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

[Saif]

Yunus for probing UK properties linked to Tulip

Chief Adviser Muhammad Yunus has called for an investigation into Tulip Siddiq and her family’s properties in the United Kingdom, suggesting that those might have been purchased through illicit wealth linked to her aunt, Sheikh Hasina, according to The Times.

www.thedailystar.net

Yunus for probing UK properties linked to Tulip
Salman F Rahman’s son, Shayan, linked to £1.2 million property bought by Tulip’s family

Photo: Collected

Chief Adviser Muhammad Yunus has called for an investigation into Tulip Siddiq and her family's properties in the United Kingdom, suggesting that those might have been purchased through illicit wealth linked to her aunt, Sheikh Hasina, according to The Times.

The report claims that several London properties were linked to offshore companies and businessmen named in the Panama Papers.

In a recent interview, the chief adviser emphasised that the properties connected to Tulip should be thoroughly examined. He said that if it is found that these assets were acquired through unlawful means, they should be returned to the people of Bangladesh.

"It's about plain robbery," he said, accusing the former regime, which was toppled in a mass uprising on August 5 last year, of embezzling funds through fraudulent practices.

According to reports published in UK media, the properties in question were bought by associates of former prime minister Sheikh Hasina.

The Times report links the family of Tulip, a British MP for Hampstead and Highgate and the UK's anti-corruption minister, to five London properties bought with the help of offshore companies.

These properties are not currently under formal investigation, but Yunus urged the Bangladesh Anti-Corruption Commission to look into them as part of its ongoing inquiries into corruption and embezzlement under Hasina's regime.

According to The Times report, one of these properties was a Hampstead home bought by an offshore company named in the Panama Papers. This particular company was connected to two Bangladeshi businessmen with ties to the Awami League. Tulip, who has previously spoken out against the use of offshore trusts to evade financial transparency, now faces intense scrutiny over her family's dealings.

Tulip has denied any wrongdoing and described allegations against her as politically motivated.

The reports have triggered a storm in the UK, with opposition Conservative MPs calling for Tulip to resign. However, UK Prime Minister Kier Starmer has said he has full confidence in Tulip.

Tulip has referred herself to the UK prime minister's ethics watchdog. A Downing Street spokesman said it was "completely untrue" to suggest the party had drawn up a shortlist as reported by some media.

In his remarks, Yunus expressed disbelief at the situation, noting that it was an "irony" that Tulip Siddiq, an anti-corruption minister in the UK, had been linked to these controversial properties.

While Yunus did not call for Tulip's resignation, he emphasised that her defence of the properties raised serious ethical questions.

"Maybe you [Tulip] didn't realise it, but now you do. You should say: 'Sorry, I didn't know it [at] that time, I seek forgiveness from the people that I did this and I resign.' But she is not saying that. She's defending herself."

The scandal comes amid wider allegations of corruption surrounding Hasina's government.

Asked whether Tulip's properties should be investigated by the ACC, Yunus said, "Absolutely".

He added that the commission should look at the "whole thing".

He also said that, if feasible, the properties bought by AL allies outside the country using illegal wealth should be returned.

"That's the intention of the interim government. How to bring them back," he said.

One of the key figures involved in the property purchases related to Tulip is Shayan Rahman, the son of Salman F Rahman, a billionaire and former adviser to Hasina. Shayan Rahman used an offshore trust to buy a £1.2 million property in Golders Green, London, which was used by Sheikh Rehana, Tulip's mother.

Shayan is currently under investigation by the Bangladesh Criminal Investigation Department for laundering more than $80 million out of Bangladesh, with funds allegedly funnelled through Dubai.

Salman F Rahman was arrested after attempting to flee the country, and his son's whereabouts remain unknown.

Shayan Rahman is also known for his ties to the British Asian Trust, an anti-poverty charity founded by King Charles. He reportedly donated over £250,000 to the charity, and Charles publicly praised him for his support during a gala dinner at Buckingham Palace.

The National Crime Agency, the UK's equivalent of the FBI, has shown willingness to assist Bangladesh in recovering assets linked to illicit financial activities. In October 2024, NCA officers visited Dhaka to meet with local law enforcement, and they indicated that they could help freeze UK-based assets if requested.

