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

[Saif]

BNP for trial of officials accused of vote rigging

Bangladesh Nationalist Party (BNP) demanded on Sunday holding trial of the officials accused of vote rigging during elections of the previous Awami League government. Member of BNP's public administration reform committee and also former secretary Ismail Jabiullah made the demand while handing ove

thefinancialexpress.com.bd

BNP for trial of officials accused of vote rigging
FE REPORT
Published :
Dec 16, 2024 10:29
Updated :
Dec 16, 2024 10:29

Bangladesh Nationalist Party (BNP) demanded on Sunday holding trial of the officials accused of vote rigging during elections of the previous Awami League government.

Member of BNP's public administration reform committee and also former secretary Ismail Jabiullah made the demand while handing over the party's recommendations on public administration to public administration secretary Md Mokles Ur Rahman at the Bangladesh Secretariat.

He said that BNP wants non-partisan officials in the public administration.

Member of the committee and also former public administration secretary Abu Mohammad Moniruzzaman Khan was also present.

In the recommendation, BNP demanded trial of the officials involved with election mechanism during Sheikh Hasina's regime.

Apart from holding trial of the officials involved with vote stealing, the BNP also suggested reshuffling administration three months before the general election and removing officials working in collaboration with Awami League (AL).The party also demanded ensuring justice to the officials who were deprived during the immediate past AL government.​

 

[Saif]

ACC to probe graft allegations against ousted Bangladesh PM Hasina, family

The Anti-Corruption Commission on Tuesday decided to carry out an inquiry against deposed prime minister Sheikh Hasina and her family members over allegations of corruption worth Tk 80,000 crore...

www.newagebd.net

ACC to probe graft allegations against ousted Bangladesh PM Hasina, family
Staff Correspondent 17 December, 2024, 16:56

Sheikh Hasina | File photo

The Anti-Corruption Commission on Tuesday decided to carry out an inquiry against deposed prime minister Sheikh Hasina and her family members over allegations of corruption worth Tk 80,000 crore accumulated from various development projects.

The decision came at a meeting held at the commission headquarters in Dhaka city presided over by newly appointed chairman of the agency Md Abdul Momen, said its director general Aktar Hossain.

Apart from Sheikh Hasina, her sister Sheikh Rehana, her son Sajeeb Wazed Joy and her niece Tulip Siddiq are also facing the graft allegations.

ACC officials said that the corruptions occurred in nine development projects, including the Rooppur Nuclear Power Project, Special Shelter Project, Bangladesh Economic Zone projects, and Bangladesh Export Processing Zone projects.

Officials said that the commission received allegations of corruption worth Tk 59,000 crore in the Rooppur Nuclear Power Plant project against the suspects.

Other allegations involve corruption worth Tk 21,000 crore in eight other projects initiated by the Awami League government during its tenure.

Earlier on December 15, the High Court issued a rule questioning the ACC and government authorities over their inaction in investigating corruption allegations against Sheikh Hasina, her family members, and her former defence and security adviser Tarique Ahmed Siddique.

The allegations, involving the embezzlement of $5 billion from the Rooppur Nuclear Power Plant project, were raised in a public interest litigation writ petition filed in September by Bobby Hajjaj, founder and chairman of the Nationalist Democratic Movement.

The bench of Justice Fahmida Quader and Justice Mubina Asaf sought explanations from the Anti-Corruption Commission chairman and relevant government officials, asking why their inaction should not be declared illegal.

According to a report published on August 17, 2024, by the Global Defense Corp, Sheikh Hasina, her sister Sheikh Rehana, her son Sajeeb Wazed Joy, Rehana’s daughter and British lawmaker Tulip Siddique, and Tarique Ahmed Siddique siphoning off $5 billion from the nuclear power project.

The article alleged that Tulip Siddique played a crucial role in coordinating with Russian officials, enabling inflated costs of the Rooppur project.

The Rooppur Nuclear Power Plant is a joint venture between Bangladesh and Russia, primarily funded by Rosatom, Russia’s state-owned atomic energy corporation. Rosatom has committed to financing 90 per cent of the $12.65 billion total project cost.

The writ petition laid importance on investigating the claims, citing the project’s massive financial investment and critical role in the country’s energy sector.

