[🇧🇩] Everything about Hasina's misrule/Laundered Money etc.

[Saif]

ACC finds Tk 352 million in FDR under CRI’s name

The Anti-Corruption Commission (ACC) has announced the discovery of a fixed deposit receipt (FDR) account valued at approximately Tk 352.1 million in the name of the Centre for Research and Information (CRI) the Awami League’s research wing. ACC Director General Md Akhtar Hossain told report

thefinancialexpress.com.bd

ACC finds Tk 352 million in FDR under CRI’s name
bdnews24.com
Published :
Feb 04, 2025 20:08
Updated :
Feb 04, 2025 20:08

The Anti-Corruption Commission (ACC) has announced the discovery of a fixed deposit receipt (FDR) account valued at approximately Tk 352.1 million in the name of the Centre for Research and Information (CRI) the Awami League’s research wing.

ACC Director General Md Akhtar Hossain told reporters on Tuesday that an FDR worth Tk 352.1 million has been found under the name of CRI at IFIC Bank.

Further transaction records were obtained from Sonali Bank.

He added that the commission’s enforcement team will conduct a detailed review of all documents and bank statements gathered during the investigation.

Awami League chief and deposed prime minister Sheikh Hasina’s son Sajeeb Wazed Joy chairs CRI’s board of trustees.

Her daughter Saima Wazed Putul serves as its vice-chair, while Hasina’s sister Sheikh Rehana’s son Radwan Mujib Siddiq Bobby is also a trustee.

According to ACC officials, they received allegations that CRI’s board of trustees had facilitated certain “political agendas,” resulting in “losses to state funds”.

Investigators then visited CRI’s Dhanmondi office, but found it closed.

In the course of their inquiry, they also collected account information from Dutch-Bangla Bank, IFIC Bank, and Sonali Bank.

ACC Assistant Director Raju Ahmed, who led the operation, explained that the investigation seeks to determine whether state funds were used for proper institutional purposes or diverted in a way that harmed public finances.

On Sept 30 last year, the Bangladesh Financial Intelligence Unit, or BFIU, ordered the freezing of accounts belonging to CRI, its Young Bangla project, and the personal accounts of Joy, Putul, and Bobby.

Joy previously served as an unpaid ICT advisor to prime minister Hasina and currently resides in the United States.

Putul, an autism specialist, has been the World Health Organization’s Regional Director since Feb 1 and is based in New Delhi.

Bobby, though not officially affiliated with the Awami League government, has engaged in youth empowerment initiatives through Young Bangla.

The bank accounts of former state minister for power, energy, and mineral resources Nasrul Hamid Bipu — once a CRI trustee — were also frozen.

After the Awami League government was overthrown in popular protests, numerous legal cases were filed naming Hasina, Joy, Putul, Bobby, and Bipu as defendants.​

 

[Saif]

Hasina, Rehana, relatives own 4 bungalows in Gazipur

Hasina, Rehana, relatives own 4 bungalows in Gazipur

At least four bungalows have been traced in Gazipur that are owned by family members and relatives of ousted prime minister Sheikh Hasina and Sheikh Rehana

en.prothomalo.com

 

[Saif]

MONEY LAUNDERING: Ex-Basic Bank chair Bacchu sued again

The Anti-Corruption Commission on Sunday filed another four cases against former Basic Bank chairman Sheikh Abdul Hye Bacchu and his family members, accusing them of amassing illegal wealth amounting to Tk 248 crore and laundering money to Canada...

www.newagebd.net

MONEY LAUNDERING: Ex-Basic Bank chair Bacchu sued again
Staff Correspondent 10 February, 2025, 00:10

The Anti-Corruption Commission on Sunday filed another four cases against former Basic Bank chairman Sheikh Abdul Hye Bacchu and his family members, accusing them of amassing illegal wealth amounting to Tk 248 crore and laundering money to Canada.

The cases were filed with the ACC›s integrated district office in Dhaka-1, following the commission›s approval, ACC spokesperson and director general (prevention) Md Aktar Hossain said.

The development came only six days after a special judge’s court in Dhaka ordered further investigation in 14 out of 59 cases filed against Bacchu and others in 2015 over embezzlement and laundering money from Basic Bank.

None of Bacchu, also a former Jatiya Party lawmaker for the Bagerhat-1 constituency, and his family members, however, is yet to be arrested though a number of special judge’s courts in Dhaka issued arrest warrants against them.

The ACC submitted charge sheets in all the 59 cases in June 2023.

Of the cases, only one is at the trial stage, and 58 are at the stage of hearing on charge framing.

In the first case filed on Sunday, Bacchu is accused of amassing illegal assets worth Tk 124.93 crore, concealing information, and laundering Tk 56.57 crore to Canada.

The charges state that Bacchu obtained the wealth by providing loans to 58 fake entities through fraudulent activities and violating banking rules.

The second case was filed on the day against Bacchu and his wife Shirin Aktar, who is alleged to have accumulated Tk 36.51 crore beyond known sources of income with the help of her husband.

In the third case, Bacchu and his son, Sheikh Sabid Hay Anik, are accused of amassing Tk 43.62 crore illegally. Anik is also accused of laundering Tk 87.62 lakh to Canada.

The fourth case on Sunday involves Bacchu›s daughter, Sheikh Rafa Hye, who is accused of amassing Tk 40.41 crore illegally with her father’s assistance. Rafa Hye is also alleged to have laundered Tk 74.81 lakh to Canada.

In 2015, the ACC had filed 59 cases on charges of embezzling Tk 2,265 crore from BASIC Bank.

It, however, refrained from accusing the bank’s the then chairman Bacchu in these cases though he was allegedly the mastermind behind the whole financial scam.

In June 2023, the ACC submitted charge sheets in these cases, accusing Bacchu in 58 out of the 59 cases filed over the loan scam.

Besides Bacchu, the bank’s 46 officials and 101 customers were also made accused in the graft cases.

The ACC also filed another case in October 2023, accusing Bacchu and five others of corruption and money laundering in the purchase of land in the capital›s Cantonment Bazar area.​

 

[Saif]

MONEY LAUNDERING: ACC seeks info from 12 countries on Tulip’s allegations

The Anti-Corruption Commission has sent letters to 12 countries, seeking information about individuals, including former United Kingdom’s city minister Tulip Siddiq, who were allegedly involved in money laundering...

www.newagebd.net

MONEY LAUNDERING: ACC seeks info from 12 countries on Tulip’s allegations
Staff Correspondent 10 February, 2025, 00:14

Tulip Siddiq.

The Anti-Corruption Commission has sent letters to 12 countries, seeking information about individuals, including former United Kingdom’s city minister Tulip Siddiq, who were allegedly involved in money laundering.

Tulip is a niece of the ousted prime minister Sheikh Hasina and a daughter of Hasina’s younger sister Sheikh Rehana.

ACC director general (prevention) Aktar Hossain came up with the information on sending letters in response to a question at a press briefing at the commission’s Segun Bagicha headquarters in the capital Dhaka on Sunday.

He stated that an inquiry into Tulip’s alleged involvement in corruption was currently underway, and information had been sought from relevant countries.

He also mentioned that the ACC has sought information about the other individuals involved in alleged money laundering.

According to ACC officials, a total of 71 letters have been sent to 12 countries to trace and recover funds laundered abroad. The ACC has already received responses to 27 of these letters, signalling progress in the probe investigation.

Meanwhile, Tulip was listed as a resident of a luxury 10-storey tower block in the Bangladeshi capital named after her family, The Telegraph revealed.

Officials in Dhaka believe the former anti-corruption minister’s ‘permanent address’ was the upmarket apartment complex named ‘Siddiques’ in 2014, while she was a councillor in Camden, north London.

The property at Gulshan, home to embassies and major businesses, is the fifth in Bangladesh to be linked to Tulip, either through court papers or news reports.

Labour party sources say she does not own any properties in Bangladesh and does not need to answer questions on addresses that do not belong to her, the report said.

Nearly a month after she resigned as city minister, Tulip is still facing questions over her property affairs and links to her aunt Sheikh Hasina’s authoritarian regime in Bangladesh.

She was forced to resign from the front bench after Sir Laurie Magnus, the UK prime minister’s ethics adviser, found that she had inadvertently misled the public over a flat gifted to her by a man linked to the Awami League party led by Sheikh Hasina.

The 10-storey apartment block in the upmarket Gulshan area of the capital Dhaka was built in the 2010s and according to a promotional video is home to a roof terrace and two and three-bedroom properties with balconies.

It is unclear if the building is named after Tulip Siddiq’s father Shafique Ahmed Siddique, her grandfather or the family in general.

In addition to the property named after family members, Tulip has been linked to another address at Gulshan and her aunt’s house at Dhanmondi in court papers.

The latter was set on fire and ransacked by angry protesters this week in response to a speech by Sheikh Hasina.

