ACC approves case against Motijheel businessman Salahuddin Ripon over Tk 35.53 crore illegal wealth

The Anti-Corruption Commission (ACC) has found proof that businessman Md Salahuddin Ripon acquired illegal wealth worth Tk 35 crore 53 lakh 8 thousand 796 and gave false information claiming the wealth was earned in business. He is the owner of Messrs LR Trading in Motijheel in the capital. The commission has approved a case against him.

ACC Deputy Director Aktarul Islam confirmed the information on Wednesday (4 November). The ACC said the commission approved the case, treating the acquisition of wealth inconsistent with known sources of income as a punishable offence under the Anti-Corruption Commission Act, 2004.

The ACC said that during a preliminary inquiry under E/R No. 65/2017 of the ACC District Office, Chattogram-1, proof was found against Salahuddin Ripon of acquiring wealth beyond known sources of income. The address of his firm, Messrs LR Trading, is 78 Motijheel C/A (6th floor), Dhaka-1000.

After the preliminary inquiry, under the power of section 26(1) of the ACC Act, 2004, an order was issued from the ACC district office asking him to submit a statement of movable and immovable assets, including liabilities, acquired in his own name or benami by himself and persons dependent on him.

In response, he submitted details of all movable and immovable assets acquired in his own name, liabilities, sources of income and how the assets were acquired to the Deputy Director, ACC District Office, Chattogram-1 on 23 June 2020.

The ACC said that in the submitted asset statement he declared immovable assets worth Tk 42 crore 12 lakh 23 thousand 875 and movable assets worth Tk 4 crore 28 lakh 72 thousand 209 in his own name, and liabilities of Tk 6 crore 36 lakh 97 thousand 749. Excluding liabilities, his total declared assets stood at Tk 39 crore 83 lakh 98 thousand 335.

During verification of the asset statement, total assets of Tk 39 crore 83 lakh 98 thousand 335, excluding liabilities, were found in his name, the ACC said.

A review of records showed that from the 2007-2008 to 2020-2021 tax years, Salahuddin Ripon's total acceptable legal income was Tk 8 crore 54 lakh 64 thousand 135. During that period he spent Tk 4 crore 23 lakh 74 thousand 596.

Deducting his expenditure from his acceptable sources of income leaves savings of Tk 4 crore 30 lakh 89 thousand 539. As he had no other legal source apart from those savings, his total legal source for acquiring assets stood at Tk 4 crore 30 lakh 89 thousand 539.

On the other hand, the net assets found in his name during verification, excluding liabilities, amounted to Tk 39 crore 83 lakh 98 thousand 335. According to the ACC's calculation, Salahuddin Ripon thus acquired and kept in his possession assets worth Tk 35 crore 53 lakh 8 thousand 796 in a manner inconsistent with his known sources of income, which is a punishable offence under section 27(1) of the Anti-Corruption Commission Act, 2004.

In addition, Salahuddin Ripon showed business income as the source used to acquire immovable assets in his submitted asset statement, which the ACC said is not true.