CID sues Unique Group chief Noor Ali for laundering Tk 115 crore

The Criminal Investigation Department (CID) has filed a money laundering case against Unique Group Chairman Noor Ali and his company, Borak Real Estate Pvt Ltd, over alleged irregularities, fraud and illegal financial transactions linked to the government-owned “Banani Super Market cum Housing” project.

The case was filed under the Money Laundering Prevention Act at Banani Police Station on Friday (May 8), according to a statement signed by CID Special Superintendent of Police (Media) Jasim Uddin Khan.

CID said its preliminary investigation found evidence that the accused illegally earned Tk 115 crore by operating a luxury hotel business in an unauthorised high-rise building.

The agency also alleged that the money was later transferred, converted and concealed through various channels in an attempt to launder the proceeds.

According to investigators, Borak Real Estate Ltd. was originally granted approval to construct a 14-storey building in Banani. However, the company allegedly built a 28-storey structure without proper authorization and operated the five-star Sheraton hotel there.

CID further alleged that the project work was not completed within the stipulated timeframe and that the company failed to hand over the due share to Dhaka North City Corporation (DNCC).

Investigators also claim that contract terms were revised multiple times through undue influence.

The agency said the building was constructed without mandatory no-objection certificates from the Capital Development Authority (RAJUK) and the Civil Aviation Authority of Bangladesh (CAAB).

CID warned that the excessive height of the structure may pose risks to aircraft takeoff and landing operations.

Officials said the amount involved in the alleged money laundering could rise further once the actual value of the occupied assets is assessed.

The CID’s Financial Crime Unit is currently investigating the case, while efforts are underway to arrest those involved and uncover the full extent of the alleged irregularities.