Tulip also previously owned a flat in Dhaka with another family member worth more than £1,00,000 which was sold in 2015 according to Parliament’s Register of Interests.

The ACC is also investigating claims Tulip was involved in the £4 billion embezzlement of funds from a nuclear power plant deal with Russia and claims she used her influence to help illegally allocate land for her family in the country’s capital.

The Telegraph in another report revealed that Bangladesh was investigating a luxury rural retreat with Tulip Siddiq’s name at its entrance.

The sprawling estate featuring signs for Tulip’s Territory is being examined by Bangladesh’s Anti-Corruption Commission amid claims of land grabbing over the plot in the village of Kanaiya.

According to official records, the wider plot includes eight bighas (3.3 acres) owned by her father, but local accounts suggest the walled-off area is much larger.

The estate, which includes a pink duplex with a roof terrace, tin houses, palm trees and a pond with wooden boats now shows signs of vandalism and fire damage.​

 

[Saif]

Chief Adviser directs bringing bank looters to justice

Chief Adviser Professor Muhammad Yunus today (Sunday) directed the Bangladesh Bank governor and the authorities concerned to bring those involved in looting money from banks to justice as soon as possible. He gave the directives at a meeting on 'Bangladesh Economy: Recent Challenges and Future Way

thefinancialexpress.com.bd

Chief Adviser directs bringing bank looters to justice
FE Online Desk
Published :
Feb 09, 2025 20:30
Updated :
Feb 09, 2025 20:30

Chief Adviser Professor Muhammad Yunus today (Sunday) directed the Bangladesh Bank governor and the authorities concerned to bring those involved in looting money from banks to justice as soon as possible.

He gave the directives at a meeting on 'Bangladesh Economy: Recent Challenges and Future Way Forward' at the Chief Adviser's Office (CAO), BSS reports.

Chief Adviser's Press Secretary Shafiqul Alam revealed the outcomes of the meeting at a press briefing at the Foreign Service Academy in the capital.

Alam said the Chief Adviser has asked that those involved in bank robbery and those against whom there are specific allegations should be brought to justice soon.

"They should not be out of the purview of the law. They must be brought under the law at any cost," he said, quoting Prof Yunus as saying.

"Those who looted bank money have actually looted the money of the common people of Bangladesh. So, it is urgent to bring them to justice at any cost," the Chief Adviser said.

At the meeting, Prof Yunus expressed satisfaction over the country's current economic situation. However, he said, "We need to do better. We were in a very bad situation, and now we are coming to a better position from that place. But we have to take it to a better place, this is our challenge."

He also instructed the authorities concerned to find a suitable solution to the complications Beximco is facing.

Echoed Chief Adviser Prof Yunus, CA Deputy Press Secretary Abul Kalam Azad Majumdar said there has been a 23 percent growth in expatriate income as immigration is increasing.

However, the Chief Adviser said there is nothing to celebrate this right now, as there is still a huge potential in this sector, he said, adding that Prof Yunus instructed the authorities concerned to tap this potential.

In addition, Prof Yunus ordered taking necessary measures to quickly reopen visas for Bangladeshi migrants in countries where visas are currently closed.

At the meeting, Financial Adviser Salehuddin Ahmed said the macroeconomic stability has returned and Bangladesh is going to a stable place.

During the meeting, Bangladesh Bank Governor Dr Ahsan H Mansur informed the chief adviser that all assets of the S Alam Group have already been seized to recover the stolen money from the bank.

In addition, he said, several steps have been taken against Nagad.

The governor also said 12 oligarchs who looted money from banks have been identified. "We are taking the help of foreign experts to find out how they took the money. Efforts are being made to bring back the laundered money in accordance with international protocols," he added.

The central bank governor said all government agencies, including Bangladesh Bank, are working on this with utmost importance.

A delegation from the UK has visited Bangladesh to provide assistance in recovering the laundered money, and a delegation from Switzerland is also coming to Bangladesh, he said, adding, "Apart from this, we are talking to the US and Canada."

The governor said the government is trying to bring back US$ 234 billion that was laundered from Bangladesh.

Chief Adviser's Deputy Press Secretary Apurba Jahangir and Assistant Press Secretary Suchismita Tithi were also present at the press briefing.​

 

[Saif]

Corruption increased in last year of AL regime

Transparency International in its Corruption Perception Index 2024 indicated that corruption was increasing in Bangladesh as the country slipped two steps in its global Corruption Perception Index to 151, jointly with Congo and Iran.

www.newagebd.net

Corruption increased in last year of AL regime
Solamain Salman 11 February, 2025, 13:07

Bangladesh scored 13-year low on CPI

Transparency International in its Corruption Perception Index 2024 indicated that corruption was increasing in Bangladesh as the country slipped two steps in its global Corruption Perception Index to 151, jointly with Congo and Iran.

According to the report, Bangladesh has scored 23 to become the 14th most corrupt country globally and the second most corrupt state in South Asia, only ahead of Afghanistan scoring 17.

In 2023, Bangladesh ranked 149th with a score of 24.

The Berlin-based anti-graft watchdog’s Bangladesh chapter, Transparency International Bangladesh, presented the results of CPI 2024 on Tuesday at a press conference at its Dhaka office, terming the country’s performance as ‘disappointing.’

Bangladesh’s latest score is the lowest in the past 13 years, highlighting a troubling trend in governance and corruption.

The 2024 corruption index has been prepared based on the data for the period spanning from November 2021 to September 2024.

Over the past 12 years, the country’s corruption score remained consistently poor, with 2024’s score being 6 points worse than the highest score of 28 achieved in 2017.

The Transparency International index measures the level of perceived corruption on a scale of 0 to 100. Score ‘0’ is considered the most corrupt, while ‘100’ is considered the least corrupt or the most well-governed.

TIB executive director Iftekharuzzaman at the press conference put the unbridled corruption down largely to the absence of effective actions against high level corruption and money laundering incidents against which there was concrete evidence.

The state institutions mandated to control corruption, including the Anti-Corruption Commission and judicial bodies, continued to operate under partisan political influence, he said.

He also said that even after the fall of the authoritarian regime, abuse of power and corrupt practices in political and governance spaces persisted, risking the freedom to dissent, media freedom and civic space.

Since 2012, Bangladesh’s score in the CPI stayed between 25 and 28 until 2022. In 2023, it decreased by one point to 24.

A trend analysis of CPI scores of 2012–2024 shows that Bangladesh’s score of 23 in 2024 is three points lower than the 13-year average score of 26.

Transparency International said that governments across the Asia-Pacific were still failing to deliver on anti-corruption pledges.

After years of stagnation, the 2024 average score for the region dropped by one point to 44 in CPI 2024, it said.

Globally, the CPI scores of 56 countries have increased this year compared with the previous year. The scores of 93 countries decreased while 31 countries’ remained unchanged.

Over two-thirds of the world’s countries scored below 50 in 2024, and 56 per cent scored below the global average of 43.

While the scores of 32 countries improved in the index from 2012 to 2024, the scores of 47 countries declined, and 101 countries remained unchanged.

The CPI report states that Denmark topped the list in 2024 as the least corrupt country with a score of 90, with Finland securing the second place with 88 score, while Singapore occupied the third place with a score of 84.

Scoring just 8, South Sudan is placed at the bottom of the list in 2024, Somalia in the second-lowest position with a score of 9, and Venezuela in the third-lowest position with a score of 10.

In the past 12 years, Bangladesh has not even come close to touching the global average in the CPI score. In fact, its scores rose only thrice, while mostly going down.

The best position Bangladesh secured for itself among 180 countries was in 2013 when it ranked 136th.

Even pitted against its neighbours, Bangladesh does not fare well, according to the TI report—Bhutan became 18th, Maldives 96th, India 96th, Nepal 107th, Sri Lanka 121st and Pakistan 135th—are all above Bangladesh. Among the countries only Bhutan has crossed the global average with a score of 72.

Only Afghanistan, ranked 165th with 17 score is behind Bangladesh in South Asia. The lowest on the list—meaning the most corrupt—is war-torn South Sudan scoring 8.

Bangladesh’s score is 6 points less than the average of other authoritarian regimes in the world. It score is also 6 points lower than the average score for countries with lowest Human Development Index, and also 6 points lower than the average for countries with closed civic space.

The keynote paper presented at the press conference, the TIB gave some recommendations, the major one of which is implementing the recommendations of the Anti-Corruption Reform Commission with a specific focus on reforming the ACC making it truly independent and accountable.

Depoliticising state institutions such as the ACC, bureaucracy, law-enforcement agencies and judiciary has also been recommended.