Yunus expressed hope that the NCA, as well as other international law enforcement agencies, would continue to cooperate in tracking down and recovering stolen assets.

He stressed that the ongoing investigations must ensure that those responsible for embezzling Bangladesh's wealth are held accountable.

"We need to bring them to justice," Yunus declared.​

 

[Saif]

FBI finds Sajeeb’s link with 5 cos, 8 luxury cars

A Federal Bureau of Investigation probe has found that deposed prime minister Sheikh Hasina’s son Sajeeb Wazed owns eight luxurious cars and he has involvement in five companies.

www.newagebd.net

FBI finds Sajeeb’s link with 5 cos, 8 luxury cars
Solamain Salman 13 January, 2025, 00:25

Sajeeb Wazed Joy.

A Federal Bureau of Investigation probe has found that deposed prime minister Sheikh Hasina’s son Sajeeb Wazed owns eight luxurious cars and he has involvement in five companies.

The FBI probe has also found that Hasina and Sajeeb laundered $300 million (about Tk 3,600 crore) to the United States and the United Kingdom.

The US intelligence agency also claimed that they uncovered significant irregularities in the financial activities of Sajeeb.

Based on the FBI findings, the Anti-Corruption Commission in Bangladesh on December 22, 2024 initiated an inquiry into the allegation against Hasina and Sajeeb of laundering $300 million to the United States and the United Kingdom.

The FBI report was submitted to an assistant attorney general for the criminal division of the US Department of Justice on April 23, 2023. The commission also obtained a copy of the FBI report, said ACC officials concerned.

The FBI found eight luxurious vehicles owned by Sajeeb –– 2018 Mclaren 720S worth $2,50,578, 2018 Mercedes-Benz AMG GT worth $1,09,806, 2015 Mercedes-benz S-class worth $51,008, 2016 Mercedes-Benz Sl-class worth $73,570, 2015 Lexus GX 460 worth $30,182, 2016 Land Rover Range Rover worth $37,586, 2003 Jeep Grand Cherokee worth $ 7,491 and 2001 Grand Cherokee worth $ 4,477.

According to the FBI report, the US intelligence agency discovered bank accounts of Sajeeb in Hong Kong and Cayman Island and found suspicious money transfers to Washington DC, New York and London through a local money exchange company.

The FBI has contacted its counterpart in the United Kingdom to look into Sajeeb’s suspicious activates, said the report saying that these findings raised serious concerns about potential illicit activities and necessitated further examination.

The FBI report said that special agent La Prevotte was contacted by US Department of Justice senior trial attorney Linda Samuels who requested the assistance of Washington Field with a case involving $300 millions stolen from Bangladesh and laundered through and into bank accounts in the United States.

Noting that Hasina and Sajeeb laundered money to the United States and Cayman Island, the report stated that Department of Justice asset forfeiture or money laundering section requested the assistance of Washington Field to trace, restrain, seize and forfeit these funds.

‘Our investigation also revealed suspicious activity under the name Wazed Consulting Inc. Mr Wazed has acquired properties worth millions of dollars with cash. Wazed Consultant engaged in numerous business dealing with Bangladesh government and taking consulting for Bangbandhu-1 satellite project.’ it said.

These financial transactions warrant careful scrutiny and investigation to determine their legality and ensure accountability, said the report.

The FBI also said that they contacted the ACC to cooperate in verifying bank account information and swift code validation, and to address any potential illegal activities.

It also said that the probe found Sajeeb’s wife Kristine O Wazed with suspicious bank activities that took place in Massachusetts and Virginia.

The FBI also said that its confidential informant gave two names of Sajeeb associates –– US unit Awami League president Siddiqur Rahman and its senior joint secretary Nizam Chowdhury.

The FBI also found Sajeeb’s involvement in five companies, including Wazed Consulting Inc, Ecom Systems Inc, Mvion Inc, and Intelligent Trade Systems Ltd.

After the fall of the Awami League government on August 5 amid a student-led mass uprising, the ACC started probes into allegations of corruption against Hasina, her son Sajeeb and other family members.

An inquiry team of the commission led by its deputy director Md Salauddin started the inquiry and already sent letters to different government agencies seeking necessary information.

