NEW DELHI (AP) — A Bangladeshi tycoon is facing prosecution over allegedly concealing $12 billion in a Swiss bank for years.
Anti-corruption official Mir Jainul Abedin said a corruption charge was filed against Moosa bin Shamsher on Thursday. If convicted, he can be jailed up to 10 years and his wealth confiscated by authorities.
Shamsher is known for doing business in the Middle East, South Korea and the United States. But he is believed to have made a fortune as an arms dealer, with Saudi Arabia and Pakistan as his clients.
Bangladesh's Anti-Corruption Commission began investigating Shamsher's wealth in 2014 after news magazine Business Asia published a story on him.
In a statement submitted to the commission in 2015, Shamser acknowledged that he had $12 billion stashed in the Swiss Bank apart from gold ornaments worth about $90 million kept in the bank's vault. He also said he had bought land worth millions of dollars in Bangladesh.