It alleged collusion with Russian officials, resulting in cost escalation and potential misuse of funds.​

 

[Saif]

ACC launches graft investigation against Obaidul Quader

The Anti-Corruption Commission (ACC) has launched an investigation against former road transport and bridges minister Obaidul Quader and nine others on charges of graft.

en.prothomalo.com

ACC launches graft investigation against Obaidul Quader
Staff Correspondent
Dhaka
Published: 19 Dec 2024, 23: 08

Obaidul QuaderFile Photo

The Anti-Corruption Commission (ACC) has launched an investigation against former road transport and bridges minister and Awami League general secretary Obaidul Quader and nine others on charges of graft.

Besides, a case has been filed against former food minister Sadhan Chandra Majumder for amassing wealth of over Tk 250 million beyond known sources of income. Also, a chargesheet has been filed against former MP Kazi Shahid Islam Papul and his wife, daughter and sister-in-law in a case of acquiring wealth beyond known sources of income.

ACC director general (Prevention) Md Akhter Hossain revealed this information at a press conference at the capital's Segunbagicha head office on Thursday.

The complaint against Obaidul Quader states that, according to a Prothom Alo report, Obaidul Quader and former secretary ABM Aminullah Nuri wanted to purchase the buses through a company of their preference to ply on the 20-kilometer section of the Dhaka-Mymensingh highway from the airport to Gazipur. Failing to do that, they delayed the entire process. The ACC has started an investigation into this complaint.

An investigation has been launched against Salman F Rahman, private industry and investment advisor to ousted Prime Minister Sheikh Hasina and vice chairman of Beximco Group, and Shah Alam Sarwar, former managing director of IFIC Bank.

ACC sources said Salman F Rahman is a former chairman of IFIC bank. When he was in charge, he misappropriated over Tk 19 billion from the bank’s Gulshan branch by taking loans through forgery in the names of Bluemoon Trading Limited, Axis Business Limited, Everest Enterprise, Glowing Construction and Engineering, Vista International Limited and Skymark International Limited. Shah Alam Sarowar, the former MD of the bank, also had connections with the forgery.

Investigation against ex-NBR chairman and ex-IGP

ACC today also launched an investigation against former NBR chief Md Nojibur Rahman. Moreover, investigations have been launched against former inspector general of police (IGP) Nur Mohammad and Elias Uddin Mollah, former member of parliament for Dhaka-16.

The ACC DG said ACC an investigation has been launched against Nojibur Rahman on charges of amassing millions of taka through bribery, corruption and transfer-business. An investigation has been launched against former IGP Nur Mohammad on charges of amassing and embezzling around Tk 5.42 billion by abusing his power. In addition, an investigation has been launched against former MP Elias Uddin Mollah on charges of occupying 700 acres of government khas land in Mirpur area, embezzling government funds through corruption and irregularities.

Meanwhile, ACC has launched an investigation against additional tax commissioner Saiful Alam, joint commissioner AKM Shamsuzzaman and assistant tax commissioner Aminul Islam for helping S Alam’s two sons evade tax worth Tk 750 million through forgery.

The ACC DG Akter Hossain said a case has been filed against Sadhan Chandra Majumder for amassing wealth beyond known sources of income. Primary evidence suggests that his four daughters amassed wealth beyond known sources of income. Notices have been served to them seeking their wealth statements.

The ACC today filed a chargesheet against former Lakshmipur-2 MP Kazi Shahid Islam Papul, his wife former MP Selina Islam, daughter Wafa Islam and sister-in-law Jasmine Pradhan on charges of amassing undeclared assets worth around Tk 100 million.​

 

[Saif]

খালা শেখ হাসিনাকে মানতেন রাজনীতির রোল মডেল!

 

[Saif]

Indian court grants bail to PK Halder, two aides in money laundering case

Former managing director of NRB Global Bank Prashant Kumar Halder, also known as PK Halder, who fled Bangladesh and was arrested in the Indian state of West Bengal in May 2022, has been granted bail in a money laundering case. A West Bengal court granted him bail on Friday. Two of his associates

thefinancialexpress.com.bd

Indian court grants bail to PK Halder, two aides in money laundering case
FE ONLINE DESK
Published :
Dec 20, 2024 19:06
Updated :
Dec 20, 2024 19:06

Former managing director of NRB Global Bank Prashant Kumar Halder, also known as PK Halder, who fled Bangladesh and was arrested in the Indian state of West Bengal in May 2022, has been granted bail in a money laundering case.

A West Bengal court granted him bail on Friday.

Two of his associates Swapan Mistry and Uttam Mistry were also given bail in the same case. However, three other associates of PK Halder remained in custody.