Contacted, ACC director general (prevention) Md Aktar Hossain on Tuesday declined to comment over the CPI report, saying that they had yet to see the report.​

 

[Saif]

Court orders freezing of S Alam family’s Tk 5,109cr shares, profits

A Dhaka court on Wednesday ordered to freeze shares, owned by S Alam Group owner Mohammed Saiful Alam and his family members, worth more than Tk 5,109 crore of different companies and profit against the shares...

www.newagebd.net

Court orders freezing of S Alam family’s Tk 5,109cr shares, profits
Bangladesh Sangbad Sangstha . Dhaka 12 February, 2025, 17:48

Mohammed Saiful Alam.

A Dhaka court on Wednesday ordered to freeze shares, owned by S Alam Group owner Mohammed Saiful Alam and his family members, worth more than Tk 5,109 crore of different companies and profit against the shares.

Dhaka metropolitan senior special judge Zakir Hossain Galib passed the order, allowing a plea of the Anti-Corruption Commission.

The commission in its plea said that it was probing allegations of laundering $1 billion to different countries, including Singapore, British Virgin Island, and Cyprus, against Mohammed Saiful Alam and his family members.

‘During the investigation, we have received information of these 437,85,02,247 shares, owned by Mohammed Saiful Alam and his family members of 42 companies. The nominal value of these shares is Tk 5109,67,96,260. If the accused can transfer or hand over these shares, all our efforts will go in vain. So, these shares and profits against these should be frozen,’ the plea added.​

 

[Saif]

Hasina's development tales and a debt of 18 trillion taka

During her autocratic rule, Hasina, her family, relations, party leaders and activists, oligarch businessmen and embezzlers had looted of billions and billions of taka

en.prothomalo.com

Hasina's development tales and a debt of 18 trillion taka
Awami League's economic development has submerged the nation in 18 trillion taka (Tk 18 lakh crore) debt while spinning false narrative of development and creating in unbelievable record of unreined embezzlement and money laundering.

A misconception has been strongly embedded in the minds of blind Awami League supporters that during the 15 years of Sheikh Hasina's autocratic rule, the country had achieved amazing growth. But as a dispassionate development researcher, I would like to inform them that Awami League's economic development has submerged the nation in 18 trillion taka (Tk 18 lakh crore) debt while spinning false narrative of development and creating in unbelievable record of unreined embezzlement and money laundering. Sheikh Hasina sunk the nation in a sea of debt and artificially displayed a high GDP.

During her autocratic rule, Hasina, her family, relations, party leaders and activists, certain oligarch businessmen and embezzlers had institutionalised the looting of billions and billions of taka. Now, after the fall, these shocking tales are unravelling.

According to a lead report of the daily Banik Barta on 7 August 2024, the outstanding total of Bangladesh government's domestic and foreign debt on 5 August 2024 stood at over 18.35 trillion (Tk 18 lakh 35 thousand crore). Yet on 6 January 2009 when Sheikh Hasina took over power, outstanding total of Bangladesh government's domestic and foreign debt stood at around Tk 2.77 trillion (Tk 2 lakh 76 thousand 830 crore).

That means the difference between these two outstanding debts stand at over Tk 15.58 trillion (Tk 15 lakh 58 thousand 206 crore). Before she fled on 5 August, Sheikh Hasina sunk the people in this massive debt of Tk 18.35 trillion, projecting a high GDP rate every year, cheating the people in a despicable manipulation of figures.

The below-poverty level population was depicted lower than actual to inflate the government's success in poverty alleviation. Birth and death rates were also lowered to artificially project the population growth rate.

In January 2025, unknowingly the people of Bangladesh carry a debt of over Tk 100,000 per head. For at least the next one decade the country's economy will be submerged in an alarming state, having to repay this huge debt along with interest. During Sheikh Hasina's rule, on the pretext of accelerating development, one mega project after the other was taken up and implemented, with hundreds and hundreds more development projects taken up in an arbitrarily manner all over the country.

The expenditure of each mega project was magnified much more than actual so that billions of taka could be misappropriated, with project expenditure spirally higher than anywhere else in the world. The last fifteen and a half years was a carnival or corruption and embezzlement in the country.

Hasina's autocratic government has looted the country for over fifteen and a half years and most of the money was siphoned off abroad. At the centre of this looting were the oligarch businessmen, politicians and corrupt civil servants. The project expenditure of 82 ongoing projects in which Sheikh Hasina's relatives are involved in some way or the other, totals over Tk 510 billion (Tk 51 thousand crore). Hasina's family, relatives and oligarch businessmen as well as almost all Awami League ministers, members of parliament, top level leaders and activists and even local level leaders and activists had been in various ways involved in corruption, embezzlement and capital flight.

The massive loans taken in various ways which has sunk the country in long-term debt, is all the more dangerous because the lion's share of this money has been siphoned out of the country. Money laundering has been identified as the number one problem of the Hasina rule.

On 2 November 2023, the executive director of Transparency International Bangladesh TIB) Dr Iftekharuzzaman stated that every year for the last 10 years USD 12 billion to USD 15 billion was siphoned out of the country through various means. According to the White Paper committee findings, over the past fifteen and a half years of the autocrat Hasina's rule, every year USD 16 billion on average was siphoned out of the country, leading to a total of USD 234 billion in capital flight.

Perhaps it will also be possible to reduce inflation in the next two or three months. But it is not clear whether it will be possible to raise the GDP rate to 4 per cent in the current fiscal.

The banking and financial sector saw the most embezzlement, then the energy and power sector, followed by the physical infrastructure sector and then IT. The White Paper dug out sector-wise looting and published an estimate in the embezzled funds. It analysed 28 methods of corruption. The United Arab Emirates, Canada, the US, UK, Singapore, Malaysia, Hong Kong, India and a few other countries have been identified as places most conducive as tax havens.

On top of that, at the orders of the former planning minister Mustafa Kamal, the Bangladesh Bureau of Statistics, under the planning ministry, in 2014 became the hub of data doctoring. GDP was project higher than actual every year and the total population of the country was shown to be less than it actually was in order to increase the projected per capital GDP. The country's export income was projected in inflated figures and the rate of inflation projected lower than actual.

The below-poverty level population was depicted lower than actual to inflate the government's success in poverty alleviation. Birth and death rates were also lowered to artificially project the population growth rate. The total fertility rate was also lowered so that the government could claim wide success in controlling population growth control. That is why the export revenue in 2023-24 has dropped by around USD 5 billion as compared to the export revenue projected last fiscal by the former government.

The former government claimed that the population growth rate had fallen by 1.3 per cent, but that is actually much higher. It was said that the rate of population below the poverty lines was down to 18 per cent, but it was actually much higher.

Hasina had taken the economy to the nadir and now the interim government is trying its utmost to ensure that people's quality of life is not totally destroyed. But not even a fraction of the USD 2.34 billion, which has been pilfered out of the country, can be brought back. In the meanwhile, under the leadership of the Bangladesh bank governor, several bold steps have been taken and it has been possible to restore some degree of relief in the banking sector.

Perhaps it will also be possible to reduce inflation in the next two or three months. But it is not clear whether it will be possible to raise the GDP rate to 4 per cent in the current fiscal. Before toppling from power, Hasina's government was claiming that Bangladesh total GDP had crossed USD 450 billion. In the meantime, a foreign research institute has given quite a contrary picture, that Bangladesh's total GDP at present hovers around Tk 300 billion. A researcher Nick Lea claims that Bangladesh's per capita GDP is USD 1794 actually.

*Moinul Islam is an economist and former professor at the economics department of Chittagong University.
* This column appeared in the print and online edition of Prothom Alo and has been rewritten for the English edition by Ayesha Kabir​

 

[Saif]

Int’l firms to be hired to recover laundered money

The Bangladesh Financial Intelligence Unit (BFIU) is set to appoint international litigation firms to recover loans worth Tk 200 crore and above that have been laundered abroad from 19 commercial banks.

www.thedailystar.net

Int’l firms to be hired to recover laundered money
BFIU asks 19 banks to identify suspect loans over Tk 200cr

The Bangladesh Financial Intelligence Unit (BFIU) is set to appoint international litigation firms to recover loans worth Tk 200 crore and above that have been laundered abroad from 19 commercial banks.

A meeting between BFIU and managing directors of the banks made the decision on January 30, according to the meeting minutes.

The meeting document shows that the anti-money laundering agency will initially compile a cluster of cases involving Tk 200 crore or more each.

The litigation firms, which are law firms that handle legal disputes, will then assess the cases based on the likelihood of successful recovery.

The firms will receive a certain percentage of the recovered funds as compensation for their services. The process will not require financial involvement from the Bangladesh Bank or any other bank, according to the minutes.

The meeting, presided over by Bangladesh Bank Governor Ahsan H Mansur, included the chief executives or managing directors of Sonali Bank, Janata Bank, Agrani Bank, Rupali Bank, BASIC Bank, Islami Bank, First Security Islami Bank, Social Islami Bank, IFIC Bank, Global Islami Bank, Bangladesh Commerce Bank, United Commercial Bank, City Bank, National Bank, One Bank, Al-Arafah Islami Bank, Bank Asia, Union Bank, and Dhaka Bank.