A member of the team told New Age on Monday that they sent letters to different offices, including the secretary of the Chief Adviser’s Office, the Bangladesh Financial Intelligence Unit, passport office and the Election Commission, seeking information.

Noting that they have already got information from different sources at home and abroad over the money laundering, he also said that the passport office and the Election Commission gave them some information, but the rest of the offices werre yet to respond to the letter.

Sajeeb, however, on his verified Facebook page, claimed that the corruption allegations made against him and his family members were completely bogus.

‘We have never been involved in or made money from any government projects,’ he said.

‘Obviously we have bank accounts in these two countries. We have no offshore accounts. None of us has ever seen the amounts of money that are being claimed,’ he added.

Earlier, the commission on December 17 started another inquiry into Tk 80,000 crore corruption allegations against Hasina, Sajeeb, Hasina’s 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 allegations.​

 

[Saif]

UK Prime minister asked to sack Tulip for corruption allegation

The United Kingdom’s leader of the opposition Kemi Badenoch has called upon prime minister Sir Keir Starmer to dismiss treasury minister Tulip Siddiq amid corruption allegations and...

www.newagebd.net

UK Prime minister asked to sack Tulip for corruption allegation
Bangladesh Sangbad Sangstha . Dhaka 12 January, 2025, 18:35

Tulip Siddiq | BSS photo

The United Kingdom’s leader of the opposition Kemi Badenoch has called upon prime minister Sir Keir Starmer to dismiss treasury minister Tulip Siddiq amid corruption allegations and concerns as Bangladesh chief adviser professor Muhammad Yunus has called for an investigation into properties used by Tulip Siddiq in London.

‘It’s time for Keir Starmer to sack Tulip Siddiq. Now the government of Bangladesh is raising serious concerns about her links to the regime of Sheikh Hasina,’ Conservative Party leader Kemi Badenoch posted on her X account.

The statement followed remarks by professor Yunus in an interview with The Sunday Times, where the Nobel Laureate urged an investigation into London properties used by Siddiq.

He suggested these properties be returned to Bangladesh if found to have been acquired through ‘plain robbery’.

In her X post, Badenoch accused the UK PM of appointing his ‘personal friend Tulip’ as anti-corruption minister despite allegations of corruption against her.

In the interview, professor Yunus called for an investigation into properties used by Tulip Siddiq and her family, stating, ‘She [Tulip] becomes the minister for anti-corruption and defends herself. Maybe you didn’t realise it, but now you realise it. You say, ‘Sorry, I didn’t know it at that time, I seek forgiveness from the people that I did this and I resign.’ She’s not saying that. She’s defending herself.’

Siddiq, a member of the UK’s Labour Cabinet, serves as the economic secretary to the treasury and city minister, responsible for policies addressing corruption in financial markets.

Amid reports linking her to properties owned by allies of her aunt, ousted former Bangladesh prime minister Sheikh Hasina, Siddiq referred herself to the independent adviser on ministerial standards, Sir Laurie Magnus.

In her letter requesting an investigation, Siddiq maintained her innocence. ‘I am clear that I have done nothing wrong,’ she wrote.

Prime minister Sir Keir Starmer defended Siddiq at a press conference, stating she had ‘acted entirely properly’ in referring herself for investigation and expressing his ‘confidence in her’.

Siddiq has since withdrawn from accompanying the chancellor on a trip to China this weekend to assist with the investigation. Since then, several international media outlets have reported allegations against Tulip Siddiq, claiming she received free flats in London from allies of the ousted Awami League government in Bangladesh.

Additionally, several MPs from the ruling party have spoken against Tulip for allegedly receiving free flats.

The Sunday Times reported that she had used a flat in Hampstead, north London, which had been given to her teenage sister by lawyer Moin Ghani, who had represented the Hasina administration.

The Financial Times revealed that she had also used an apartment in King’s Cross given to her by Abdul Motalif, another associate of members of the Awami League party in Bangladesh.

Additionally, Siddiq is alleged to have facilitated discussions with Russia regarding Bangladesh’s Rooppur Power Plant in 2013, despite not holding an official position in the UK government at the time.