The bail came after nearly a year of hearings.

Earlier this year, Indian authorities filed charges against Halder and five of his associates under the Prevention of Money Laundering Act.

The specific conditions of their bail were reportedly not disclosed but may include restrictions on movement and regular reporting to authorities.

In October 2023, a Bangladesh court jailed PK Halder for 22 years for laundering Tk 800 million to Canada and illegally amassing about Tk 4.26 billion.

The court also fined him Tk 10.44 billion in the case filed by the Anti Corruption Commission.

The sentence will take effect once he is extradited from India, the Dhaka court had observed.

That verdict was the first by a Dhaka court convicting PK Halder, who faces charges in over 40 other graft and money laundering cases.​

 

[Saif]

Presence of oligarchic market power still a major challenge: Hossain Zillur Rahman

The sixth edition of the Banking Almanac launched today

www.thedailystar.net

Presence of oligarchic market power still a major challenge: Hossain Zillur Rahman
The sixth edition of the Banking Almanac launched today

Despite taking many visible steps, numerous oligarchic powers still dominate the market, posing a significant challenge for the economy, said Hossain Zillur Rahman, an economist.

To tackle the current inflationary pressure, steps should be taken to address this oligarchic market power, which has widened their reach to a different level in the last 15 years, he said.

He made the comments at the launch of the sixth edition of the Banking Almanac, a book published by ShikkhaBichitra as a research project with the assistance of Bangladesh Bank and other banks and financial institutions.

Rahman, the acting chairman of the board of editors of the Banking Almanac, chaired the launching ceremony at the Cirdap auditorium in Dhaka today.

The interim government is working to create an information hub for the financial and social sectors, enabling investors to access all relevant information from a single platform with just one click, said Salehuddin Ahmed, finance adviser and the chief guest of the event.

Regular and timely publication of the Banking Almanac is important, as it will help investors, bankers and depositors to get actual information, he said.

The lack of accurate data availability has hindered the formulation of social and financial policies in Bangladesh in the past, said the adviser.

Therefore, the government is prioritising the creation of a centralised source for reliable information, which is also a fundamental right of the citizens, he added.​

 

[Saif]

The path to recovering our stolen assets

Corruption, embezzlement, and money laundering have been endemic in Bangladesh but reached new heights during the last 15 years of the now-toppled regime led by the Awami League.

www.thedailystar.net

The path to recovering our stolen assets

File Visual: Rehnuma Proshoon

Corruption, embezzlement, and money laundering have been endemic in Bangladesh but reached new heights during the last 15 years of the now-toppled regime led by the Awami League. The recently published "White Paper on the State of the Bangladesh Economy" reported that $234 billion was syphoned off from Bangladesh between 2009 and 2023. The interim government has promised to work tirelessly to identify the perpetrators of this massive mayhem—to loot and plunder the country and its poor people—and bring back some of the ill-gotten resources.

Tax havens around the globe, particularly in the Middle East, Malaysia, the UK, Canada, the US, Hong Kong, Malaysia, and Singapore, provided a golden opportunity for businesses, bureaucrats, and politicians to use a well-crafted system of patronage and crony capitalism to take advantage of the country's incompetent leaders and financial regulators to launder an average of $16 billion a year.

The White Paper documented the mechanism used for money laundering (ML)—these tricks have been well-known for a long time. The then foreign minister of Bangladesh stated during an interview with The Daily Star in 2020 that the AL government had information that politicians, businessmen, and government officials, including some "serving officials," had pilfered and whitewashed money by buying properties in Canada. It is no secret that Bangladesh Bank and the Bangladesh Financial Intelligence Unit (BFIU) were fully aware of the scale of ML and the role played by the key protagonists!

The previous government was, on many occasions, alerted by the World Bank, multilateral financial institutions, UN agencies, and national watchdogs about the scope of illicit financial flows (IIF). In 2011, during negotiations with the World Bank to secure financing for the Padma Bridge, the bank provided "credible evidence of corruption" to the government. These were brushed aside and dismissed as "trumped-up" allegations by the former prime minister.

In my brief discussion on this matter with members of the current administration, it is clear that money laundering and its prevention are among its highest priorities. Last week, the BB governor publicly reiterated his intention to bring back stolen assets from other countries. He chairs a nine-member taskforce with representatives from important state agencies, which has been assigned to track down stolen assets abroad and support investigations aimed at their recovery. The taskforce seeks to expedite legal proceedings for asset recovery, identify and address barriers to recovery, manage frozen or recovered assets abroad, and strengthen communication with relevant domestic and international bodies to gather essential information while enhancing internal coordination and capabilities.