The BFIU will conduct meetings with other commercial banks in due course.

On February 4, the BFIU directed those 19 banks to submit a list of cases where there is suspicion of Tk 200 crore or more being siphoned off. Banks were also advised to inform the BFIU immediately if any new cases of this nature arise.

Per the meeting minutes, since cases will be filed against individuals or groups with the assistance of litigation firms, it will be essential to coordinate information from all banks.

This means banks must provide necessary documents and evidence to strengthen legal proceedings, especially as litigation firms will only accept cases after verifying all submitted documentation.

Bangladesh Bank Governor Ahsan H Mansur instructed all banks to collect and securely preserve relevant documents and evidence. He also mentioned that banks may follow their own regulations and legal procedures to recover embezzled funds within the country.

However, 10 major business groups and the family members of ousted Prime Minister Sheikh Hasina will be excluded from this initiative, with a separate decision taken previously regarding their cases.

On January 6, the Financial Institutions Division directed the BFIU to form investigation teams comprising members of the Anti-Corruption Commission (ACC), the National Board of Revenue (NBR) and the Criminal Investigation Department (CID) to probe alleged money laundering and financial misconduct in those 11 cases.

The business groups under investigation are S Alam Group, Beximco Group, Summit Group, Bashundhara Group, Gemcon Group, Orion Group, Nabil Group, Nassa Group, Sikder Group and Aramit Group, which is owned by the family of former land minister Saifuzzaman Chowdhury.

International organisations such as the UK-based International Anti-Corruption Coordination Centre, the Stolen Asset Recovery Initiative (StAR), the U.S. Department of Justice, and the International Centre for Asset Recovery are assisting in the recovery of misappropriated funds in these 11 priority cases, as per the meeting minutes.

At a recent press conference, the Bangladesh Bank governor stated that the legal process to recover laundered funds could take three to four years, mentioning that the global standard for such recoveries typically ranges from four to five years.

"Our short-term goal is to identify and attach foreign-held assets within one year. We have also launched major initiatives for asset recovery," Mansur said.

In its white paper on the state of the Bangladesh economy, a government panel estimated that an average of $16 billion had been illicitly siphoned off from the country each year over the past 15 years.​

 

[Saif]

Seize overseas assets of Bashundhara MD, VC: court

The Dhaka Metropolitan Senior Special Judge Court on Tuesday ordered the seizure of assets of Bashundhara Group managing director Sayem Sobhan Anvir, his wife Sabrina Sobhan and brother and the group’s...

www.newagebd.net

Seize overseas assets of Bashundhara MD, VC: court
Staff Correspondent 18 February, 2025, 22:24

The Dhaka Metropolitan Senior Special Judge Court on Tuesday ordered the seizure of assets of Bashundhara Group managing director Sayem Sobhan Anvir, his wife Sabrina Sobhan and brother and the group’s vice-chairman Safwan Sobhan Tasvir in the United Arab Emirates, Slovakia and the United Kingdom.

Judge Md Zakir Hossain issued the order accepting a petition submitted by Anti-Corruption Commission deputy director Nazmul Hussain for the seizure of the assets, including shares, real estate, and business holdings in the three countries.

According to the petition, Sayem Sobhan holds the position of managing director in two Slovakian companies—Calcutronic Holding, with a capital of €5,000, and Gagagugu, valued at €5,000.

He also owns a two-bedroom Tk 12.4 core flat on the 11th floor of the Burj Khalifa in the UAE and he serves as a director in two UK-based companies — Worldera Corporation Ltd, where he owns one lakh shares, and ASWA Holdings Ltd, where he holds five lakh shares.

Sayem’s wife Sabrina Sobhan is a director of UK-based Euroasia Television Network Ltd with 27,000 shares.

Safwan Sobhan is also a director of Global Multi Trade Ltd, another UK company.

The commission in the petition said that available records revealed that Bashundhara Group chairman Ahmed Akbar Sobhan and his wife Afroza Begum, sons and daughters-in-law invested in six companies in Slovakia, United Kingdom and bought flat in Burj Khalifa Tower in Dubai of the United Arab Emirates.

Ahmed Akbar Sobhan’s son and daughter-in-law transacted illegal money in the UAE to buy the flat without approval of the Bangladesh government, it said.

As Bangladeshi citizens, they are legally bound to declare all their legal incomes and properties through their income tax return, but they have not shown the amount of money invested in companies and real estate properties, said the petition.

The commission also said that it got information that they took huge amount of bank loans in the name of the companies from different banks of Bangladesh which were not repaid at the end of the term of those loans and there by misappropriated.

It is clearly indicated that Ahmed Akbar Sobhan and his wife Afroza Begum, sons, and daughters-in-law obtained those properties through bank loans and corruption.

The petition also urged the court to order the authorities of the three countries to freeze or attach those assets and bank accounts immediately.

This development follows an earlier order on November 21, 2024, when the same court froze foreign assets of Ahmed Akbar Sobhan Shah Alam, eight family members, and Sayem Sobhan Anvir in six countries and two offshore jurisdictions.

On October 21, 2024, the court banned foreign travel of Ahmed Akbar Sobhan and eight of his family members on corruption allegations.​

 

[Saif]

74pc Bangladeshis victimised of graft by law enforcers during AL reign: UN

Three in every four Bangladeshis (74.4 per cent) were victims of corruption by law enforcement officials during the 15-year corrupt reign of the fallen Awami League government, according to a recent report of the United Nations (UN) rights office. "Corruption at the highest levels has been mirrore

thefinancialexpress.com.bd

74pc Bangladeshis victimised of graft by law enforcers during AL reign: UN
BSS
Published :
Feb 18, 2025 21:06
Updated :
Feb 18, 2025 21:06

Three in every four Bangladeshis (74.4 per cent) were victims of corruption by law enforcement officials during the 15-year corrupt reign of the fallen Awami League government, according to a recent report of the United Nations (UN) rights office.

"Corruption at the highest levels has been mirrored by widespread corruption and extortion at lower levels of the bureaucracy and security apparatus," the Office of the UN High Commissioner for Human Rights (OHCHR) fact-finding report read.

The Office of the OHCHR released its Fact-Finding Report titled "Human Rights Violations and Abuses related to the Protests of July and August 2024 in Bangladesh" last week from its Geneva office.

The OHCHR revealed that ousted prime minister Sheikh Hasina and her Awami League mounted dominance over political institutions, the justice and security sectors, and the wider bureaucracy during her 15 years in office.

"This capture radiated into the broader economy, in the form of clientelism, crony capitalism and corruption," the report said.

The fallen government prioritised large businesses and export industries, in particular the garment sector, as well as major infrastructure projects, rather than developing a wider industrial basis and fostering smaller and medium enterprises.

The UN fact-finding report unearthed how the AL government manipulated data with a doubling of the per capita gross domestic product since 2013, where the overall distribution of economic gains was increasingly uneven in reality.

Income and consumption inequality, as well as income concentration among the richest five percent in the country, increased markedly between 2010 and 2022.

Bangladesh has a very low tax base relying heavily on indirect taxes, which increases the burden on middle- and low-income people disproportionally.

"The concentration of economic power and wealth and the related negative impacts on the enjoyment of economic, social and cultural rights have also been driven by large-scale corruption in public procurement and the capture and control of banks, energy providers and other key sectors of the economy by oligarchs close to the Awami League," the UN report said.

The report found that politically connected clients plundered money from several large banks through loan schemes, which were massive enough in scale to threaten the country's macroeconomic stability.

"A considerable part of these and other illegally acquired gains were reportedly transferred out of the country and invested in foreign jurisdiction for the benefit of corrupt Bangladeshi senior officials and Bangladesh oligarchs linked to them," it revealed.​

 

[Saif]

NBR’s intelligence unit finds Tk 2.42 trillion transactions in S Alam’s accounts

The intelligence unit of the National Board of Revenue (NBR) has uncovered financial transactions amounting to Tk 2.42 trillion in the accounts of prominent businessman Md Saiful Alam, commonly known as S Alam, and his family. Ahsan Habib, director general of the Central Intelligence Cell (CIC) sh

thefinancialexpress.com.bd

NBR’s intelligence unit finds Tk 2.42 trillion transactions in S Alam’s accounts
bdnews24.com
Published :
Feb 19, 2025 20:58
Updated :
Feb 19, 2025 20:58

The intelligence unit of the National Board of Revenue (NBR) has uncovered financial transactions amounting to Tk 2.42 trillion in the accounts of prominent businessman Md Saiful Alam, commonly known as S Alam, and his family.

Ahsan Habib, director general of the Central Intelligence Cell (CIC) shared these findings during a workshop titled Enhancing Mutual Cooperation to Prevent Tax Evasion and Money Laundering, at the Rajaswa Bhaban in Dhaka’s Agargaon on Wednesday.

