The Criminal Investigation Department (CID) has filed a money laundering case against Mohammad Noor Ali and his firm over alleged embezzlement of Tk 115.58 crore through irregularities in a government land development project in the capital’s Banani area.

CID Special Superintendent of Police (Media) Jasim Uddin Khan disclosed the information today.

He said the case was filed with Banani Police Station on May 7 against Noor Ali, chairman of Unique Group, and his construction company Borak Real Estate Private Limited.

According to the CID, preliminary investigation found evidence that the accused illegally earned Tk 115 crore 58 lakh 24 thousand 707 by operating hotel business in an unauthorised building and later laundered the money through transfer, conversion and concealment of assets.

The CID said under an agreement with Dhaka North City Corporation, a 14-storey building was supposed to be constructed on the government land under the “Banani Super Market-cum-Housing” project.

However, Borak Real Estate allegedly violated the agreement and constructed a 28-storey building without approval before establishing the five-star Sheraton Dhaka there.

Investigators also found allegations that the project was not completed within the stipulated timeframe and the company repeatedly influenced revisions of the agreement without handing over the due share to the DNCC.

The CID said the company also failed to obtain mandatory no-objection certificates from Rajdhani Unnayan Kartripakkha and the Civil Aviation Authority of Bangladesh during construction.

As the building exceeded the approved height limit, the agency noted potential risks and obstacles to aircraft takeoff and landing.

CID officials said the amount of laundered money could rise further after assessing the actual market value of the allegedly occupied assets.

The CID’s Financial Crime Division is now investigating the case, while drives are underway to uncover the full extent of the alleged offences and arrest those involved.