While asset recovery is a tough and time-consuming process, it needs to be done, and for many reasons. The money looted from the coffers is now being used to undermine the present government. If we reverse the resource outflow and turn back the tide, that would rejuvenate our economic development. For example, the ML activities of the owners of the S Alam Group have resulted in the bankruptcy of the various businesses they own. If their overseas resources are liquidated and the proceeds repatriated and invested in their domestic enterprises, the local economy will receive a shot in the arm.

Also, we need to send a message to the culprits. In the language of criminal justice system, the purpose would be "deterrence, retribution, and restoration."​

 

[Saif]

Nowfel gained from illegal tobacco trade

Former education minister Mohibul Hassan Chowdhoury Nowfel received at least Tk 3 crore from a tobacco company, known for years for illegal cigarette production and marketing including some counterfeit foreign brands.

www.thedailystar.net

Nowfel gained from illegal tobacco trade
Finds NBR probe

Former education minister Mohibul Hassan Chowdhoury Nowfel received at least Tk 3 crore from a tobacco company, known for years for illegal cigarette production and marketing including some counterfeit foreign brands.

He also co-owns a piece of land on which the cigarette company, Bijoy International Tobacco, used to operate, documents show.

The Daily Star has copies of the Tk 3 crore cheque and the land-ownership document.

The findings come six months after an investigation by The Daily Star established initial links between Nowfel and illegal tobacco production. The story titled "A councillor and his illicit tobacco trade" on June 1 this year did not mention Nowfel's name, because he sold his share of that company in 2020.

Only five months after we ran the story, he received a check worth Tk 3 crore in favour of his family-run Premier University based in Chattogram, Nowfel's hometown.

Before we published the story on June 1 this year, Nowfel at a meeting with The Daily Star insisted that he sold his share in the illegal tobacco company and that he did not receive any financial benefits from the company.

But NBR's Central Intelligence Cell (CIC) has now found that there are 20 companies that make counterfeit cigarettes in Bangladesh and Nowfel along with Abdus Sabur Liton, a former councillor of Chattogram City Corporation, used to control the market.

The report says Nowfel invested in Liton's tobacco business, and parts of the returns were deposited to the accounts of Premier University.

Nowfel is the chairman of the university's trustee board. His mother Hasina Mohiuddin and younger brother Borhanul Hasan Chowdhury are members of the board.

The former minister could not be reached for comments. He is thought to have fled the country.

Liton owns licenced tobacco businesses, but the cigarettes his firms produce are knock-off versions of widely sold brands, including some foreign brands such as Esse and Oris, investigations by both The Daily Star and NBR found.

Mohammad Fakhrul Alam, head of the NBR investigation, submitted a 111-page report on his findings late last month.

Of the 20 firms making counterfeit cigarettes, Bijoy International Tobacco and Tara International Tobacco are by far the biggest, says the report submitted to NBR Chairman Abdur Rahman Khan.

The firms -- both owned by Tara Group -- import raw materials by lying on documents and produce counterfeit cigarettes in their factories in Kishoreganj and Chakaria Upazila of Chattogram, says the report.

This newspaper previously found that counterfeit cigarettes made by these companies were sold in different parts of the country.

Liton and his brother Abdul Mannan Khokon are owners of Tara Group.

Although the company's sales were reported in audit reports at Tk 48.48 crore from July 2020 to June 2024, the CIC found evidence suggesting that the amount is 802.17 crore. This was done to evade taxes.

The investigators analysed nine bank accounts of the group.

Mohammad Fakhrul Alam, convener of the probe committee, said, "A few individuals control the market. They make fraudulent documents about shell companies to conceal their activities.

"We looked at bank transactions of all these [20] companies and discovered that the Tara Group was linked to at least 10 of them. The former education minister, a councillor, and his brother are involved in illegal cigarette distribution."

He added that Bijoy International Tobacco's factory in Chakaria was built on land owned by the three of them.

"We have found evidence of illegal cigarette production and marketing. We saw suspicious transactions at Tara Group's bank accounts. The former education minister used Premier University's bank accounts to receive his cuts.

"We recommend filing criminal and departmental cases against several individuals and organisations."

Premier University's account with United Commercial Bank's Chattogram Medical College Branch received Tk 3 crore from an account of Tara Group with the same bank's Jubilee Road Branch on October 1 last year.

