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

Bilal9 · Apr 10, 2025

Saif said:
Tulip hits out at Bangladesh authorities over media 'witch-hunt'

British MP Tulip Siddiq has accused Bangladeshi authorities of conducting a smear campaign by making "false and vexatious claims" against her in the media without ever contacting her directly. In a statement posted on social media platform X on Wednesday, Tulip said: “The Bangladesh authorit

thefinancialexpress.com.bd

Tulip hits out at Bangladesh authorities over media 'witch-hunt'
Published :
Apr 02, 2025 23:01
Updated :
Apr 02, 2025 23:01

View attachment 16183

British MP Tulip Siddiq has accused Bangladeshi authorities of conducting a smear campaign by making "false and vexatious claims" against her in the media without ever contacting her directly.

In a statement posted on social media platform X on Wednesday, Tulip said: “The Bangladesh authorities have been making false allegations about me to the media for months, but they have never contacted me directly.”

Tulip, a niece of Bangladesh's deposed prime minister Sheikh Hasina, is in the crosshairs of authorities in Bangladesh as part of an ongoing corruption investigation involving her aunt, according to bdnews24.com.

The Labour MP for Hampstead and Kilburn said her lawyers had reached out to the relevant authorities over two weeks ago, urging them to stop making "baseless allegations" to the press and inviting them to raise any legitimate questions with her directly. The deadline for a response has since passed, with no reply from the Bangladeshi side, she added.

“Instead, they continue to smear me with false and vexatious claims in the media,” Tulip said.

“I have provided detailed rebuttals of all the allegations they have made through the media, acting in good faith despite the lack of return courtesy. Their lack of response speaks volumes.”

Tulip also addressed the role of Bangladesh’s Anti-Corruption Commission, which she said has made no attempt to contact her formally. “If the so-called Anti-Corruption Commission in Dhaka has any questions, they know how to contact me,” she said.

Highlighting "due process", "the rule of law" and a "tradition of fair play" as hallmarks of British democracy, Tulip added: “I would happily respond to any legitimate questions, but I will not be drawn into dirty politics, nor allow their witch-hunt to undermine my work as a British citizen and proud member of the UK Parliament.”

Seems like we hit a nerve from Bangladesh! Her political career in UK is now finished. She f*cked around and now she found out.....FAFO !!

Saif · Apr 11, 2025

Recovering money laundered abroad may take up to a year: BB governor

Bangladesh Bank (BB) Governor Dr Ahsan H Mansur on Friday said recovering money laundered abroad is a complex process and may take up to a year, even though the government has made it a top priority to trace and seize assets siphoned abroad. Speaking at a views-exchange meeting with the media on &

thefinancialexpress.com.bd

Recovering money laundered abroad may take up to a year: BB governor
UNB
Published :
Apr 11, 2025 20:52
Updated :
Apr 11, 2025 20:53

Bangladesh Bank (BB) Governor Dr Ahsan H Mansur on Friday said recovering money laundered abroad is a complex process and may take up to a year, even though the government has made it a top priority to trace and seize assets siphoned abroad.

Speaking at a views-exchange meeting with the media on “Anti-Money Laundering Measures and Contemporary Banking Issues” at the central bank’s Chattogram office, he alleged that several families siphoned off between Tk 2.5 trillion and Tk 3 trillion over the past 15 years, during the tenure of the previous government.

“The government has set a target to seize these assets within the next six months to a year. Foreign investigative agencies and law enforcement are already working with us in this effort,” the governor said.

He also said the country’s overall economic indicators are showing signs of improvement. “Remittance inflow has increased by 26-27 per cent, exports are on the rise, and we now have reserves enough to cover four months of imports. Except for inflation, which has yet to come down to a desired level, we are in a comfortable position overall,” he added.

The central bank chief also stressed that preventing money laundering is more crucial than recovering laundered funds. “That’s why, the government will reform the necessary laws,” he said.

Asked whether any officials of Bangladesh Bank were involved in money laundering and actions taken against them, Dr Mansur said, “If there is concrete evidence against any official, legal action will be taken. Cases have already been filed against some individuals and actions are being taken as per the law.”

He added that if any government agency investigates a central bank official, Bangladesh Bank will cooperate fully.

The governor also responded to concerns raised over allegations that employees of the private United Commercial Bank (UCB) had Tk 300,000 to 500,000 each deducted from their provident fund accounts for Mujib Borsho celebrations.

