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

Date of Event: Nov 11, 2024

Source: https://thefinancialexpress.com.bd/national/sheikh-hasina-was-a-classic-autocrat-m-sakhawat-hossain

Sheikh Hasina was a classic autocrat: M Sakhawat Hossain
Published :
Aug 05, 2024 22:03
Updated :
Aug 05, 2024 22:03

Sheikh Hasina was a classic autocrat who dismissed the people, and this disdain has led to her current predicament, according to Brigadier General (Retd) M. Sakhawat Hossain, an election analyst and former military officer. In a special interview with UNB news agency over the phone, he expressed these views.
He stated that today's events were inevitable and were bound to happen. "We have seen similar situations in Tunisia, Libya, and Syria. Popular uprisings are unstoppable. The student quota reform movement could have been resolved easily, but due to Prime Minister Sheikh Hasina's stubbornness, so many people lost their lives."

Hossain criticised the media's portrayal of the casualties, claiming that the true number is closer to 400, with a significant portion being students and young people. He questioned the whereabouts of the remaining bodies, mass graves, and the extent of innocent lives lost. "She has gone, but who will answer for this?" he asked.

He accused the ruling government of carrying out the "most heinous massacre" and of misleading the public by blaming criminals while those responsible were, in fact, their own countrymen. "Such things should not happen in a free country," he remarked.

Hossain also noted that for the past 15 years, people have been unable to vote properly, with widespread election fraud. He stated that Sheikh Hasina should have understood her and her party's unpopularity, and questioned who would be held accountable for the bloodshed. He criticized the severe lack of good governance, which he believes Sheikh Hasina failed to provide.

Furthermore, he alleged that Sheikh Hasina has created criminal gangs within the country and turned the police and Rapid Action Battalion (RAB) into her personal enforcers.

Reflecting on the plight of the family members of the so-called Father of the Nation, he questioned why they had to face such a tragic fate, attributing it to Hasina's arrogance and pride. He drew a parallel with the 2009 BDR mutiny, where 57 army officers were killed, and questioned who would answer for that incident as well.

He criticised Sheikh Hasina's control over TV media and her suppression of free speech, citing it as a reason he avoided talk shows. He claimed he had urged the Prime Minister in various meetings to ensure good governance, but was labelled as an 'agent of the opposition' for his criticisms.

"Today, Sheikh Hasina has fled the country, and now the army has had to take responsibility for the nation's situation," he concluded.​

 

[Saif]

HASINA FAMILY, 10 BUSINESS GROUPS: BB governor asks teams to expedite graft probes

Bangladesh Bank governor Ahsan H Mansur on Thursday directed 11 joint investigation teams to expedite their probes into corruption allegations against the ousted prime minister Sheikh Hasina, her family members, and 10 business groups...

www.newagebd.net

HASINA FAMILY, 10 BUSINESS GROUPS: BB governor asks teams to expedite graft probes
Staff Correspondent 17 January, 2025, 00:25

UNB file photo

Bangladesh Bank governor Ahsan H Mansur on Thursday directed 11 joint investigation teams to expedite their probes into corruption allegations against the ousted prime minister Sheikh Hasina, her family members, and 10 business groups.

The central bank governor also asked the team to collaborate effectively to resolve data-sharing challenges.

Mansur gave the instructions at a meeting with the 11 teams, held at the central bank’s headquarters to discuss the progress and activities of the investigation teams.

The government formed the teams to investigate allegations of bribery, corruption, fraud, money laundering, tax evasion and illegal fund transfers involving Hasina, her family members, and 10 business groups.

The teams consist of members from the Criminal Investigation Department, the National Board of Revenue, the Anti-Corruption Commission and the Bangladesh Financial Intelligence Unit.

The Anti-Corruption Commission has been designated to lead the 11 joint investigation teams, as per a January 6 directive issued by the Financial Institutions Division of the finance ministry.

Mansur stressed the necessity of a coordinated approach to advancing the investigations and ensuring seamless information exchange among the teams.

According to Bangladesh Bank officials, dedicated office spaces have been allocated to the teams at the central bank’s headquarters to facilitate their work.

The investigations focus on Hasina, her family, affiliated individuals, institutions and trusts, and 10 large industrial groups — Aramit Group, S Alam Group, Beximco, Nasa Group, Sikder Group, Bashundhara Group, Summit Group, Orion Group, Gemcon Group and Nabil Group.

The owners and associates of these groups will also come under scrutiny.