The CIC on October 23 this year wrote to the university's registrar seeking information about this transaction.

Four days later, Registrar Iftekhar Monir replied, "University Trustee Board Chairman Mohibul Hassan Chowdhoury withdrew Tk 3 crore in cash for development work of the university. However, he deposited the same amount of money from an account of Tara Group to the university's account as the work was not completed."

Monir also mentioned that Tara Group and the Premier University are not related.

When contacted, Monir said, "We have no additional comments other than what we have written [to the NBR]."

Liton and Nowfel had gone into hiding after the Awami League government fell amid a mass uprising on August 5.

Several officials of Tara Group, requesting anonymity, said Liton was in Dubai and Nowfel in India.

Liton told The Daily Star on WhatsApp in November this year that Nowfel owned 40 percent shares of Bijoy Tobacco in early 2018.

"He sold his shares to me and my brother around 2020. Since then, there has been no further transaction with him. All of this is a conspiracy against me."

When asked about the ownership of the land and transactions in the Premier University's bank account, he said, "If you have documents, why are you asking me?"​

 

[Saif]

$300m laundering: Hasina, Sajeeb under ACC scanner

The Anti-Corruption Commission on Sunday decided to conduct an inquiry into the allegation against former prime minister Sheikh Hasina and her son Sajeeb Wazed Joy of laundering $300 million to the...

www.newagebd.net

$300m laundering: Hasina, Sajeeb under ACC scanner
Solamain Salman 22 December, 2024, 23:57

Sheikh Hasina and Sajeeb Wazed Joy

The Anti-Corruption Commission on Sunday decided to conduct an inquiry into the allegation against former prime minister Sheikh Hasina and her son Sajeeb Wazed Joy of laundering $300 million to the United States and the United Kingdom.

The commission made the decision at its meeting at the commission headquarters in Dhaka with its newly-appointed chairman Mohammad Abdul Momen in the chair, ACC director general Md Aktar Hossain told New Age.

According to the allegation, the name of Sajeeb Wazed Joy first came up as a money laundering suspect in the United States versus Rizvi Ahmed case in 2014.

Later, a probe conducted by a powerful US intelligence agency uncovered serious financial scams involving Sajeeb Wazed, it said.

It also noted that in particular, information emerged that money was being laundered from various bank accounts in Hong Kong and the Cayman Islands in his name to various bank accounts in Washington and New York in the United States and London in the United Kingdom through a local money exchange entity.

The US intelligence agency also confirmed the matter through their London representative and found evidence of serious financial irregularities and money laundering committed by Sajeeb Wazed, said the allegation.

It also mentioned that Linda Samuels, Senior Trial Attorney of the Department of Justice, contacted Special Agent La Prevot and found that $300 million was deposited from Bangladesh to various bank accounts in the United States.

The commission came up with the new inquiry against deposed prime minister Sheikh Hasina and her son Sajeeb Wazed just four days after the commission on December 17 started an inquiry into Tk 80,000 crore corruption allegations against Hasina, Sajeeb Wazed, her younger sister Sheikh Rehana and Rehana’s daughter and British minister Tulip Siddiq.

The alleged corruption involving Tk 80,000 crore occurred in nine projects, including the Rooppur Nuclear Power Plant and the Special Ashrayan Project during the Awami League government between 2009 and 2023, according to the allegation.

Amid a student-led mass uprising on August 5, prime minister Sheikh Hasina fled to India while her son Sajeeb Wazed, also her information and communication technology adviser, is staying abroad.

According to the White Paper on the State of the Bangladesh Economy published recently, Bangladesh lost $16 billion annually on average between 2009 and 2023 because of the illicit fund flow under the authoritarian AL regime.

The illicit financial outflows are more than double the combined value of net foreign aid and foreign direct investment, the white paper said.

After the fall of the autocratic rule of Sheikh Hasina, the Professor Muhammad Yunus-led interim government came to power on August 8 and announced that it would take steps to bring back the laundered money.

As a part of the initiative, the commission has been actively collaborating with international agencies, including the US Federal Bureau of Investigation, the World Bank, and the United Nations Office on Drugs and Crime, to tackle money laundering.

On September 9, a delegation from the US Federal Bureau of Investigation held a meeting at the commission headquarters with the director general of the ACC’s money laundering and legal unit and other officials concerned.