He said, “There were irregularities and corruption in many forms over the last 15 years. All such irregularities are being investigated. If any bank has unlawfully deducted money from employees, it will also be investigated.”

Saif · Apr 11, 2025

Large amount of laundered assets to be seized in 6 months: BB governor

A large amount of the assets laundered abroad will be seized within the next six months, Bangladesh Bank governor Ahsan H Mansur said on Friday. “A large amount of the assets laundered abroad will be seized within six months. We have been talking to various countries for this; sending letters...

en.prothomalo.com

Large amount of laundered assets to be seized in 6 months: BB governor
Staff CorrespondentChattogram
Published: 11 Apr 2025, 23: 12

Ahsan H Mansur File photo

A large amount of the assets laundered abroad will be seized within the next six months, Bangladesh Bank governor Ahsan H Mansur said on Friday.

“A large amount of the assets laundered abroad will be seized within six months. We have been talking to various countries for this; sending letters to various countries and organisations. We are discussing with foreign legal firms. They will be recruited for this purpose. Already, we have talked to several wealth assessment firms and got their cooperation. Through this the wealth abroad will be seized within six months,” he said.

Ahsan H Mansur was addressing a media conference at the Chattogram office of the Bangladesh Bank on Friday.

The central bank organised the briefing session on its activities on money laundering prevention and contemporary banking.

The Bangladesh Bank governor at the media conference said that the attempt to bring back laundered money is a completely new initiative. This has to be done through maintaining communications with foreign countries, not through using local laws. But for this, he emphasised on knowing what has been sent to which countries.

According to him, after seizing the assets, the remaining process will be completed through the courts.

Ahsan H Mansur also talked about the inflation rate.

He remarked that earlier the inflation rate was shown lower through manipulations. Food inflation used to be shown as 9-10 per cent, which actually was 13-14 per cent.

The food inflation rate came down to 8-9 per cent in the last month while the overall inflation rate is in a somewhat comforting zone.

The central bank governor also hoped that the inflation rate could be brought down to 5 per cent or further below in the next year.

When the newspersons asked the Bangladesh Bank governor about the amount of money laundered from the country, he said, “Overall, I guess Tk 250,000-300,000 crore (2.5-3 trillion) have been laundered. This includes a big business conglomerate of Chattogram and the owner’s family. The amount of BEXIMCO’s money laundered is about Tk 50,000 crore (500 billion). This information is just about the large business groups. We are not going through the information on money laundering by smaller business groups.”

He also put emphasis on acquiring detailed information regarding the amount of laundered assets before starting the negotiation, otherwise there is a possibility of losing.

When Ahsan H Mansur was asked about the allegation of involvement of Bangladesh Bank officials in money laundering and taking actions against them, he said, “I’m not in favour of firing anyone from the job based on groundless information. We will take action if there is any specific information against anyone. We will take action if the Anti-Corruption Commission (ACC) or any intelligence agency provides information of the involvement of any Bangladesh Bank officials. Already actions are being taken against the people we have information.”

Bangladesh Bank’s Chattogram office deputy director Md Zobair Hossain moderated the media briefing where top officials of the central bank and its various units were present.

Saif · Apr 11, 2025

Govt mulling out-of-court settlements

The government is considering out-of-court settlements as an option to recover laundered money from abroad, as the formal legal process is often time-consuming.

www.thedailystar.net

Govt mulling out-of-court settlements
Says BB governor on recovering laundered money

The government is considering out-of-court settlements as an option to recover laundered money from abroad, as the formal legal process is often time-consuming.

Bangladesh Bank Governor Ahsan H Mansur revealed the information during a discussion on "Anti-Money Laundering and Contemporary Banking Issues" at the central bank's Chattogram office yesterday.

"Many countries pursue alternative means beyond formal procedures. The government is willing to consider them if settlements can help expedite the return of funds," the governor said.

He stressed the need for gathering accurate data before launching any recovery efforts. "Whether the money is brought back through legal procedures or out-of-court settlements, we must first gather detailed information on the amount and destination of the laundered assets. The more specific the data, the better our negotiating position."

The central bank has engaged several private firms to assist in identifying and tracing these assets abroad, he said. After compiling the information, the government will initiate discussions with the respective government agencies.

"We must also abide by their legal frameworks. Communication has already begun, and so far, their response has been encouraging," Mansur added.

In response to a question, the governor said Chattogram-based conglomerate S Alam Group laundered between Tk 1.25 lakh crore and Tk 1.5 lakh crore during the Awami League regime. The total amount could range from Tk 2.5 to 3 lakh crore, including the money laundered by other groups like Beximco.