At the meeting with the BB governor, the investigation teams presented updates on their progress.

Mansur urged them to intensify their efforts and maintain transparency while adhering to legal frameworks.

Media reports said that Tulip Siddiq, Sheikh Hasina’s niece, resigned from her position in the United Kingdom government on January 14 after being implicated in graft investigations in Bangladesh.

The reports said that Hasina’s family members, including Tulip, had already emerged as named targets of the ACC’s investigation into accusations of embezzlement of $5 billion connected to a Russian-funded nuclear power plant.

The investigation team will examine her alleged involvement in corruption, money laundering, bribery, and misuse of power, aligning these actions with the broader probes into Sheikh Hasina’s family.

The teams have been given strict guidelines, including adherence to anti-terror financing laws and regulations. They must also maintain confidentiality and report progress to the Financial Institutions Division under the finance ministry.

On December 2, 2024, the Financial Institutions Division directed the BFIU to launch joint investigations under anti-money laundering laws. The structure and guidelines for these investigations were revised on January 6 to enhance their effectiveness.​

 

[Bilal9]

Tulip Siddiq (British MP and Hasina's niece) resigns amid corruption probe, she is alleged to have helped her aunt conduct graft activity worth Billions.

 

[Saif]

Tulip Siddiq (British MP and Hasina's niece) resigns amid corruption probe, she is alleged to have helped her aunt conduct graft activity worth Billions.

Corruption-----it runs in the Sheikh family.

 

[Saif]

ACC to send graft info about Saima to WHO

The Anti-Corruption Commission will send corruption information about the ousted prime minister Sheikh Hasina’s daughter, Saima Wazed Putul, to the World Health Organisation through the foreign affairs ministry.

www.newagebd.net

ACC to send graft info about Saima to WHO
Staff Correspondent 20 January, 2025, 00:39

Saima Wazed Putul

The Anti-Corruption Commission will send corruption information about the ousted prime minister Sheikh Hasina’s daughter, Saima Wazed Putul, to the World Health Organisation through the foreign affairs ministry.

The anti-graft agency has taken the step to send the letter after it has filed a corruption case against Saima Wazed Putul, who is serving as the regional director of the WHO.

The letter would be sent to the foreign ministry today, and based on the information sent by the ACC, the ministry might write to the WHO to take action against Saima, said an ACC official.

In November 2023, Saima was elected regional director of the WHO for the South-East Asia Region.

On January 15, the ACC started an enquiry against Saima over allegations that she had used various corrupt practices to be appointed as the WHO regional director.

There are allegations that Saima’s mother and deposed prime minister Hasina, who was ousted on August 5, 2024, amid a mass uprising, had misused her power to appoint Saima, despite her lack of qualifications.

On January 12, the ACC filed a case against Hasina, Saima and 14 others over allegations of corruption in allotting Rajdhani Unnayan Kartripakkha land plots in the Purbachal New Town project.

Saima had used her mother’s power to gain the allotment of Plot 017 on Road 203 of Sector 27 of the Purbachal New Town Project, violating laws, the ACC case statement said.

Early this month, the ACC filed a total of six cases against Hasina and her family members on charges of corruption in allotting Rajuk land plots at the Purbachal New Town project.​

 

[Saif]

S Alam’s loans hit Tk 2.25 lakh crore, 44pc anonymous

Controversial S Alam Group has acquired a staggering Tk 2.25 lakh crore from 10 banks and a non-bank financial institution, pushing the country’s banking sector and economy into a severe crisis.

www.newagebd.net

S Alam’s loans hit Tk 2.25 lakh crore, 44pc anonymous
Mostafizur Rahman 22 January, 2025, 00:21

Controversial S Alam Group has acquired a staggering Tk 2.25 lakh crore from 10 banks and a non-bank financial institution, pushing the country’s banking sector and economy into a severe crisis.

About 44 per cent or Tk 97,486 crore of the loans was taken using shell companies and anonymously while Tk 92,676 crore was taken in the business group’s name and Tk 34,866 crore indirectly, according to the Bangladesh Financial Intelligence Unit data submitted to the Anti-Corruption Commission.

At a press conference on August 28, 2024, Bangladesh Bank governor Ahsan H Mansur termed the S Alam scandal ‘the largest bank heist in world history’, accusing the business group of using state mechanisms to acquire over Tk 2 lakh crore ($16.6 billion).

The Bangladesh Financial Intelligence Unit has found preliminary evidence that a significant portion of these funds has been laundered.

