Obaidul Karim, the founder and chairman of Orion Group, has allegedly built a vast empire of wealth in UAE's Dubai by embezzling funds from Bangladesh and engaging in fraud, deceit, and financial malpractices.
Reports indicate that he exploited the Belhasa Group, a contracting firm in Dubai, through elaborate scams, thereby siphoning off billions of takas.
The embezzled funds were subsequently laundered back into Dubai, where Karim invested in luxury hotels, flats, houses, and land in prestigious neighbourhoods.
None of these assets were purchased under his Bangladeshi passport.
For instance, during the acquisition of a four-star hotel in Dubai, Karim identified himself as an Albanian citizen.
Records from the Albanian corporate registry reveal his ownership of Agri Products Europe, established in Tirana on 11 November 2013.
Through Albania's Golden Passport scheme, he secured citizenship by 2023 in exchange for investments.
Similarly, Cyprus granted him citizenship under its investment programme, necessitating a €200,000 contribution to research and land development funds and a €2 million investment in Cypriot real estate.
In Bahrain, Orion Pharma Limited held a 30% share in a pharmaceutical company, where Obaidul Karim and his son Salman were board members.
While Salman was identified as Bangladeshi, Obaidul was noted as an Indian citizen.
This company was established on 6 January 2015.
Obaidul Karim’s daughter, Jarin Karim, owns Jesha General Trading LLC in the UAE, where she is listed as a Dominican Republic citizen.
Obaidul and his wife, Arjuda Karim, also hold Dominican passports issued on 14 November 2022.
Jarin Karim, designated as an honorary consul for the Dominican Republic in Bangladesh in 2024, obtained her citizenship by investing $200,000 in the Dominican real estate sector.
Palette Royal Reflection Hotel and Spa, a four-star hotel with 49% ownership by Obaidul Karim, stands in Dubai’s upscale Bur Dubai area.
Built in 2014, this 100-room hotel is part of Karim’s extensive property portfolio, including residences in Al Merkad and World Trade Centre Residence.
Collectively, these assets are valued at approximately Tk750 core, alongside Tk300 million worth of luxury vehicles and other movable properties.
Karim’s wealth accumulation is allegedly rooted in fraudulent activities and embezzlement in Bangladesh.
During the construction of the 41-storey City Centre in Motijheel, he forged the signatures of Belhasa Group’s Managing Director Majed Ahmed to secure loans worth at least Tk175 core from a bank.
Despite Belhasa's unawareness, Obaidul Karim embezzled these funds, resulting in the company being wrongfully listed as a defaulter.
Additionally, during the construction of the Jatrabari-Gulistan flyover, Karim falsified company documents, removing Belhasa’s representative and forming a new entity, leading to a lawsuit filed by Belhasa’s authorised representative, Jubayer Ahmed Bhuiyan, in Dhaka’s Fourth Joint District Judge’s Court.
The case alleges that Karim embezzled Tk500 crore invested by Belhasa.
Obaidul Karim is accused of laundering the entirety of the embezzled funds abroad, engaging in extensive corruption and malpractice.