Mansur also said that a significant portion of the country's approximately Tk 5 lakh crore in non-performing loans (NPLs) had been laundered. "The rest also remains unrecovered. Initiatives have been taken to recover such loans through money loan courts," he added.

When asked about central bank officials' role in money laundering, the governor said actions were taken only on specific allegations. "We cannot take steps based on mere assumptions. If the Anti-Corruption Commission or any state agency submits evidence-backed complaints, we act accordingly," he said.

"I do not believe anyone should be dismissed solely on the basis of allegations or suspicion," he added.

Saif · Apr 13, 2025

Extensive overseas assets of Sheikh Family, 10 industrial groups uncovered

A special ordinance is currently being drafted to facilitate the repatriation of the laundered money.

en.prothomalo.com

Extensive overseas assets of Sheikh Family, 10 industrial groups uncovered
S Alam group’s assets traced in 6 countries Bashundhara’s assets found in 8 countries Saifuzzaman has significant assets in US and Dubai

Staff CorrespondentDhaka
Updated: 13 Apr 2025, 22: 50

Following the student-led mass uprising that led to the ouster of Prime Minister Sheikh Hasina, 11 investigative teams formed by the interim government have uncovered a range of irregularities—including loan fraud, tax evasion, and money laundering—linked to Sheikh Hasina’s family and ten major industrial groups.

Among them, S Alam Group has been found to be responsible for the largest share of irregularities and laundered funds. Several legal cases have already been filed in this regard.

A special ordinance is currently being drafted to facilitate the repatriation of the laundered money. Deliberations are ongoing to determine which international firm or organisation will be tasked with the recovery process. Experts engaged by the World Bank are assisting with this operation.

The highest level of the interim government has emphasised the utmost importance on this matter. Since then, joint investigative efforts by the Criminal Investigation Department (CID), the National Board of Revenue (NBR) and the Anti-Corruption Commission (ACC) have been significantly intensified. The Bangladesh Financial Intelligence Unit (BFIU) is coordinating the investigation. The Bangladesh Bank has set up a specially secured room to manage and compile the investigation documentation.

Apart from Sheikh Hasina’s family, the ten industrial groups under investigation include S Alam Group, Beximco Group, Nabil Group, Summit Group, Orion Group, Gemcon Group, NASSA group, Bashundhara group, Sikder Group and Aramit group.

In addition to investigating these groups, the personal financial dealings of their key figures are also under scrutiny. It has been reported that several individuals from these families have renounced their Bangladeshi citizenship.

Professor Muhammad Yunus, Chief Adviser to the interim government, is holding monthly meetings to review the progress of the investigation concerning the Sheikh Hasina family and 10 groups. The next anti-money laundering meeting is scheduled for 16 April. Prior to that, a taskforce meeting regarding the recovery of laundered funds will be held today, Sunday. This meeting will be chaired by the governor of Bangladesh Bank, Ahsan H Mansur.

At a press conference in Chattogram last Friday, the governor stated, “Altogether, I estimate that between Tk 2.5 to 3 trillion (2.5 to 3 lakh crore) has been laundered abroad. Major industrial groups from Chattogram and their families are included in this. The amount laundered by Beximco stands at approximately Tk 500 billion (50 thousand crore). Within next six months, a substantial portion of the laundered assets overseas will be consfiscated. We are engaging in discussions with multiple countries and issuing formal letters to various nations and organisations. We are also in contact with foreign legal entities or firms, which will be appointed to assist with this recovery operation.”

Progress of investigation

It has been reported that the Bangladesh Financial Intelligence Unit (BFIU), both independently and in collaboration with FIUs of different countries, has gathered substantial information. This includes data on the amount of money borrowed under real and fictitious names from domestic banks, the movement of these funds, details of overseas assets acquired and the amount deposited in foreign bank accounts. In addition, evidence relating to bribery, corruption, fraud and forgery is also being compiled. The ACC, NBR and the CID are currently assessing where tax evasion and money laundering have occurred and under which laws these irregularities constitute criminal offences. The ACC has already filed charges in the majority of these cases, with further legal proceeding underway.

Officials involved in the investigation state that out of the 11 cases, foreign assets have been traced in connection with 9 groups. It has been establishing that these assets were deposited entirely with laundered funds.

Domestic courts are issuing orders to confiscate such assets through legal proceedings. However, to seize assets located overseas, legal action must be pursued in the respective foreign jurisdictions. Only upon receiving a favourable court ruling in those countries can the assets be officially confiscated.