Besides, on October 1, a three-member EU delegation, led by Michal Krejza, head of cooperation at the EU delegation to Bangladesh, met then ACC chairman Mohammad Moinuddin Abdullah and discussed the repatriation of laundered funds and technical assistance to strengthen the commission’s operational capabilities, said ACC officials.​

 

[Saif]

Hasina used higher courts to consolidate power: Asif Nazrul

Law Adviser Prof Asif Nazrul today said Sheikh Hasina's fascist regime used the higher court’s immense power to consolidate its power

www.thedailystar.net

Hasina used higher courts to consolidate power: Asif Nazrul

Asif Nazrul

Law Adviser Prof Asif Nazrul today said Sheikh Hasina's fascist regime used the higher court's immense power to consolidate its power.

"It (higher courts) holds unlimited authority, with significant scope to provide remedies even in cases involving fundamental rights. However, we observed with shock and sorrow that this immense power was used during Sheikh Hasina's fascist regime to consolidate power, perpetrate oppression, and violate the rights of ordinary citizens," he said.

"If someone shows allegiances to 'Joy Bangla' or 'Zindabad' and becomes a judge, there is little hope for the High Court. If the higher courts are the most corrupt, the most loyal to political parties, and the most partisan, then what will you achieve by granting independence to the lower courts? First, we need to fix the higher courts," he added.

He made the remarks as part of the series of dialogue titled "Democratic Reconstitution: On Judiciary", organised by the Centre for Governance Studies at the CIRDAP auditorium.

Referring to Khadijatul Kubra's case under the Digital Security Act (DSA), the adviser said, "We have witnessed astonishing incidents where, despite the High Court granting bail, the Appellate Division has indefinitely delayed her bail application, leaving her imprisoned without cause."

"Bangladesh's judicial system had become an instrument of oppression, persecution, and human rights violations. If free and fair elections are held in the country, the judiciary will never transform into such a ruthless and oppressive institution," he opined.

He further said that if elections were held every five years and genuinely reflected the people's will, the oppressive ruling parties in Bangladesh would not be able to act as they do now. When elections do not exist, arbitrary oppression becomes the norm," he said.

He added that at the root of all reforms, the election system must be prioritised.

He mentioned that the government would enact a law regarding the appointment of High Court judges this month. They also have plans to establish a judiciary secretariat within three months and a permanent prosecution service within six months.

"If we are given at least a year, we will complete these tasks," he asserted.

"I believe the stronger our consensus is, the harder -- almost impossible -- it will be for the next political government to repeal these reforms," he added.​

 

[Saif]

S Alam threatens int’l legal action against govt: FT

S Alam Group owner Mohammed Saiful Alam has initiated a legal effort as a Singaporean citizen to recover financial losses he claims were caused by the Bangladeshi government freezing his assets and harming his investments, The Financial Times reports.

www.thedailystar.net

S Alam threatens int’l legal action against govt: FT

Collected photo

S Alam Group owner Mohammed Saiful Alam has initiated a legal effort as a Singaporean citizen to recover financial losses he claims were caused by the Bangladeshi government freezing his assets and harming his investments, The Financial Times reports.

The dispute stems from actions taken by the interim government following the ousting of prime minister Sheikh Hasina.

Alam says his family's bank accounts were frozen, they were subjected to travel bans, and they lost control of their companies, all while facing investigations for alleged money laundering without formal notification.

S Alam has sent a "notice of dispute" to Chief Adviser Prof Muhammad Yunus and key advisers, warning that if the matter is unresolved within six months, he will pursue international arbitration under a 2004 bilateral investment treaty between Bangladesh and Singapore.

The December 18 notice states that the family obtained permanent residence in Singapore in 2011 and citizenship between 2021 and 2023. It adds that they all renounced their Bangladeshi nationality in 2020.

The notice was sent by lawyers of Quinn Emanuel Urquhart & Sullivan, an American law firm, according to the FT report.

It states that banks owned by S Alam have been restricted from lending and had their management teams changed, while deals they had in place have been cancelled by the government "arbitrarily and without due process".

"The value of the investors' investments has been destroyed, in whole or in part, through the acts and omissions of Bangladesh, its agencies and instrumentalities," the Quinn Emanuel notice states.

"Those acts and omissions, which are ongoing, have violated and continue to violate the investors' rights under [investment treaties] and the laws of Bangladesh, and give rise to the present dispute."

The Bangladesh government did not respond to a request for comments on the letter.

