Rajshahi-based Amana Group has collected ‘deposits’ of at least 800 crore rupees from all over the country with the lure of higher profits than banks or financial institutions. Controversy has already arisen over their fundraising activities modeled on multi-level marketing (MLM). Serious allegations of fraud have been made in the name of trade by showing land in the name of huge housing projects under the company. The company’s leaders are feared to have created a ‘blueprint’ to launder huge sums of deposits collected from the public by illegally establishing business connections in the UK, Dubai, India and Pakistan. A presidium member of Awami League, his wife and daughter are business partners of this group. Foreign nationals have already been added by establishing several companies abroad. According to a 24-page report prepared by a government agency, Yugantar’s research revealed these sensational facts.
When asked, Abdul Wadud, professor of economics department of Rajshahi University, said that in the past there have been cases of cheating like Evely or youth in the country. Considering those events, there is ample reason to be concerned about the huge amount of money Amana Group has raised without the approval of Bangladesh Bank. The relevant authorities of the state, including the central bank, should look into the matter quickly.
During the conversation, an official of Bangladesh Bank said that there is no opportunity to see these business steps in a very simple way. Because, in the case of money laundering in the name of trade (TBML), some important features of the warning signs of the Financial Intelligence Unit of Bangladesh Bank exist in the whole process. A firm that raised huge sums of money in the country, which has already been accused of fraud, has suddenly created an opportunity to become an interlinked importer-exporter by opening a reputable company abroad. This issue falls under the first two warning signs of the guideline. Along with this, the formation of own shipping companies and the back-door connections of political influencers on both sides come under warning signs 4, 33 and 37 of the same guidelines.
800 crore deposit collection: After reviewing the internal documents of Amana Group, it is known that since 2017, the company started collecting deposits in the name of investing in various projects at the individual level, showing the desire for more profit. By 2021, the number of investors stands at hundreds. Divide them into two parts and name one as share dividend. So that 15.60 percent profit per lakh is said to be given. On the other hand, three types of investors are kept. The group promises a return of 13 percent for investors with a tenure of 1 to 2 years, 14 percent for investors with a tenure of 3 to 5 years and 15 percent for investors with a tenure of 6 years and above.
According to the documents obtained, by 2022, huge deposits of various amounts have been collected from around 450 individuals for different periods. A responsible official of the company said on condition of anonymity that the number of their investors has doubled in 2023. And the amount of investment is about 800 crore rupees.
When asked, Bangladesh Bank spokesperson Majbaul Haque said that Amana Group has no approval for such financial transactions. He is also not aware of such cases of collecting their deposits in the manner of MLM business.
Fraud allegations: It is known that Amana Group company Uttarayan Amana City Limited started selling plots in Rajshahi a few years ago by showing other people’s land in their own design. The company mentions 6,500 bigha of land in their project design. In fact, a small piece of land was purchased and the signboards of the project were drawn in the Rajshahi City Hat area. According to government registration, the chairman of this joint venture company is Shaheen Akhtar Reni. Who is the wife of Rajshahi City Corporation Mayor and Awami League presidium member AHM Khairuzzaman Liton. Local people have complained that the company has started the process of grabbing their land through political influence. The real owners of the land have already complained to the administration. Still no action is being taken.
A memorandum has been submitted by Consumers Association of Bangladesh (CAB), Rajshahi to Rajshahi Divisional Commissioner alleging fraud against Uttarayan Amana City. It is said that Amana Group is conducting various activities in Rajshahi ignoring the instructions of the government and Bangladesh Bank. They are trying to defraud customers in Rajshahi in the name of investing huge amount of money from controversial business companies like EVALY, DESTINY, YOUTH, EHSAAN etc. CAB demands an immediate investigation into the matter and appropriate and legal action.
Rajshahi Divisional Commissioner Dr. Dewan Muhammad Humayun Kabir said, ‘After receiving the memorandum of CAB, the Deputy Commissioner has been ordered to investigate. According to the directive of the Prime Minister, there is no opportunity to build housing projects on three crop lands.