According to officials, a special ordinance is being drafted to facilitate the recovery of laundered assets abroad. Once enacted, the ordinance will provide the legal framework for appointing interested organisations to undertake asset recovery efforts in line with the law. These firms will operate on a commission basis. The process of asset repatriation is expected to take several years.

Officials at Bangladesh Bank have emphasised that no individual has been permitted to legally transfer funds aboard for the purpose of acquiring assets. Therefore, all such acquisitions constitute criminal offences. Since the initiative to identify and recover laundered money began, instances of money laundering have significantly decreased, leading to a positive impact on remittance inflows. This is being hailed as one of the key achievements of the current government.

Governor Ahsan H Mansur recently stated that those involved in money laundering will face serious consequences, with the aim of deterring such offences in the future.

The obtained information

According to the data gathered, the investigating agencies have identified the highest number of irregularities and instances of money laundering in connection with S Alam Group. The group is alleged to have diverted over Tk 2 trillion (2 lakh crore) from 11 banks and financial institutions including Islami Bank, First Security Islami Bank, SIBL, Global Islami Bank, Union Bank, Janata Bank and EXIM Bank. A significant portion of these loans has since become non-performing. It is believed that a considerable amount of these funds has been transferred abroad. The group is known to possess multiple luxury hotels, land holdings and other assets in at least six foreign countries.

The court has ordered the seizure of 580 immovable properties including houses, apartments and lands held in the names of former land minister Saifuzzaman Chowdhury, his family and Aramit Group, both within the country and overseas.

These include 343 properties in the United Kingdom, 228 in the United Arab Emirates and 9 in the United States. The Saifuzzaman Chowdhury family took control of the private sector bank UCBL.

Investigative agencies have discovered that companies under the ownership of Salman F Rahman, former adviser to the prime minister, hold over Tk 500 billion (50 thousand crore) in outstanding loans. Properties in London and Singapore are reported to be registered under the names of members of the Beximco Group’s owning family, acquired through laundered funds.

In the case of Bashundhara group, over Tk 350 billion (35 thousand crore) in loans have been identified in the name of various group entities, with some loans having defaulted. Following a petition by the ACC, the court has issued orders to seize and freeze both moveable and immoveable assets abroad belonging to the group’s chairman, Ahmed Akbar Sobhan and eight members of his family. Investigations have uncovered overseas assets held by Bashundhara family members in Sigapore, Switzerland, the United Kingdom, the United Arab Emirates, Slovakia, Cyprus, Saint Kitts and Nevis and the British Virgin Islands. Copies of the court orders for asset seizure have been sent to the relevant jurisdictions.

Sikder Group is alleged to have diverted more than Tk 300 billion (30 thousand crore) from various banks under both real and fictitious identities. Assets held by the Sikder family have been identified in Los Angeles and New York in the United States, the luxury destination of Las Vegas, Abu Dhabi in the United Arab Emirates and Bangkok, Thailand. The family also reportedly owns multiple companies in the United Kingdom, Singapore and Switzerland.

In the case of Orion Group, the court has ordered the freezing of 31 bank accounts belonging to chairman Obaidul Karim and the seizure of 43 acres of land, including a residential flat.

Investigations into NASSA group have revealed five properties owned by chairman Nazrul Islam Majumder in the United Kingdom, one property in the Isle of Man and another in Jersey. Court orders have been issued to freeze these assets. Nabil Group is alleged to have diverted over Tk 150 billion (15 thousand crore) from multiple banks under different names. The court has also ordered the freezing of 191 bank accounts held by 11 members of Summit Group chairman Aziz Khan’s family.

Regarding the Purbachal New Town Project, the ACC has filed a case against former Prime Minister Sheikh Hasina, her sister Sheikh Rehana, Tulip Siddiq and three other members of the Sheikh family, along with several RAJUK officials, a total of 16 individuals for allegedly acquiring government plots unlawfully. Several flats registered under Tulip Siddiq’s name have been located in the United Kingdom. However, investigators have not found any major irregularities involving the Gemcon Group.

Mustafa K Mujeri, former chief economist of Bangladesh Bank, commented to Prothom Alo that the investigation into money laundering has been ongoing for a considerable period with little visible progress. He emphasised that visible action is crucial to building public trust. Recovering laundered funds is a highly challenging process, but it is essential to ensure that no further opportunities for money laundering arise.