Ahsan H Mansur, who was appointed Bangladesh's central bank governor following the toppling of Hasina's regime in August, told the FT in October that Saiful Alam, his associates, and other groups had siphoned money out of the banking system after taking over leading banks with the help of members of a powerful military intelligence agency.

Mansur, a former IMF official, alleged that they used methods such as loans to the banks' new shareholders and inflated import invoices as part of what he called the "biggest, highest robbing of banks by any international standards".

S Alam Group, which has interests in sectors including food, construction, garments, and banking, has said there is "no truth" to Mansur's allegations.

A spokesperson for Bangladesh's central bank said, "The issues are under investigation and the central bank has refrained from any comment for the betterment of the investigation outcomes."

Alam's letter is an early indicator of the hurdles Bangladesh's interim government faces in its attempts to reclaim money it says was taken out of the banking system under the regime of Hasina.​

 

[Saif]

A guide to smuggling dreams and national nightmares

Few heists match the sheer audacity of the Awami League’s 15-year saga of economic escapades.

www.thedailystar.net

A guide to smuggling dreams and national nightmares

VISUAL: SALMAN SAKIB SHAHRYAR

In the vast tapestry of human creativity, few heists match the sheer audacity of the Awami League's 15-year saga of economic escapades. It's as though the government took cues from Ocean's Eleven, but instead of Danny Ocean and his suave crew, we had a merry band of bureaucrats, politicians and their cronies, all playing fast and loose with public funds. The white paper report on $234 billion (approximately Tk 28 lakh crore) in smuggled money isn't just a document; it's the script of a dystopian drama where "the tumour" of corruption metastasised across the economy, creating villains more cunning than Moriarty and institutions more fragile than Humpty Dumpty.

Jerry Maguire's famous line seems to have been taken as gospel by corrupt leaders and business moguls, who perfected the art of money laundering during the Awami League's tenure. According to the white paper, an average of Tk 1.8 lakh crore was smuggled abroad annually—enough to buy private islands, fund covert lunar missions or, more realistically, snap up overpriced condos in Dubai. Bangladeshis now own 532 properties in Dubai, worth a cool $375 million, which makes one wonder: is Bangladesh exporting labour or landlords?

Meanwhile, the Malaysia My Second Home programme welcomed more than 3,600 Bangladeshis, proving that while the poor migrate for better opportunities, the rich migrate for better villas. These transactions read like chapters from The Great Gatsby, where extravagance and deceit coexist in splendid harmony. But unlike Jay Gatsby's mysterious fortune, this loot comes with a paper trail—albeit one guarded by layers of bureaucratic misdirection.

Banks have been called the lifeblood of economies, but during this regime, they morphed into black holes, swallowing Tk 6.75 lakh crore in distressed loans. That's enough to build more than 13 metro rails or 22 Padma Bridges—or, in the true satirical spirit, one really long bridge to nowhere. Like Littlefinger from the Game of Thrones, the regime's players used banks not to build but to destabilise, enriching themselves while the kingdom crumbled.

These "distressed loans" weren't just numbers; they were lifelines for a select few oligarchs. Loans were disbursed with the generosity of Santa Claus, except the gifts were misappropriated funds, and the recipients were neither naughty nor nice—just connected.

Remember The Truman Show, where everything was a perfectly crafted illusion? That's precisely how the previous regime approached development projects. Roads, bridges, and hospitals became vanity projects, bloated with unnecessary costs and laced with bribes. It's almost poetic how money flowed like champagne at Gatsby's parties—except it wasn't enjoyed by the citizens who footed the bill.

Even the Annual Development Programme (ADP) was a masterpiece of creative accounting. Tk 7.2 lakh crore was spent over 15 years, with Tk 1.61 lakh crore to 2.8 lakh crore of it just wasted and looted. This wasn't development, it was performance art, a Kafkaesque nightmare where bridges connected not cities but offshore accounts.

If the banking sector was a black hole, the stock market was its rowdy cousin. Tk 1 lakh crore was embezzled through IPO fraud and placement scams, orchestrated by a shadowy cabal of politicians, bureaucrats, and "entrepreneurial" visionaries. These schemes rivalled Jordan Belfort's exploits in The Wolf of Wall Street.

This isn't just fraud—it's artistry. It takes a genius to convince an entire nation that the stock market is a viable investment while you quietly pocket the proceeds.

In 1984, George Orwell described a world where truth was malleable, and facts were twisted to serve the ruling party. The Awami League apparently took this as a blueprint, manipulating GDP and inflation statistics to paint a rosy picture. The Bangladesh Bureau of Statistics (BBS) became the Ministry of Truth, churning out data that would make even Big Brother blush.