He described the “vast scale” of the transactions, saying: “Seven officers working across 10 computers for a month still could not complete data entry.”

According to him, Tk 360 billion remained in bank accounts as balances over the past five years until Jun 30, generating Tk 67.81 billion in interest.

“Most of this was not declared,” Habib said, adding that investigations are ongoing.

The CIC chief also alleged that S Alam’s two sons engaged in fraudulent activities to launder Tk 5 billion, with the help of a bank.

“They used forged documents to legalise Tk 5 billion. The bank in question has still not provided us with the necessary information,” he said.

“During our investigation, we found that on Dec 21, the Patiya branch of SIBL (Social Islami Bank Limited) issued pay orders, which were cleared later. But legally, the deadline for such transactions had passed on Jun 30,” he added.

He claimed that the bank’s head office manipulated records to backdate the transactions and that further irregularities are being scrutinised.

Habib revealed that steps are being taken against those involved in these malpractices.

“Today, we froze Tk 1.21 billion belonging to a chairman of a currently operating bank.”

He also spoke of major irregularities in the banking sector, citing a case where Tk 150 million worth of diamonds was seized from a locker.

“One of the richest men in Bangladesh, his wife was trembling as she handed over the gold and diamonds. An officer asked her, ‘why are you so scared? You have no shortage of money’.”

The CIC chief pledged to reveal all financial misconduct that took place under the previous Awami League government.

“I have numerous blank cheques from different banks. I have sensitive information. Either I will be killed, or I will expose everything. I will spread the information across the country, to students, to journalists,” he said.

Md Khairul Islam, Commissioner of the Large Taxpayers Unit, supported these claims, though he refrained from naming individuals.

“From many account statements, we see massive amounts being withdrawn daily. But when we ask where the money is going, they have no answer.”

NBR Chairman M Abdur Rahman Khan issued a stern warning to bank officials, saying they are legally bound to cooperate with tax authorities.

“If you fail to assist the tax authorities, you will be considered defaulting assessees, and all legal measures will be taken against you,” he said.

He criticised banks for charging unnecessary fees and warned that strict actions would be taken against those failing to provide information.

“We need a lot of data for intelligence operations, and banks are our primary source. The system must be automated so that information can be retrieved using National ID numbers,” he said.​

 

[Saif]

Asset recovery should not stop for political reasons: BB governor

The process of recovering laundered assets should not be interrupted due to political reasons, Bangladesh Bank Governor Ahsan H Mansur said yesterday.

www.thedailystar.net

Asset recovery should not stop for political reasons: BB governor
Laundered assets may be seized this year

The process of recovering laundered assets should not be interrupted due to political reasons, Bangladesh Bank Governor Ahsan H Mansur said yesterday.

"Regardless of which government comes to power in the future, this initiative should not be stopped," he said.

While it may be possible to seize laundered assets within this year, completing the legal process and recovering the stolen assets may take at least five years, he mentioned.

The central bank governor made these remarks while addressing a seminar titled "Macroeconomic Challenges and Banking Sector Reforms", organised by the Economic Reporters' Forum (ERF) at its office.

Mansur acknowledged that recovering laundered assets is a significant challenge but one that is achievable.

He pointed out that countries like Malaysia, Angola, and Nigeria had successfully recovered laundered assets, though it took at least five years in each case.

Discussing the asset recovery process, he stressed that there is no reason for pessimism and expressed optimism about the country's efforts.

"We have already received considerable assistance from various countries, and joint investigation teams have been formed. However, this is not something that can be completed in one or two years.

"It is critical that the next government continues these efforts in the right direction. If the process is interrupted, success will not be achieved," he noted.

The governor also highlighted the need for strong measures to address the challenges facing the banking sector.

He mentioned that a draft of the Bank Resolution Act had already been prepared and that weak banks would be recapitalised, ensuring full protection for depositors.

He cited Islami Bank Bangladesh, which was among the hardest hit with one family allegedly taking away 87 percent of the bank's total loans.

Despite this, he pointed out that the bank has since recovered due to public trust and is now receiving significant deposits and issuing loans.

On the country's economy, the BB governor mentioned that the nation has always faced challenges, but never before has it encountered such a combination of issues.

While Sri Lanka faced only a Balance of Payments (BoP) crisis, Bangladesh has experienced significant money laundering alongside problems like BoP deficits, inflation, revenue shortfalls, and currency devaluation.

However, he provided some positive news: the current account of the BoP, which reflects the sum of a country's net exports, income, and transfers, has turned positive, and inflation is on the decline.

He also mentioned that interest rates on treasury bills and bonds have started to decrease, noting that the rate, which had risen to as high as 12.5 percent, is now down to 9.5 percent.

"This indicates that the central bank's policies are starting to work. It will take about 1 to 1.5 years to see the complete results," he added.

Addressing the bleak investment scenario in the country, Mansur said that the lack of investment was not solely due to high interest rates. Rather, he said the main issue was the low deposit growth, which increased by only 7.5 percent.

He also pointed out that the days when managing directors of banks could sit idly and still make profits are over.

"In the future, they will need to lend to the private sector to generate income," he said, adding that even if the Bangladesh Bank does not reduce the interest rate, the rate will decrease as market conditions change.

Regarding foreign exchange reserves, the governor gave assurances that there is no need to worry. Thanks to the crackdown on money laundering, remittances from expatriates have increased, showing a 24 percent growth so far.

He projected that remittances would exceed $30 billion by the end of this fiscal year. He also mentioned that exports are on the rise.

"Overall, after the political changeover, the exchange rate has remained stable without selling a single dollar from the reserves," he stated.

He also responded to questions about the dollar rate of Tk 122 per USD, saying, "We have maintained that the rate will not be determined by Dubai. Our banks will buy dollars at the rate we set."

Currently, the open market rate is Tk 123.50 per USD, while banks are offering it at Tk 121.50 per USD. With an additional 2.5 percent incentive, the rate becomes Tk 124 per USD, meaning banks are getting a better rate.

"Over time, the dollar rate will be determined by the market, but that will not happen immediately," the governor concluded.

Mustafizur Rahman, senior fellow at the Centre for Policy Dialogue, said, "We have never before faced such a combination of challenges in the post-independence period."

He stated that while most people would view controlling inflation as the primary challenge, the focus should instead be on increasing people's purchasing power by boosting investment.

"Major reforms must be made to the banking sector and the National Board of Revenue. Direct taxes should be increased in place of indirect taxes," he emphasised.

Regarding banking reforms, he noted that the Ministry of Finance should move away from its tendency to interfere with the Bangladesh Bank.

The economist also stressed that the interim government must make tangible progress in recovering laundered money to set a precedent for the next administration.

Mohammad Ali, managing director of Pubali Bank, said everything should be integrated in real-time to ensure good governance and transparency.

He raised concerns about the eKYC (Electronic Know Your Customer) system, questioning, "If a fugitive opens an account and begins transactions through this system, who will take responsibility?"

The seminar was chaired by ERF President Doulot Akter Mala and conducted by ERF Co-General Secretary Manik Muntasir.​

 

[Saif]

Asset recovery should not stop for political reasons: BB governor

The process of recovering laundered assets should not be interrupted due to political reasons, Bangladesh Bank Governor Ahsan H Mansur said yesterday.

www.thedailystar.net

Asset recovery should not stop for political reasons: BB governor
Laundered assets may be seized this year

Ahsan H Mansur. File photo

The process of recovering laundered assets should not be interrupted due to political reasons, Bangladesh Bank Governor Ahsan H Mansur said yesterday.

"Regardless of which government comes to power in the future, this initiative should not be stopped," he said.

While it may be possible to seize laundered assets within this year, completing the legal process and recovering the stolen assets may take at least five years, he mentioned.

The central bank governor made these remarks while addressing a seminar titled "Macroeconomic Challenges and Banking Sector Reforms", organised by the Economic Reporters' Forum (ERF) at its office.

Mansur acknowledged that recovering laundered assets is a significant challenge but one that is achievable.

He pointed out that countries like Malaysia, Angola, and Nigeria had successfully recovered laundered assets, though it took at least five years in each case.

Discussing the asset recovery process, he stressed that there is no reason for pessimism and expressed optimism about the country's efforts.

"We have already received considerable assistance from various countries, and joint investigation teams have been formed. However, this is not something that can be completed in one or two years.

"It is critical that the next government continues these efforts in the right direction. If the process is interrupted, success will not be achieved," he noted.

The governor also highlighted the need for strong measures to address the challenges facing the banking sector.

He mentioned that a draft of the Bank Resolution Act had already been prepared and that weak banks would be recapitalised, ensuring full protection for depositors.

He cited Islami Bank Bangladesh, which was among the hardest hit with one family allegedly taking away 87 percent of the bank's total loans.

Despite this, he pointed out that the bank has since recovered due to public trust and is now receiving significant deposits and issuing loans.