Allegations of embezzling approximately $4 billion from the Rooppur Nuclear Power Plant have also implicated Sheikh Hasina and her family, including Siddiq.

Reports claim Siddiq has been interrogated by the UK cabinet office’s justice and ethics team as part of the investigation into these allegations.

Sheikh Hasina, who fled to India following the mass uprising, faces multiple allegations, including crimes against humanity, raised by the new Bangladeshi government.​

 

[Saif]

‘Getting overwhelming support’: Shafiqul Alam on stolen money

Reiterating interim government’s priority to bring back stolen money from abroad, Chief Adviser’s Press Secretary Shafiqul Alam on Sunday that they are getting overwhelming responses from all those countries where the government suspects that stolen money might go. “We won’

thefinancialexpress.com.bd

‘Getting overwhelming support’: Shafiqul Alam on stolen money
UNB
Published :
Jan 12, 2025 22:02
Updated :
Jan 12, 2025 22:02

Reiterating interim government’s priority to bring back stolen money from abroad, Chief Adviser’s Press Secretary Shafiqul Alam on Sunday that they are getting overwhelming responses from all those countries where the government suspects that stolen money might go.

“We won’t talk about any specific country but we are contacting with all….we would say we are getting overwhelming support and cooperation,” he said while responding to a question during a media briefing at the Foreign Service Academy.

Alam said they are working on these issues and a taskforce is working under the leadership of the Bangladesh Bank Governor.

“We are first looking at how to bring the money back. This is our top priority,” he said, adding that it was unlimited when they talked about stolen money.

The Press Secretary said they need to detect and trace first where the stolen money was kept.

He said they are looking into how the money was siphoned off and in which account. “We are doing whatever needs to be done for that. We have reconstituted the Anti-Corruption Commission. We have strengthened the Central Bank. The Bangladesh Financial Intelligence Unit has been strengthened,” he said.

Alam said they are contacting the countries where the stolen money might go and the government is informing those countries that they should cooperate with the interim government. “We are getting that support from everyone. We are communicating with everyone,” he said.

CA’s Deputy Press Secretaries Apurba Jahangir, Abul Kalam Azad Majumder and Assistant Press Secretary Suchismita Tithi were also present.​

 

[Saif]

Hasina, Rehana named in case filed by ACC for unlawfully acquiring plots in Purbachal project

The Anti-Corruption Commission (ACC) has filed a case against 16 individuals, including former Prime Minister Sheikh Hasina, her sister Sheikh Rehana, and several RAJUK officials, accusing them of illegally acquiring government plots in the Purbachal New Town project. ACC Director General (P

thefinancialexpress.com.bd

Hasina, Rehana named in case filed by ACC for unlawfully acquiring plots in Purbachal project
FE Online Report
Published :
Jan 12, 2025 17:57
Updated :
Jan 12, 2025 18:06

The Anti-Corruption Commission (ACC) has filed a case against 16 individuals, including former Prime Minister Sheikh Hasina, her sister Sheikh Rehana, and several RAJUK officials, accusing them of illegally acquiring government plots in the Purbachal New Town project.

ACC Director General (Prevention) Md Akhter Hossain confirmed the filing of the case on Sunday.

The allegations, as reported in newspaper clippings, appear specific, evidence-based, and fall under the schedule of offenses for the ACC. As such, it was deemed appropriate to investigate the matter through its special inquiry branch, he said.

On December 26, the ACC initiated an inquiry into the matter.

On that day, ACC Director General Hossain stated that Hasina, leveraging her political position and powers under Article 13/A of the Constitution, misused her authority and engaged in irregularities and corruption.

With the assistance of senior RAJUK officials, he alleged, she facilitated the allocation of six plots, each measuring 10 katha (a total of 60 katha), in the diplomatic zone of Sector 27 in the Purbachal New Town Project.

