Aziz Khan, the brother of influential Awami League Presidium member and former minister Faruk Khan, is embroiled in controversy over alleged wealth misappropriation and offshore wealth transfers.
Benefitting from significant political influence, including favour from former Prime Minister Sheikh Hasina, Aziz Khan has amassed substantial wealth, rising to become the 41st wealthiest person in Singapore.
Over the past 15 years, he leveraged his brother’s governmental position to secure lucrative public contracts, amassing wealth through Summit Group, his private enterprise, which has grown substantially in Bangladesh’s commercial and infrastructure sectors.
Aziz Khan’s ventures, allegedly fuelled by vast financial resources siphoned from Bangladesh, have reportedly propelled him to billionaire status abroad.
As per Bangladesh Bank and other financial records, substantial funds were transferred out of the country, with much of Khan’s wealth accumulating in Singapore. In 2024, Forbes magazine ranked Aziz Khan at 2,545 on its global wealth list, listing his net worth at $1.12 billion, primarily derived from the energy sector.
Aged 68, Khan, originally from Bangladesh, has relinquished his Bangladeshi citizenship to become a permanent resident of Singapore.
He advanced from 42nd in 2023 to 41st on Singapore's wealthiest list. His association with the Panama Papers in 2016 brought to light alleged offshore dealings, prompting an inquiry by Bangladesh's Anti-Corruption Commission (ACC).
However, this investigation remains unresolved, hampered by Khan’s political connections and complex legal entanglements.
Recently, the Bangladesh Telecommunication Regulatory Commission (BTRC) raised concerns over Summit Communications’ practices.
In March, BTRC initially permitted Summit to transfer shares without fees but later reversed this decision, suspecting Summit’s intentions to sell shares under the guise of issuing new stock.
The reversal followed Hasina’s government ouster in August 2024 amid a nationwide anti-corruption student movement.
Summit Communications’ activities have drawn heightened attention, particularly regarding its issuance of shares valued at Tk170.5 crore to entities in Abu Dhabi and Mauritius.
Of these, Tk113.38 crore worth of shares was allotted to Global Energy, an Abu Dhabi-based company partly owned by Aziz Khan’s daughter, Adiba Aziz Khan, while another Tk48.59 crore was allocated to Mauritius-based Sequoia Infra Tech.
BTRC retracted its approval in August, deeming its initial legal opinion advisory rather than binding.
In response, Summit Communications recently submitted Tk10.24 crore to the regulatory body.
Transparency International Bangladesh’s (TIB) Executive Director Dr Iftekharuzzaman commented on Summit’s financial practices, describing the payment as an attempt to overshadow potential misappropriations under the guise of regulatory compliance.
Subsequently, the Bangladesh Financial Intelligence Unit (BFIU) seized the bank accounts of 11 family members, including Aziz Khan, his siblings, and other close relatives.
The financial intelligence agency has detained Faruk Khan, who allegedly purchased his Awami League nomination in 1996, ascending swiftly within the party and serving as an MP six times.
The authorities are reportedly investigating possible further legal actions against Khan and Summit Group executives.