On the country's economy, the BB governor mentioned that the nation has always faced challenges, but never before has it encountered such a combination of issues.

While Sri Lanka faced only a Balance of Payments (BoP) crisis, Bangladesh has experienced significant money laundering alongside problems like BoP deficits, inflation, revenue shortfalls, and currency devaluation.

However, he provided some positive news: the current account of the BoP, which reflects the sum of a country's net exports, income, and transfers, has turned positive, and inflation is on the decline.

He also mentioned that interest rates on treasury bills and bonds have started to decrease, noting that the rate, which had risen to as high as 12.5 percent, is now down to 9.5 percent.

"This indicates that the central bank's policies are starting to work. It will take about 1 to 1.5 years to see the complete results," he added.

Addressing the bleak investment scenario in the country, Mansur said that the lack of investment was not solely due to high interest rates. Rather, he said the main issue was the low deposit growth, which increased by only 7.5 percent.

He also pointed out that the days when managing directors of banks could sit idly and still make profits are over.

"In the future, they will need to lend to the private sector to generate income," he said, adding that even if the Bangladesh Bank does not reduce the interest rate, the rate will decrease as market conditions change.

Regarding foreign exchange reserves, the governor gave assurances that there is no need to worry. Thanks to the crackdown on money laundering, remittances from expatriates have increased, showing a 24 percent growth so far.

He projected that remittances would exceed $30 billion by the end of this fiscal year. He also mentioned that exports are on the rise.

"Overall, after the political changeover, the exchange rate has remained stable without selling a single dollar from the reserves," he stated.

He also responded to questions about the dollar rate of Tk 122 per USD, saying, "We have maintained that the rate will not be determined by Dubai. Our banks will buy dollars at the rate we set."

Currently, the open market rate is Tk 123.50 per USD, while banks are offering it at Tk 121.50 per USD. With an additional 2.5 percent incentive, the rate becomes Tk 124 per USD, meaning banks are getting a better rate.

"Over time, the dollar rate will be determined by the market, but that will not happen immediately," the governor concluded.

Mustafizur Rahman, senior fellow at the Centre for Policy Dialogue, said, "We have never before faced such a combination of challenges in the post-independence period."

He stated that while most people would view controlling inflation as the primary challenge, the focus should instead be on increasing people's purchasing power by boosting investment.

"Major reforms must be made to the banking sector and the National Board of Revenue. Direct taxes should be increased in place of indirect taxes," he emphasised.

Regarding banking reforms, he noted that the Ministry of Finance should move away from its tendency to interfere with the Bangladesh Bank.

The economist also stressed that the interim government must make tangible progress in recovering laundered money to set a precedent for the next administration.

Mohammad Ali, managing director of Pubali Bank, said everything should be integrated in real-time to ensure good governance and transparency.

He raised concerns about the eKYC (Electronic Know Your Customer) system, questioning, "If a fugitive opens an account and begins transactions through this system, who will take responsibility?"

The seminar was chaired by ERF President Doulot Akter Mala and conducted by ERF Co-General Secretary Manik Muntasir.​

 

[Saif]

Freeze ordered on Tk 8,133cr S Alam shares

The Dhaka metropolitan senior special judge court on Sunday ordered the freezing of shares worth Tk 8,133 crore owned by S Alam Group chairman Mohammad Saiful Alam and his family members.

www.newagebd.net

Freeze ordered on Tk 8,133cr S Alam shares
Staff Correspondent 24 February, 2025, 00:07

S Alam Group chairman Mohammad Saiful Alam.

ACC sues ex-state minister Russel, ex-MP Shah-e-Alam

The Dhaka metropolitan senior special judge court on Sunday ordered the freezing of shares worth Tk 8,133 crore owned by S Alam Group chairman Mohammad Saiful Alam and his family members.

Dhaka metropolitan senior special judge Mohammad Zakir Hossain passed the order following a petition submitted by the Anti-Corruption Commission.

ACC deputy director Tahasin Munabil Haque submitted the petition through ACC public prosecutor Ruhul Islam Khan.

This is the third time the court has issued an order to freeze shares owned by Saiful Alam and his associates, with the total value now exceeding Tk 16,000 crore.

The anti-graft agency is conducting a probe into allegations of money laundering against Saiful Alam and his family members who have allegedly transferred about $1 billion to different countries, including Singapore, the British Virgin Islands and Cyprus.

The ACC on Sunday also filed two separate cases against former state minister for youth and sports Md Zahid Ahsan Russel and former lawmaker Md Shah-E- Alam Talukdar on charges of amassing assets beyond their known sources of income.

The ACC in the petition told the court that Saiful Alam and his associates misappropriated large sums of money, including loans obtained by using false information from various banks.

The misappropriated funds are being laundered or converted into other assets by Saiful Alam and his family members, it said.

The court’s order includes the freezing of shares owned by Saiful Alam, his family members and 227 related companies and individuals.

Earlier, on February 12, the court ordered the freezing of shares valued at Tk 5,109 crore owned by Saiful Alam and his family members in 42 companies.

On January 16, the court also ordered the freezing of over 32 million shares worth Tk 3,000 crore controlled by Saiful Alam and his family members in 24 companies.

On January 14, the court ordered the confiscation of assets, including land, flats, plots and buildings in areas, including Gulshan, Dhanmondi and Uttara, valued at Tk 200 crore owned by Saiful Alam and his family members. The court also froze 68 bank accounts linked to Saiful Alam and his family members.

Apart from these, the court on December 19, 2024, ordered the freezing of 125 bank accounts in Saiful Alam’s and his family members’ names.

On October 7, the court imposed a travel ban on Saiful Alam and 12 other family members, including his wife, children and brothers.

The ACC on Sunday filed a case against Zahid Ahsan Russel, also a former Awami League lawmaker from the Gazipur-2 constituency, on charges of amassing illegal assets worth Tk 3.65 crore and suspicious transactions of Tk 17.50 crore in his five bank accounts.

The ACC also found assets worth Tk 20.36 lakh of Russel’s wife Tahera Khadiza, which she amassed allegedly beyond known sources of income. The ACC issued a notice asking her to submit her wealth statement to the commission, said ACC director general Md Aktar Hossain at a press briefing in the capital Dhaka on Sunday.

The commission filed a case against former AL lawmaker from the Barisal-2 constituency Shah-E-Alam Talukdar on charges of amassing illegal wealth worth Tk 1.78 crore and suspicious transactions of Tk 25.64 crore in his bank accounts.

The ACC also found evidence that Shah-e-Alam’s wife, Atiya Alam Mili, allegedly amassed illegal assets worth Tk 55.75 lakh and it issued a notice to her for submitting wealth statement to the commission.​

 

[Saif]

High-level probe body to look into corruption in Model Mosque construction: Religious Affairs Adviser

A high-level committee will be formed to look into the allegations of corruption related to the Model Mosque construction, said Religious Affairs Adviser A F M Khalid Hossain on Thursday. The Religious Affairs Adviser came up with the information after visiting the construction work of a

thefinancialexpress.com.bd

High-level probe body to look into corruption in Model Mosque construction: Religious Affairs Adviser
UNB
Published :
Feb 27, 2025 20:35
Updated :
Feb 27, 2025 20:35

A high-level committee will be formed to look into the allegations of corruption related to the Model Mosque construction, said Religious Affairs Adviser A F M Khalid Hossain on Thursday.

The Religious Affairs Adviser came up with the information after visiting the construction work of a model mosque in Rangunia upazila of Chattogram district.

"After the reports of different media about irregularities and corruption in the construction of model mosques, the government has taken the allegation into consideration, and these will be investigated. Legal action will be taken after receiving the report from the investigation committee," he said.

A committee, headed by an additional secretary of the Ministry of Religious Affairs, was formed three months ago and it is investigating the irregularities and mismanagement of the model mosques, he added.

The construction of the remaining 214 model mosques will be completed within 2026.

In 2017, the then government undertook a project with Tk 9,435 crore for constructing Islamic Cultural Centres and Model Mosques in every district and upazila as well as municipalities of the country.​

 

[Saif]

Bank officers helped S Alam drain Tk 2,000cr

A recent Bangladesh Bank inspection has revealed that employees of banks previously controlled by S Alam Group systematically facilitated massive, unrecorded cash withdrawals for the controversial conglomerate.

www.newagebd.net

Bank officers helped S Alam drain Tk 2,000cr
Mostafizur Rahman 02 March, 2025, 00:09

A recent Bangladesh Bank inspection has revealed that employees of banks previously controlled by S Alam Group systematically facilitated massive, unrecorded cash withdrawals for the controversial conglomerate.

Cash was withdrawn on a daily basis amounting to Tk 2,000 crore in total between January and July 2024 and funneled to S Alam Group, bypassing all regulatory oversight and proper documentation.

