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DHAKA, Jan 22, 2026 (BSS) - A Dhaka court has ordered the confiscation of assets worth more than Tk 31 crore acquired through embezzled funds from the Shahjalal Fertilizer Project in Sylhet.

Following an application by the Criminal Investigation Department (CID), the Senior Special Judge of the Metropolitan Sessions Court ordered the confiscation of properties worth Tk 31,10,26,842 registered in the name of former project accountant Khondaker Muhammad Iqbal.

According to the court order, the seized assets include 23.5 kathas of land in the Mugda and Kawla areas of Uttara, 303.2 decimals of land in Mymensingh, Gazipur and Munshiganj districts, and 18 flats located in Siddheshwari, Mirpur, Banasree, Basabo and Kawla. 

The confiscation also covers 11 shares of 392.7323 decimals of land in Mugda, Aftabnagar and Uttara Sector-17.

In addition, the court ordered the confiscation of 21 minibuses, two Hiace vehicles and Tk 30,65,852 deposited in various bank accounts, all of which were allegedly purchased with misappropriated funds.

The CID investigation revealed that Khondaker Muhammad Iqbal embezzled more than Tk 38 crore through forgery while serving as accountant and head of the accounts department of the Shahjalal Fertilizer Project under the Bangladesh Chemical Industries Corporation (BCIC).

Investigators found that the embezzled money was used to acquire extensive movable and immovable assets across Dhaka and other parts of the country.

A case was filed under Sections 4(2) and 4(4) of the Money Laundering Prevention Act, 2012 with Motijheel Police Station on April 26 in 2023.

Khondaker Muhammad Iqbal and his wife, Halima Akhter, were named as accused.

Based on clear evidence of wealth accumulation through embezzled funds, the court ordered the confiscation of the properties in favor of the state. 

The CID's Financial Crime Unit is currently handling the investigation, which remains ongoing to uncover the full scope of the crime and identify any additional individuals involved.
The CID officials stated that efforts to curb money laundering and financial crimes will continue, and all those involved will be brought to justice through due legal process.