A joint investigation team led by the ACC has already been formed to probe the S Alam Group’s alleged money laundering. Criminal Investigation Department of the Bangladesh Police and the National Board of Revenue are also in the team.

Such a massive withdrawal of funds most of which was allegedly laundered has sent exchange rates soaring, with the dollar selling at now at Tk 122, foreign exchange reserves dwindling to $20 billion and commodity prices skyrocketing.

S Alam Group chairman Saiful Alam Masud was a close associate of deposed prime minister Sheikh Hasina who fled to India amid a student-led mass uprising on August 5, 2024.

Saiful and his family acquired Singaporean citizenship in 2021, renouncing Bangladeshi nationality in 2020.

S Alam withdrew from Islami Bank Bangladesh Tk 1.05 lakh crore, First Security Islami Bank Tk 45,636 crore, Social Islami Bank Tk 12,876 crore, Union Bank Tk 23,526 crore, Global Islami Bank Tk 13,250 crore, Bangladesh Commerce Bank Tk 995 crore, Al-Arafah Islami Bank Tk 377 crore, National Bank Tk 2,346 crore, Exim Bank Tk 6,346 crore and state-run Janata Bank Tk 12,332 crore and from NBFI Aviva Finance Tk 1,858 crore.

The loans from Islami Bank, constituting 70 per cent of the business group’s total loans, were secured against collateral worth less than Tk 6,000 crore.

The loans have already begun to be classified as defaulted as the business group was not repaying the instalments. The group defaulted on Tk 11,734 crore with Janata Bank and Union Bank as of September 2024.

The amount of the business group’s total loans will continue rising as loan interests will be added to the total loans due to non-payments.

Due to such massive fund withdrawals and irregularities, these institutions except Al-Arafah Islami Bank have found them in a serious crisis and failed to pay back depositors’ money. Islami Bank is now trying to turn around after the disaster.

The business group had controlled the banks except Janata Bank and Exim Bank before the fall of the Awami League-led government.

BB officials said that S Alam’s loan spree had escalated after the 2018 national elections, leveraging political connections and bypassing banking regulations.

The past Awami League regime allegedly had facilitated S Alam’s control of multiple banks under state patronage.

S Alam Group chairman Saiful Alam Masud has now initiated a legal effort as a Singaporean citizen to recover losses he claims were caused by the interim government freezing his assets and harming his investments, The Financial Times reported on December 24.

Saiful and his family currently reside abroad and they could not be contacted for comment regarding the fund withdrawal and money laundering allegations. The group’s executive director, Subrata Kumar Bhowmik, could not be reached over phone.

Moinul Islam, a former economics professor at the Chittagong University, told New Age that the loans in question were political in nature and those were approved with the consent of the ousted prime minister, Sheikh Hasina.

‘It is inconceivable that a single business group could control seven banks and withdraw such a massive amount of loans without her knowledge,’ he said, adding that this level of corruption under government patronage was unprecedented globally.

He noted that sales of the business group’s all collateral and assets would recover only a fraction of the loans.

Moinul urged the government to accept the fact that the bulk of the loans could not be recovered and to frame economic policies to address the banking crisis, keeping this reality in mind.

He also emphasised the need for identifying the ultimate beneficiaries of these loans, even if they include members of the Sheikh Hasina’s family.

Mustafa K Mujeri, former chief economist of the Bangladesh Bank, told New Age that a single business group securing such a massive amount of loans against minimal collateral was a blatant irregularity, amounting to looting from banks.

He held the former board members, management officials of the banks, and the Bangladesh Bank as the regulator, accountable for these large-scale scams.

Identifying and prosecuting those who were responsible are essential to prevent corruption in future, he said.

Mujeri suggested that the banks first negotiate with the business group to recover the loans. If negotiations fail, legal actions, including selling the group’s other properties, should follow, he said.

He also recommended that the government and banks pursue international arbitration to recover the business group’s overseas assets.

Bangladesh Bank executive director Husne Ara Shikha, also the spokesperson for the central bank, told New Age that the banks, which were previously under S Alam’s control, were now free from the business group’s influence.

Investigations into his loan irregularities and alleged money laundering are ongoing, she added.

The Bangladesh Bank data showed that the amount of non-performing loans in the country’ banking sector shot up by more than Tk 1 lakh crore to Tk 2,84,977 crore in September 2024 from Tk 1,82,295 crore at the end of March.

About 17 per cent of total bank loans of Tk 16.82 lakh crore was classified as non-performing, the highest in South Asia.​