The investigation, conducted at Islami Bank’s Khatunganj Branch in December 2024, revealed that Famous Trading Corporation, Rainbow Corporation, Ansar Enterprise, Global Trading Corporation Ltd, and Sonali Traders—collectively withdrew nearly Tk 2,000 crore in cash from their current accounts at the branch.

Most of these withdrawals—Tk 1,486.37 crore—were collected by employees or representatives of S Alam Group, one of the country’s most controversial conglomerates.

Another Tk 253.96 crore was moved through inter-branch transactions before being withdrawn elsewhere.

Between January 2020 and August 2024, these accounts saw a total cash withdrawal of Tk 3,245.56 crore from the bank’s Khatunganj Branch with no verification of the recipients.

Withdrawals were processed using bearer checks, with illegible or incomplete signatures, and national identity verification was deliberately ignored.

Branch authorities admitted that they acted on verbal orders from senior officials of S Alam Group and Islami Bank head office.

Islami Bank’s former deputy managing director Miftah Uddin and chief human resources officer Akij Uddin reportedly issued direct instructions for daily disbursements.

Islami Bank’s current managing director Monirul Mawla did not respond to phone calls made for comments in this regard. Miftah Uddin and Akij Uddin have gone into hiding following the fall of the Awami League-led government on August 5.

Cash was either collected by S Alam Group staff or withdrawn by bank officials for distribution to various locations, including other banks under the group’s control.

In an effort to hide these illicit transactions, Islami Bank used its Suspense Account to adjust unaccounted for withdrawals, with Tk 45.47 crore being moved through 43 Suspense Account debits between October 2022 and August 2024.

But, Tk 17.70 crore still remains unadjusted, highlighting the scale of the misconduct.

Despite the clear evidence of financial wrongdoing, Islami Bank failed to report the suspicious transactions to the Bangladesh Financial Intelligence Unit, breaching the Money Laundering Prevention Act.

It was only after Bangladesh Bank’s investigation exposed the scheme that the bank belatedly filed Suspicious Transaction Reports for a few of the implicated companies.

M Masrur Reaz, chairman and chief executive officer of non-governmental think tank Policy Exchange Bangladesh, told New Age that banks had been controlled and looted by oligarchs, but these individuals were removed now.

He added that a proper assessment was underway through both international and domestic audit firms, with the expectation that the true extent of the damage to these banks would soon be identified.

Reaz also mentioned that the central bank would examine any further risks in these banks and take necessary actions to address them.

Furthermore, he emphasised that all errant individuals, including board members and bank executives, must be held accountable for their actions.

The malpractices extended beyond cash withdrawals, with widespread misuse of inter-branch credit advice, IBCA in short, transactions, according to the Bangladesh Bank report.

Between June 2023 and August 2024, Tk 334.18 crore was withdrawn via 83 IBCAs from 11 branches and sub-branches, often transferred to unauthorised individuals, money changers, bKash agents and bank employees, entirely bypassing financial regulations.

The BB report found involvement of individuals with no legitimate business ties, such as Ahad (Hubaib Uddin Ahad), who withdrew Tk 6.89 crore in cash through 7 IBCAs, despite having no legitimate claim to the funds.

Further investigations revealed his involvement in suspicious fund transfers and possible links to illegal hundi transactions.

Other significant withdrawals from Islami Bank included Tk 30.81 crore by SM Jamal Uddin, a senior official at First Security Islami Bank, and Tk 73 crore by Mohammad Ali, a cash officer at Union Bank PLC.

Multiple instances of financial misconduct were uncovered, with even a security guard at Islami Bank’s Training Academy withdrawing Tk 5 crore from Islami Bank, allegedly delivered to Akij Uddin’s office.

In another case, Islami Bank’s Gulshan Circle-1 branch issued Tk 10 crore in pay orders to four individuals—two housewives and two students—without proper documentation, following instructions from managing director Monirul Mawla.

This violation of banking regulations facilitated the further misappropriation of funds linked to S Alam Group.

S Alam Group has amassed a staggering Tk 2.25 lakh crore in loans from 10 banks and a non-bank financial institution.

These loans are now turning into defaults, pushing Bangladesh’s banking sector into a severe crisis.

According to the Bangladesh Financial Intelligence Unit, nearly 44 per cent of these loans were taken through shell companies and anonymously, with Tk 97,486 crore being siphoned off in this manner.​

 

[Saif]

UK investigators may assist Bangladesh in alleged corruption probes

UK-based investigators are considering assisting Bangladesh's interim government in probing major corruption cases, particularly allegations of “illicit financial transfers” during the previous administration. Sky News, a British news organisation, reports the UK's National Crime Agenc

thefinancialexpress.com.bd

UK investigators may assist Bangladesh in alleged corruption probes
bdnews24.com
Published :
Mar 06, 2025 00:04
Updated :
Mar 06, 2025 00:04

UK-based investigators are considering assisting Bangladesh's interim government in probing major corruption cases, particularly allegations of “illicit financial transfers” during the previous administration.

Sky News, a British news organisation, reports the UK's National Crime Agency, or NCA, is examining how its International Anti-Corruption Co-ordination Centre, or IACCC, can support Bangladesh’s government and law-enforcing agencies in such investigations.

The report follows a statement by Chief Advisor Muhammad Yunus regarding allegations against Labour MP Tulip Siddiq, who is the niece of ousted prime minister Sheikh Hasina.

Sky News cites sources indicating that UK authorities are not directly investigating Tulip.

However, there is growing interest in determining whether money was siphoned out of Bangladesh under the Awami League government and funneled into the UK.

In an interview with Sky News, Yunus described the allegations against Tulip as “serious”, saying: “Her vast wealth in Bangladesh will be scrutinised, and she must be held accountable.”

Following the fall of the Hasina government, a delegation from the UK’s NCA visited Bangladesh in October and November 2024.

The IACCC, funded by the UK government, consists of financial crime experts who collaborate with international partners on grand corruption cases.

While UK sources clarify that no specific probe into Tulip has been confirmed, the possibility of tracing “illicit funds” from Bangladesh to the UK is under review.

The accusations against Tulip stem from her ties to her aunt Hasina, who fled to India in August 2024 after weeks of protests.

The interim government has since accused Hasina of corruption, enforced disappearances, and involvement in the deadly July protests.

Yunus told Sky News that Hasina must face justice, saying: “Whether she is present in the country or not, she will be held accountable for ‘crimes against humanity’.”

He added, “Justice will be served—not just for her, but for her associates, family members, and close aides.”

Following Hasina’s departure, Bangladesh’s Anti-Corruption Commission, or ACC, launched investigations into Tulip and other members of Hasina’s family over allegations of “illicit wealth and money laundering”.

Investigators have uncovered several properties in London linked to Tulip, allegedly gifted by individuals close to Hasina’s inner circle.

The controversy led to Tulip resigning from her UK ministerial role in January, though she continues to deny any wrongdoing.

A spokesperson for Tulip dismissed the accusations as baseless, saying the ACC has not contacted her.

Tulip has also been named in cases related to illegal land acquisitions in Dhaka’s Purbachal, as well as the ownership of a luxury retreat, Tulip’s Territory, in Gazipur’s Kanaiya.

British newspaper The Telegraph also reported her connection to a high-end building named Siddiqs’ in Gulshan, along with another Gulshan property and Hasina’s residence in Dhanmondi.

A previous transaction involving a £100,000 apartment in Dhaka, which Tulip co-owned with another family member before selling it in 2015, has also surfaced in investigative reports.

Despite these allegations, Labour sources said Tulip does not have an overseas bank account, does not own any property abroad and had not been approached by authorities in either the UK or Bangladesh.

They further indicated that much of the allegations against the Labour MP were unfounded and that she had become embroiled in Bangladesh's political disputes, the Sky News reports.

A spokesperson for Tulip said she "totally denies the claims" and had "not been contacted on these matters".​

 

[Saif]

Hasina regime was uglier than fascism

The gist of the matter is that while all fascist regimes are authoritarian, not all authoritarian regimes are fascist.

www.thedailystar.net

Hasina regime was uglier than fascism

VISUAL: ANWAR SOHEL

The reference to "fascist" appears prominently in the Preamble proposed by the Constitution Reform Commission. I shall argue that there are good reasons for avoiding that reference.

The very first paragraph of the proposed Preamble asserts that "(we have) forged united resistance against autocratic and fascist rule in order to establish democracy." The second paragraph goes on to proclaim "the ideals of democracy and anti-discrimination that united (us) against fascist rule in 2024." It is obvious that, without naming names, the Preamble is referring to the "July uprising" against Sheikh Hasina's autocratic regime. The student leaders who valiantly led that mass uprising made frequent use of the words "fascism" and "fascist" while describing the regime they were fighting against, and not surprisingly, these words soon came to permeate the entire popular discourse on the uprising. Evidently, in trying to reflect the spirit of "July uprising," the proposed Preamble also captured the most ubiquitous vocabulary that came into currency along with that spirit.