These plots were registered in her name, as well as in the names of her son Sajeeb Wazed Joy, daughter Saima Wazed (Putul), younger sister Sheikh Rehana, and Rehana's children, Rezwan Mujib Siddiq Bobby and Azmina Siddiq, Mr Hossain added.​

 

[Saif]

Ex-minister javed: Court freezes his cement company’s bank account

A court in Chattogram has ordered to suspend the bank account of Aramit Cement Ltd, owned by former land minister Saifuzzaman Chowdhury Javed, in a case of defaulted loan of Tk 15 crore.

www.thedailystar.net

Ex-minister javed: Court freezes his cement company’s bank account

Saifuzzaman Chowdhury Javed

A court in Chattogram has ordered to suspend the bank account of Aramit Cement Ltd, owned by former land minister Saifuzzaman Chowdhury Javed, in a case of defaulted loan of Tk 15 crore.

Judge Mujahidur Rahman of the Chittagong Financial Debt Court issued the order yesterday afternoon, said the court's bench assistant Rezaul Karim.

Javed's wife Rukmila Zaman is the managing director of Aramit Cement, the company accused of defaulting on the loan.

Javed served as the state minister for land from 2014 to 2018 and as its minister from 2019 to 2023.

Before the 2024 parliamentary elections, he was accused of amassing huge wealth abroad. After that, he was not seen in the cabinet formed after the elections. Media reported that Javed moved to London with his wife and family members just before the fall of the Awami League government in the student-public movement on August 5 last year.

A review of the case documents revealed that when Javed was a minister, his family company Aramit Cement Ltd took a loan from Bank Asia.

After the company defaulted on the loan, seven people including Rukmila and Mohammad Masudul Islam, the first assistant vice president of Bank Asia, filed a case against Aramit Cement on November 11, 2023. However, Javed was not accused in the case.

On November 26 last year, Bank Asia informed the court that their total debt against the loan given to Aramit Cement stood at almost Tk 14.64 crore. The defendants do not have any property mortgage to the bank against this loan. Besides, the defendants left the country after the political changeover on August 5. They are accused of smuggling a huge amount of money abroad.

Bank Asia also asked the court to attach a bank account of Aramit Cement with the United Commercial Bank Ltd (UCBL), Bahaddarhat branch, for collecting the dues.

The court's bench assistant Rezaul Karim told The Daily Star, "After a hearing, the court ordered the suspension of all transactions of the company's UCBL bank account. At the same time, it issued the defendants a show-cause notice asking them to explain why all the accounts should not be attached."

"They will have to respond to the show-cause notice by January 20," he added.​

 

[Saif]

UK PM faces pressure to sack Tulip Siddiq

UK prime minister Keir Starmer faced fresh pressure Monday to sack his anti-corruption minister Tulip Siddiq, amid accusations over her family ties to Bangladesh’s toppled premier.

www.newagebd.net

UK PM faces pressure to sack Tulip Siddiq
Agence France-Presse . London 13 January, 2025, 21:17

Tulip Siddiq | BSS file photo

UK prime minister Keir Starmer faced fresh pressure Monday to sack his anti-corruption minister Tulip Siddiq, amid accusations over her family ties to Bangladesh’s toppled premier.

Siddiq has been dogged by claims about her links to her aunt Sheikh Hasina, who fled Bangladesh last August after a student-led uprising against her decades-spanning tenure as prime minister.

Earlier this month, the UK minister referred herself to Starmer’s standards adviser, following a flurry of allegations, including that she lived in properties linked to her aunt and the Awami League party Hasina led.

Siddiq has insisted that she has done nothing wrong.

Asked on Monday whether Siddiq’s position in the UK government remained tenable, senior British minister Pat McFadden told Sky News she had ‘done the right thing’ with the self-referral.

He insisted the standards adviser had the powers to ‘carry out investigations into allegations like this’.

‘That is what he is doing, and that is the right way to deal with this,’ McFadden said.

But UK opposition politicians want Siddiq fired.

‘I think it’s untenable for her to carry out her role,’ the Conservatives’ finance spokesman Mel Stride told Times Radio on Sunday.

‘It’s inappropriate for Tulip to be in the position that she holds at the moment. She is the anti-corruption minister in government,’ he said.

In December Siddiq emerged as a named target of a probe by Bangladesh’s anti-corruption commission into the alleged embezzlement by Hasina’s family of $5 billion connected to a Russian-funded nuclear power plant.

Money laundering investigators there have since ordered the country’s big banks to hand over details of transactions relating to Siddiq as part of the probe.

