Singapore: Bangladeshi authorities have frozen the bank accounts of Singapore-based billionaire businessman Mohammad Aziz Khan and seized his land as part of an ongoing probe into alleged corruption and money laundering. Khan has denied all allegations, stating that no formal case has been registered against him and that he is fully cooperating with investigators.
Khan confirmed that he has been contacted by the Anti-Corruption Commission, the Bangladesh Securities and Exchange Commission, the Registrar of Joint Stock Companies and Firms, and the income tax department. He maintained that his companies comply with the laws of both Bangladesh and Singapore and expressed confidence that he would be cleared once the inquiry is complete.
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According to the Forbes 2025 list, Khan has an estimated net worth of about $1.1 billion. Originally from Bangladesh and now a Singapore citizen, he is the chairman of Summit Group, which has interests in power generation, ports, fibre optics and real estate. His flagship firm, Summit Power International, is regarded as a major infrastructure developer in South Asia and operates 11 power plants in Bangladesh.
The investigation has intensified following the political transition after former prime minister Sheikh Hasina’s removal from power. The new administration has launched a series of probes into alleged financial irregularities and claims that large sums of money were siphoned out of the country over the past 15 years. Several major business groups have come under scrutiny, with assets frozen or seized as part of the crackdown.
In December 2025, a national coordination body on money-laundering prevention announced the seizure of assets worth 66,146 crore Bangladeshi taka from 10 major business groups and individuals linked to the previous regime. Summit Group was among those examined. Reports also indicated the seizure of shares worth about €4.1 million held by Khan and his family in Luxembourg, along with assets in Bangladesh including 41.74 crore taka and approximately 38,800 square feet of land.
Khan said the ongoing investigation has not adversely affected his current operations but has delayed future investment plans. He noted that a proposed $1 billion data-centre project in Bangladesh—aimed at addressing what he described as “data poverty”—has been put on hold due to the situation.
Meanwhile, another Singapore-based businessman of Bangladeshi origin, Saiful Alam Masud, and his group are also facing financial crime cases. A Dhaka court has recommended seeking Interpol Red Notices against him and his family, while his lawyers have challenged the actions in international arbitration, calling them arbitrary and discriminatory.
Analysts say the new government is examining financial networks believed to be linked to the previous administration, increasing pressure on large conglomerates. Khan, however, reiterated that there are no formal charges against him and that he is prepared to face any legal process.
The case reflects a broader push in South Asia toward greater financial scrutiny of major business houses following political change, as well as efforts to strengthen transparency and accountability. The outcome will depend on investigative findings and subsequent judicial proceedings.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
