Seven of his bodyguards were also arrested during a raid by the Rapid Action Battalion (Rab) at the city’s Niketan.
“We seized Tk 165 crore Fixed Deposit Receipt (FDR) and Tk 1.8 crore in cash and foreign currencies during the drive starting around 12:30pm,” Rab Executive Magistrate Mohammad Sarwar Alam told reporters at the spot.
He said the seized money was obtained illegally by the Jubo League leader who has allegations of extortion and tender manipulation against him.
“A foreign-made pistol, seven shotguns and a huge cache of bullets were also seized from the office of GKB & Company Pvt Limited, owned by Shamim,” Alam said
“The firearms were allegedly used in extortion and tender manipulation,” the executive magistrate said.
The Jubo League leader had kept Tk 25 crore of the FDR money under his name. “Tk 140 crore was kept under his mother’s name,” he said.
“We’ll investigate the source of the money,” the Rab executive magistrate said, adding that Shamim will be accused under the Money Laundering Act.
On Wednesday, Rab arrested Jubo League leader Khalid Mahmud Bhuiyan from Gulshan for reportedly running an illegal casino.