Siddiq is an MP for a north London seat who is part of the finance ministry and responsible for the UK’s financial services sector as well as anti-corruption measures.

Over the weekend, a Sunday Times investigation revealed details about the claims that Siddiq spent years living in a London flat bought by an offshore company connected to two Bangladeshi businessmen.

The flat was eventually transferred as a gift to a Bangladeshi barrister with links to Hasina, her family and her ousted government, according to the newspaper.

It also reported Siddiq and her family were given or used several other London properties bought by members or associates of the Awami League party.

Bangladesh’s interim leader, Muhammad Yunus, a Nobel Prize-winning microfinance pioneer who heads a caretaker government, demanded a detailed probe in light of the allegations.

He told the newspaper the properties could be linked to wider corruption claims against Hasina’s toppled government, which he said amounted to the ‘plain robbery’ of billions of dollars from Bangladesh’s coffers.​

 

[Saif]

Tulip resigns as UK minister

Tulip Siddiq, British treasury minister, resigned yesterday after repeated questions about her financial links to the ousted Bangladeshi government run by her aunt Sheikh Hasina.

www.thedailystar.net

Tulip resigns as UK minister
Starmer accepts, leaves door open for her return

Tulip Siddiq, British treasury minister, resigned yesterday after repeated questions about her financial links to the ousted Bangladeshi government run by her aunt Sheikh Hasina.

In a letter to UK Prime Minister Keir Starmer, Tulip, 42, repeated she had done nothing wrong but said continuing in office would likely "be a distraction from the work of the government".

Tulip, whose ministerial role included tackling corruption in UK financial markets, said she had fully declared all her financial interests and relationships.

Earlier this month, she had referred herself to Laurie Magnus, Starmer's adviser on ministerial standards, after it emerged she had lived in multiple properties associated with people with links to Sheikh Hasina.

Tulip was not found to have broken any rules by Magnus, reports The Guardian.

Labour MP Emma Reynolds has been appointed the new Economic Secretary to the Treasury.

Hasina fled after being deposed as Bangladeshi PM on August 5.

Tulip was under pressure over her occupancy of the properties, including a two-bedroom flat near King's Cross in central London and a separate home in Hampstead.

Besides, Bangladesh's Anti-Corruption Commission has launched multiple probes into the alleged corruption of Hasina and her family members, including Tulip.

Tulip is one of those named in the commission's investigation into accusations of embezzlement of $5 billion connected to a Russian-funded nuclear power plant in Bangladesh.

Bangladeshi money laundering investigators have since ordered the country's big banks to hand over details of transactions relating to Tulip as part of the probe.

In her letter of resignation, Tulip said her "family connections were a matter of public record" and that she had acted with "full transparency".

She insisted her "loyalty is and always will be" to the Labour government and the "programme of national renewal and transformation it has embarked upon".

"I have therefore decided to resign from my ministerial position."

Starmer thanked Tulip for her work and recognised that "no evidence of financial improprieties on your part" had been found.

In a letter accepting her resignation, Sir Keir said the "door remains open" for Tulip, a Labour MP for Hampstead and Highgate.

Over the weekend, a Sunday Times investigation revealed details about the claims that she spent years living in a London flat bought by an offshore company connected to two Bangladeshi businessmen.

The flat was eventually transferred as a gift to a Bangladeshi lawyer with links to Hasina, her family and her ousted government, according to the newspaper.

It also reported Tulip and her family were given or used several other London properties bought by members or associates of the Awami League party.

Hours after Tulip's resignation, a statement from Bangladesh interim government's Chief Adviser's Press Wing said Dhaka is committed to bringing back stolen money from around the world.

As Professor Yunus told The Sunday Times of London, Tulip may not have entirely understood the source of the money and property that she was enjoying in London, but she knows now and should seek forgiveness from the people of Bangladesh, it said.​

 

[Saif]

Govt committed to bringing stolen money back: CA press wing

Chief Adviser Professor Muhammad Yunus has already expressed the views of the vast majority of Bangladesh's citizens

www.thedailystar.net

Govt committed to bringing stolen money back: CA press wing

The interim government is committed to bringing the stolen money back to the country.

"We remain committed to accountability and justice, and we will be working with partners around the world to return the stolen funds to the people of Bangladesh," according to a statement issued from the press Office of Chief Adviser last night.