Mysterious company in Britain: Investigation shows that Pakistani citizen Tahir Rauf was the sole director of the company named ‘Apollo Nova Limited’ registered in Britain on December 21, 2020. The name of this company established with 1 pound capital was changed to ‘Apollo Nova Capital Limited’ the following year. In April of that year, Tahir made a British citizen named Roy Paul Miller the director of the company for only three months. On October 1, 2023, Amana Group Chairman Fazlul Karim of Rajshahi, Managing Director Masudul Haque and Executive Director Abu Saeed Chowdhury were added as directors of Apollo Nova Capital Limited. The company’s last registered address is Flat 5, Hardwick House, Eden Place, Oxted. After becoming a director in the company, the previous director Tahir Rauf was given the post of company secretary. On October 4, 2023, the name of Apollo Nova Capital Limited was changed to Amana Big Bazaar. So far Amana Group has not sought any foreign investment approval. In this case, their investment abroad or opening of company branches is illegal.
It is known that the apartment in Hardwick House, which has been registered as the company’s office, is a residential apartment. The 817 square feet flat rents around £3,000 per month. 4 and a half lakhs in Bangladeshi currency. Another company was registered at the same address on May 2. The company name is Swiss Mars Group Limited. Abu Saeed Chowdhury, Executive Director of Amana Group, is also the director of this company along with Tahir Rauf. As the authorized business area of the company, they will do their own real estate business.
When asked, Amana Group Chairman Fazlul Karim said, ‘We have become directors of this British company free of cost. There was no transaction. For this reason, we did not think it necessary to take the approval of Bangladesh Bank. In response to the question of what was the need to be the director of the company in distant Britain if not for economic transactions, he said, ‘We have an agreement with Tahir Rauf. According to that agreement, he will arrange a big fund for us by showing the company in Britain. He will take commission from the fund. We will bring that fund to the country.’ In response to a question, he said, ‘Tahir Rauf, the company’s partner, is bearing the entire office rent. If funds are received in the future, the payment will be made from there. However, I have no association with another company, Swiss Mars Group Limited. He said, ‘Tahir Rauf had first contact with Saeed. Basically, they both did this deal in England. Because of this, they may have made a separate company.’
Pakistan-Dubai-India Connection: Also known, the Amana Group has extensive network in Pakistan, Dubai and India. Another company registered in Britain in January 2022 is Westmoon Capital LLP. Tahir Rauf is in charge of management as LLP member. Along with him is the name of influential Scottish politician Nushina Mubarik of Pakistani origin. He became a member of the House of Lords of Britain from the Conservative Party. Through his own company, he facilitates cross-border investment between Pakistan and Britain. And Roy Paul Miller’s company management information shows that he has established business partnerships with three Pakistani nationals namely Usman Khanzada, Sheikh Waqqas Nawaz and Masood Kamran through various companies. An Afghan national named Gurcharan Singh is also with them. Roy Paul and Tahir Rauf are partners in the UK-based Amana Group of Leaders.
According to documents obtained during the search, all three key executives of the Amana Group are on the board of directors of a limited liability company registered in the country called Sibond Siping. Chairman of this company is Awami League presidium member and Rajshahi City Mayor AHM Khairuzzaman Liton. His daughter Anika Fariha Zaman is a director. Another director Dr. MAA Sardar. His real name is Mohammad Alamgir Akhtar Sardar. He is also the Director of River Edge Shipping Private Limited Company, Park Street, Kolkata. There is a shipping company with the same name in Pakistan and Dubai. The company name in Pakistan is River Edge Shipping Private Limited but registered as River Edge Shipping LLC in Dubai. A Pakistani named Zafar Habib is associated with the company in both countries. Bangladesh Seabond Shipping LLC website domain registered in the name of Zafar Habib from Dubai. Besides, there is an Indian national among the directors of Seabond Shipping. He is in contact with another Pakistani citizen living in Dubai. He himself is involved in several shipping businesses. Awami League presidium member AHM Khairuzzaman Liton’s wife Shaheen Akhtar has claimed to Reni Yugantar that she has resigned from the post of chairman of Uttarayan Amana City. He did not agree to say anything more.
When asked, Khairuzzaman Liton said that they have formed a company for complete business purpose. Officially registered. Nothing illegal has been done here. And I don’t know what the officials of Amana Group have done elsewhere.