately 35,000 crore rupees from 26 banks across Bangladesh. Significant portions of the embezzled capital were subsequently siphoned through foreign financial channels to several offshore destinations, including the United Kingdom, the Isle of Man, Jersey, and Hong Kong. Agency records state that China Supreme Limited maintained an operational bank account with Bank of East Asia Limited, into which considerable sums were injected without mandatory clearances from Bangladesh Bank.
Tax Concealment and Multiple Criminal Proceedings
The inquiry further revealed that assets secured in Hong Kong were omitted from income tax filings presented to Bangladesh’s National Board of Revenue. Majumder and his immediate family are already dealing with two separate cases centered on criminal breach of trust, abuse of official position, and money laundering. A chargesheet was filed in one of these cases on August 20, 2025, and trial proceedings remain underway. Majumder and his wife additionally face two related cases regarding the illicit accumulation of unearned wealth, with investigators reviewing whether international holdings originated from funds diverted through the domestic banking network.
Precautionary Asset Freezes Across Global Jurisdictions
The Anti-Corruption Commission urged the court to intervene promptly, citing credible concerns that properties and capital acquired through laundered proceeds might be rapidly liquidated, transferred, or relocated. The order authorises authorities to pursue formal mutual legal steps with Hong Kong counterparts to secure bank balances and real estate tied to China Supreme Limited. As part of a wider effort to trace illicit capital flight across jurisdictions, investigators continue to examine the corporate structures and transaction routes used to move bank funds abroad.
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