Chief Adviser Professor Muhammad Yunus has already expressed the views of the vast majority of Bangladesh's citizens.

He said properties and assets tied to stolen Bangladeshi funds, including those linked to individuals with connections to the previous regime, must be investigated thoroughly.

"If proven to have benefited from embezzlement, we expect those assets to be returned to Bangladesh, where they rightfully belong," he said.

As Prof Yunus told The Sunday Times of London, Tulip Siddiq may not have entirely understood the source of the money and property that she was enjoying in London, but she knows now and should seek forgiveness from the people of Bangladesh, the statement read.

The interim government is actively working with international law enforcement agencies to investigate and recover funds stolen from the people of Bangladesh. Such collaboration is vital to dismantle transnational networks of financial crime.

"We hope and expect all friendly governments, including the UK, to stand with the people of Bangladesh in seeking justice for these crimes. Corruption hurts everyone other than those who perpetrate it-and some of their favoured relatives and cronies."

The ongoing investigation into the $5 billion misappropriation linked to the Rooppur Nuclear Power Plant underscores the scale of corruption under the previous government.

The misuse of public resources in this and other projects has not only robbed the people of Bangladesh but also disrupted the country's progress toward economic stability, the statement said.

The theft of billions of dollars in public funds has left Bangladesh with a significant financial deficit.

"The funds stolen from Bangladesh belong to its people. We will continue to work with our international partners to ensure that justice is done," the statement said.​

 

[Saif]

Seizure of 16 properties of S Alam ordered

The Dhaka Metropolitan Senior Special Judge’s court on Tuesday ordered the seizure of 68 bank accounts and 16 properties of S Alam Group chairman Mohammed Saiful Alam and his family.

www.newagebd.net

Seizure of 16 properties of S Alam ordered
Staff Correspondent 14 January, 2025, 18:51

S Alam Group chairman Md Saiful Alam | Collected photo

Court also orders freezing of 68 bank accounts of Alam, family

The Dhaka Metropolitan Senior Special Judge’s court on Tuesday ordered the seizure of 68 bank accounts and 16 properties of S Alam Group chairman Mohammed Saiful Alam and his family.

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

Several government agencies are investigating asset embezzlement and money laundering allegations against S Alam.

S Alam allegedly took about Tk 2 lakh crore from a number of banks in names and anonymously. A large portion of the funds was allegedly laundered abroad.

Saiful Alam and his family surrendered their Bangladeshi citizenship in 2020 and took Singaporean citizenship in 2021.

On Tuesday, the Dhaka Metropolitan Senior Special Judge’s court also directed the authorities concerned to freeze five bank accounts of former lawmaker for the Bogura-2 constituency Mohammad Shariful Islam Jinnah and his wife over allegations of corruption.

It also ordered the attachment of one of their vehicles and five immovable properties.

Dhaka Metropolitan Senior Special Judge Md Zakir Hossain Galib issued the order for the seizure of bank accounts and properties of Saiful Alam and his family.

He came up with the order following a petition submitted by Anti-Corruption Commission deputy director Siffat Uddin for the seizure of these assets, said ACC public prosecutor Mahmud Hossain Jahangir.

The 16 properties are the 10-story S Alam Tower at Gulshan, a six-story building with one bigha of land at Dhanmondi, a four-story building on 11.88 decimals of land at Dhanmondi Lake Circus, a flat on 2,658 square feet of land at Gulshan, a plot of 0.788 acres at Gulshan 2, a building at Maat Tala in the Uttara residential area, a plot of 103.3 kathas of land in the Bashundhara residential area at Vatara, 1,700 acres of land, 96 kathas of land, 1,536 acres of land, 11,061 bighas of land and 131.4 kathas of land.

Apart from these, the same court also imposed a travel ban on former environment, forest, and climate change minister Md Shahab Uddin, his son Zakir Hossain Jumon, and former deputy minister for environment and forests Abdullah Al Islam Jakob over graft allegations.

Judge Zakir Hossain Galib passed the orders, allowing two separate pleas of the ACC.

The anti-graft body in its plea against Shahab Uddin and his son alleged that the father-son duo had amassed huge illegal wealth through corruption and embezzlement of public money.

