The Criminal Investigation Department (CID) of police has filed a money laundering case against Unique Group Managing Director Mohd. Noor Ali and his company Borak Real Estate Pvt Ltd over alleged irregularities and fraud in the “Banani Supermarket-cum-Housing” project implemented on the land owned by Dhaka North City Corporation (DNCC) at Banani.

The case was filed at Banani Police Station on Thursday under sections 4(2) and 4(4) of the Prevention of Money Laundering Act, 2012, according to a press release issued on Friday.

According to the CID, a preliminary investigation found evidence that the accused laundered Tk 115.58 crore by operating a hotel business in the building without proper approval.

Investigators alleged that though the original agreement was for the construction of a 14-storey building, Borak Real Estate violated the contract terms and constructed a 28-storey structure without approval. A five-star hotel – Sheraton Dhaka – was later established in the building.

The CID said the project completion deadline was extended several times allegedly through influence, while the company also failed to pay the dues owed to DNCC under the agreement.

The investigation further found that the required no-objection certificates from the Rajdhani Unnayan Kartripakka and the Civil Aviation Authority of Bangladesh were not obtained before construction. The building’s height allegedly exceeded the approved limit, posing risks to aircraft take-off and landing operations.

According to the CID, the accused illegally earned Tk 115.58 crore by operating the hotel business in the unauthorised building and later laundered the money through transfer and conversion.

Officials said the amount involved could increase further after assessing the seized assets during the investigation.

The agency said its investigation and operations are continuing to uncover the full details of the alleged offences and arrest those involved.