Meanwhile, corruption flourished unchecked. Bribes were no longer local transactions but global ventures. Funds once used to fuel the shadow economy at home were now smuggled abroad, funding lifestyles more lavish than Crazy Rich Asians. The report calls this phenomenon a "malignant tumour," but perhaps it's more akin to Voldemort—an ever-present, parasitic force sucking the life out of the nation.

If Charles Dickens were alive today, he might rewrite A Tale of Two Cities as A Tale of Two Classes: one that tightened its belt and another that loosened its purse strings abroad. The white paper reveals how capitalism birthed oligarchs who manipulated policy, entrenched corruption, and hoarded wealth overseas.

Imagine Walter White in Breaking Bad, but instead of cooking meth, he's cooking up development budgets. The white paper reveals how inflated project costs were systematically looted, with money laundered through shell companies and overseas investments. Every construction project became a criminal enterprise, and every politician a Gustavo Fring, a respectable façade hiding a sinister core.

As we sift through this economic rubble, the interim government faces a Herculean task: restoring integrity to institutions gutted by corruption. But let's not kid ourselves. There will be no sweeping reforms overnight. Instead, we're in for a gritty reboot, where every move is calculated, and every step forward is hard-earned.

The white paper ends with a plea for political will, but one must wonder: is will alone enough to undo 15-plus years of systemic plunder? Perhaps the answer lies not in politics but in public vigilance. For now, though, the Tk 28 lakh crore smuggled remains a testament to a regime that prioritised greed over governance, corruption over competence, and illusion over integrity.

Like all great tragedies, this saga offers a glimmer of hope. The exposure of these crimes marks a turning point—a chance for redemption. But the road ahead is long, winding, and riddled with potholes, many of which were paid for with our stolen money.

So here's to the future—a cleaner, fairer, and more transparent Bangladesh. And to the past? Well, that's best left as a cautionary tale. Let's just hope the next generation writes a different story, one where the villains are vanquished, and the heroes don't need offshore accounts.

H.M. Nazmul Alam is lecturer at the Department of English and Modern Languages of the International University of Business, Agriculture and Technology (IUBAT).​

 

[Saif]

Tulip Siddiq interrogated in United Kingdom over corruption claims in Bangladesh

Tulip Siddiq, a United Kingdom labour minister and niece of Bangladesh’s ousted prime minister Sheikh Hasina, has been questioned over claims she and her family members embezzled £4b (around Tk 60,000 crore) from a power plant project in Bangladesh..

www.newagebd.net

Tulip Siddiq interrogated in United Kingdom over corruption claims in Bangladesh
United News of Bangladesh . Dhaka 23 December, 2024, 14:55

Tulip Siddiq. | UNB Photo

Tulip Siddiq, a United Kingdom labour minister and niece of Bangladesh’s ousted prime minister Sheikh Hasina, has been questioned over claims she and her family members embezzled £4b (around Tk 60,000 crore) from a power plant project in Bangladesh

The cabinet office propriety and ethics team questioned Tulip Siddiq on Sunday over the allegation, reports The Telegraph.

Tulip Siddiq is facing investigation over claims that she and four family members embezzled £4 billion through Roopur Nuke Power Plant Deal in Bangladesh.

British prime minister Keir Starmer has stood by Tulip, who denies the claims and said no authority has contacted her so far about the allegations.

Labour party officials described the claims as ‘spurious’ and made for political reasons by opponents of Hasina.

In October, National Crime Agency investigators visited Bangladesh to ‘support’ its anti-corruption probes.

A Tory MP has written to the Parliamentary Standards Commissioner asking them to launch a probe into Tulip over the allegations.

The Anti-Corruption Commission in Bangladesh decided to start probe the embezzlement allegation against former prime minister Sheikh Hasina, her sister Sheikh Rehana, son Sajeeb Wazed Joy and niece Tulip Siddiq recently following a High Court order.

Tulip Siddiq, 42, the Treasury’s economic secretary, is responsible for tackling corruption in UK financial markets.

The Mail on Sunday reported that five investigators are gathering ‘documentary evidence’ related to Tulip and others, and are expected to contact them within weeks for their responses.

The report stated that the ACC would send any correspondence to her through the British High Commission in Dhaka.

Citing anonymous officials, the paper noted that once responses are received, investigators will decide whether to file First Information Reports.​