It is nonetheless a mistake for the Preamble to use that vocabulary. Two kinds of error are involved here—one conceptual and the other political. The conceptual error is that, strictly speaking, the term fascism is not a correct description of the oppression meted out by the last regime. And the political error is that by describing Hasina's regime as fascist, we are unwittingly granting it a somewhat elevated status it does not deserve. The latter error is more important for practical reasons, since, as I am going to argue, it amounts to watering down the ugliness and barbarity of the Hasina regime.

But let me begin with the conceptual error, from which the political error follows as a logical corollary. The root of the problem lies in an inadequate appreciation of what the idea of "fascism" actually stands for. Like most other "isms" such as communism, nationalism, liberalism, conservatism, etc, fascism is essentially a political ideology that has a distinct ideal—a conception about the kind of society worth striving for. The core of this ideal is the conviction that the objective of politics (in the broadest sense) should be to serve the interest of the "collective entity" of the state or the nation, as opposed to the interest of the "individual persons" who constitute the state. In other words, it is the "greatness" of the collectivity called state, rather than the "well-being" and "freedom" of individual persons, that is the supreme goal of all activities of a fascist regime.

This ideology leads inevitably to a number of pernicious consequences that have historically been responsible for giving fascism the bad name it has, rightly, acquired. First, in search of "greatness" of the state, fascist rulers have tended to engage in "militarism" and "expansionism," leading to disastrous military conflicts in Europe in the 20th century. Second, since individual persons are supposed to exist only to serve the interest of the collective called state, fascist rulers have found it fit to ruthlessly suppress all kinds of individual freedoms, such as freedom of speech, freedom to dissent, etc, so as to prevent anything that could be even remotely deemed to be subversive of the state. The same ideology also paves the way for rule by a "great" dictator, who is supposed to be a human embodiment of the "collective," and who usurps the responsibility of pursuing the greatness of the state, at whatever cost of the well-being and freedoms of individuals. On the economic front, the faith in the supremacy of the collective tends to create a highly regimented and state-controlled economic system, where private initiatives are viewed with deep suspicion. A fascist regime is thus characterised by the following features: inherently militaristic in its outward orientation, unashamedly authoritarian in its political system, and strictly regimented in its economic institutions.

It is now easy to see why the term fascism does not correctly describe Sheikh Hasina's regime. For one thing, her regime was not militaristic in its outward orientation. Secondly, the economic system was far from being state-controlled and inimical to private entrepreneurship. On the contrary, it was an utterly rotten case of crony capitalism in which Hasina's cronies were given a free hand to loot public resources for private gain. Apparently, then, the only similarity with fascism was the authoritarian political system, but there is a fundamental difference here, which is the main focus of my argument.

As noted above, the authoritarianism of a fascist regime stems from a political ideology that eulogises the collective over the individual. In contrast, one can argue that Hasina did not have any ideology at all. It was her megalomania and an unquenchable thirst for personal power, rather than the interest of the "collective state," that motivated her brutality.

The gist of the matter is that while all fascist regimes are authoritarian, not all authoritarian regimes are fascist. An authoritarian regime can be called fascist only when it is driven by the political ideology of the supremacy of the collective over the individual. Hasina was not driven by any such ideology; hence, it's a mistake to use the term fascism to describe her regime.

At this point, one might be tempted to ask: does this semantic issue really matter for practical purposes? What's the problem if we continue to use the word "fascism" in its popular meaning of "brutal authoritarianism" so long as everyone understands that this is what it means? This is where the matter of political error comes in.

Recall that fascist authoritarianism stems not from personal greed for power (although in some cases such greed may accentuate the brutality of fascist rule), but from an ideological reverence of the collective over the individual. There is thus an element of "selflessness" associated with the ideology of fascism—and this element can by default impart a degree of respectability to any regime described as fascist. True, it would only be a limited respectability since fascism has itself fallen into disrepute because of its association with militarism and suppression of individual freedoms. Nonetheless, its association with "selflessness" does leave room for a modicum of respectability, which a non-fascist authoritarian regime, based on selfish greed, cannot claim. So, if we describe Hasina's regime as fascist, then whether we intend it or not, we are implicitly giving the regime a veneer of respectability by suggesting that she was driven by a selfless political ideology rather than by purely selfish greed for power.

That's the political error. The student leaders might have thought that by describing Hasina's regime as fascist they were condemning it more strongly than they could by describing it simply as authoritarian or autocratic or tyrannical, but they failed to realise that they were actually doing the opposite.

I suspect the dynamics of language are such that brandishing of the terms fascism and fascist will continue to pervade the popular political discourse in Bangladesh, no matter who says what. Perhaps, one can live with that. The layperson may be excused for not appreciating the fact that not all authoritarian regimes are fascist. The students should have known better, but perhaps they may be excused too.

But the same cannot be said for the members of the Constitutional Reform Commission. The constitution of a nation is a sacred document—one that will be preserved for posterity. We must not allow its pages to be desecrated by the misuse of language that involves conceptual and political errors of grievous nature. We should, therefore, delete all references to fascism in this document and describe Sheikh Hasina's fallen regime for what it was—a brutally tyrannical autocratic regime built upon megalomania, selfishness, and unbridled greed for power.

S. R. Osmani is professor of economics at Ulster University in the UK.​

 

[Saif]

NBR launches customs risk management to address money laundering

The National Board of Revenue (NBR) has issued a notification introducing the “Customs Risk Management Regulations, 2025” aimed at addressing economic risks such as money laundering and terrorism financing. According to the notification, “economic risk” also refers proceeds

thefinancialexpress.com.bd

NBR launches customs risk management to address money laundering
UNB
Published :
Mar 09, 2025 16:58
Updated :
Mar 09, 2025 16:58

The National Board of Revenue (NBR) has issued a notification introducing the “Customs Risk Management Regulations, 2025” aimed at addressing economic risks such as money laundering and terrorism financing.

According to the notification, “economic risk” also refers proceeds of crime, other illegal financial activities, customs and tax evasion, and transnational organised economic crimes.

As part of this initiative, a dedicated Customs Risk Management Commissionerate (CRMC) will be established.

The CRMC will be responsible for collecting, analysing, and reviewing risk-related information to identify and categorise customs risks. It will create and manage risk profiles, update online risk registers, and classify goods consignments into risk-based lanes — Red, Yellow, Blue, or Green — using targeting intelligence, artificial intelligence (AI), and advanced data analysis techniques.

It will determine risk trends and nature by collecting data from national and international sources and analysing them, collect data for the purpose of monitoring and reviewing economic conditions, geographical conditions, customs duty rates, customs valuation, customs duty exemptions, regional and international agreements, market arrangements and other aspects that affect the duties and functions of customs, conducting necessary surveys and research activities and providing advice in taking remedial measures and formulating customs policies.

It will determine the criteria for the selection of consignments on the basis of random selection for all Customs Stations and Bond Commissionerates and to update the said criteria from time to time, monitor and supervise the effectiveness of risk management activities, to inform the Board and make necessary adjustments and to review the results of the activities taken against the Key Performance Indicators.

The CRMC will collect information and data from any government, semi-government and autonomous organization, any person or institution related to import and export, banks, financial institutions and other organisations and take the assistance of other organisations in analysing the information if necessary.

It will maintain confidentiality in the storage and use of confidential and sensitive information, sign any agreement or memorandum of understanding related to the functions of the Customs Risk Management Commissionerate on behalf of the National Board of Revenue, with the prior approval of the National Board of Revenue.

It will Issue risk warnings to all concerned departments, Identify the risk areas and, where appropriate, advising the concerned Customs House or Customs Station VAT Commissionerate to take timely steps to resolve them, Review the necessary information related to risks on a regular basis and updating the risk management indicators.

It will exchange information and regularly communicate and coordinate with various national and international organisations and institutions involved in risk management related to inter-country border trade, Prepare annual reports and presenting them to the Board; and Perform other duties assigned by the Board from time to time.

For the purpose of establishing proper customs control, the Customs Risk Management Commissionerate shall use ARMS (Automated Risk Management System) or a suitable automated electronic system to determine selectivity after analysing the risks related to cargo, passengers, agents and banks.

The Customs Risk Management Commissionerate shall collect the relevant data for risk management from the customs computer system.

Any information received from inside or outside Bangladesh or through confidential informants shall be collected, analysed and, if necessary, verified on-site and used as a risk management criterion.

The CRMC may follow and use the World Customs Organization Risk Management Model or International Best Practices or any risk management model approved by the Board and may establish a risk register and risk assessment database accordingly.

In order to monitor the effectiveness of the selectivity system, CRMC shall prepare an annual evaluation report from the data stored in the customs computer system or ARMS or any system capable of identifying the effectiveness of the selectivity system and the results of the risk mitigation measures adopted on its basis.​