DHAKA, Jan 6, 2026 (BSS) - The Criminal Investigation Department (CID) has seized land, flats, shares, vehicles and bank accounts worth at least Tk 25 crore in connection with the embezzlement of funds from the Shahjalal Fertilizer Factory project in Sylhet.

The seizure follows preliminary findings that Khandaker Muhammad Iqbal, former head of the accounts department of the Bangladesh Chemical Industries Corporation's (BCIC) Shahjalal Fertilizer Factory project, misappropriated project funds by submitting fake bills and receipts.

The assets were allegedly acquired in his own name and in the name of his wife, Halima Akhter.

According to CID officials, the seized properties include 23.5 kathas of land, 11 shares covering a total area of 392.7323 decimals, and 12 flats.

While the deed value of the flats stands at Tk 8.47 crore, their current market value is estimated at around Tk 25 crore.

In addition, Tk 30.65 lakh has been frozen in three bank accounts following court orders.

The CID filed a case under the Money Laundering Prevention Act on April 26, 2023, after investigating allegations that Iqbal embezzled funds from the Shahjalal Fertilizer project by channeling money through two companies-TI International and Nusrat Traders-registered in his wife's name.

Investigators said Iqbal joined the Shahjalal Fertilizer Factory as an assistant accountant in 2005 and later rose to become head of the accounts department.

During his 14-year tenure, he allegedly amassed vast wealth, including multiple flats in Dhaka, department stores, large tracts of land in Dhaka and Gazipur, and ownership records of 91 vehicles.

He was dismissed from the factory five years ago over embezzlement allegations.

The case statement notes that Tk 388.327 million was fraudulently withdrawn from the BCIC project using fake bills and receipts.

The Anti-Corruption Commission (ACC) is also probing 26 separate cases related to the alleged fraud.

During the investigation, CID seized six flats in Dhaka's Ramna and Airport areas and land in Dhaka, Gazipur and Mymensingh with a deed value exceeding Tk 7.11 crore.

Data from the Bangladesh Road Transport Authority (BRTA) shows that 91 vehicles were registered in the names of Iqbal-linked organizations, of which 21 minibuses and two pickup vans have been seized.

On court orders, the Additional Inspector General of Police (IGP) of CID, Dhaka, has been appointed receiver of the 21 minibuses, which are currently being rented out at the Rooppur Nuclear Power Plant.

Rental income amounting to Tk 53.8 lakh has so far been deposited into the state treasury.

The Financial Crime Unit of the CID is conducting the investigation.

Officials said efforts are underway to uncover the full extent of the crime, identify other individuals involved, and proceed with further legal action.