The ACC also said that it was probing allegations of corruption, embezzlement of public funds, laundering money, and amassment of huge illegal wealth against Jakob.​

 

[Saif]

PLOT SCAM: ACC sues Hasina, Sajeeb

The Anti-Corruption Commission on Tuesday filed two separate cases against deposed prime minister Sheikh Hasina and her son Sajeeb Wazed Joy on charges of corruption in allotting...

www.newagebd.net

PLOT SCAM: ACC sues Hasina, Sajeeb
Staff Correspondent 15 January, 2025, 00:48

Sheikh Hasina and her son Sajeeb Wazed Joy.

The Anti-Corruption Commission on Tuesday filed two separate cases against deposed prime minister Sheikh Hasina and her son Sajeeb Wazed Joy on charges of corruption in allotting Rajdhani Unnayan Kartripakkha land plots at the Purbachal New Town project.

ACC deputy director Mohammad Salahuddin filed the cases with its integrated district office, Dhaka-1, said ACC director general (prevention) Md Akhtar Hossain. A case was filed against Hasina and seven former and serving officials of the housing and public works ministry and Rajuk over allocation of a government plot for Hasina through irregularities and corruption, he said.

The other accused are former Rajuk chairman Md Anisur Rahman Miah, senior assistant secretary Purabi Goldar, former members Shafiul Haque and Md Khurshid Alam, former estate and land member Mohammad Nasir Uddin, former development member Major (retd) Shamsuddin Ahmad Chowdhury, and former deputy director Nayeb Ali Sharif.

The other case was filed against Sajeeb, Hasina and 14 other officials of Rajuk and the housing ministry over allotment of a plot for Sajeeb through irregularities and abuse of power.

The other accused in the case are the ministry’s administrative officer Saiful Islam Sarkar, senior assistant secretary Purabi Goldar, additional secretary (administration) Kazi Wasiuddin, former secretary Shahid Ullah Khondkar, former Rajuk chairman Anisur Rahman Miah, former estate and land member Md Khurshid Alam, former development control member Tanmoy Das, former member Mohammad Nasir Uddin, former development member Major (retd) Shamsuddin Ahmad Chowdhury, director Kamrul Islam, assistant director Mazharul Islam, deputy director Nayeb Ali Sharif and director Nurul Islam.

According to the cases, Hasina, while serving as prime minister, misused her authority to conceal her family’s real estate holdings in Dhaka.

Despite owning several properties in the city, including flats and houses registered under the names of her children, sister, niece, and nephew, she did not disclose this in official affidavits.

Hasina is accused of unlawfully securing a highly valuable plot in the East Purbachal New Town Project’s diplomatic zone — plot No 009 on 203 Road in Sector 27 and her son Sajeeb secured plot No 015 — using her position of power to influence the ministry and Rajuk officials, the cases said.

Earlier, the ACC on Monday filed three cases against Hasina, her sister Sheikh Rehana, Rehana’s son Redwan Mujib Siddique, Rehana’s daughters Tulip Siddique and Azmina Siddique on charges of corruption in allotting Rajuk land plots at the Purbachal New Town project.

Apart from the five members of Hasina and Rehan’s family, 19 other serving and former officers and employees of the housing and public works ministry and Rajuk were also accused in the cases.

According to the cases, Tulip, while serving as a member of the British parliament, influenced Hasina to allocate the plots for her mother Rehana, brother Redwan and sister Azmina.

Rehana, Redwan and Azmina, despite owning a house or flat or housing facility in an area under Rajuk in Dhaka city, concealed it in their affidavits and violated the provisions of the Dhaka Improvement Trust (Allotment of Lands) Rules, 1969 in getting allotments of three plots (each sized 10 kathas) in the diplomatic area of the Purbachal New Town project.

The ACC on Sunday filed a case against Hasina, her daughter Saima Wazed and 14 others on charges of the same irregularities in allotment of a plot No 017 in the same project for Saima.

The corruption cases were filed following an enquiry by the ACC launched on December 26 past year against Hasina, her sister Rehana and four of their children over allegations of irregularities and abuses of power in acquiring government plots spanning 60 kathas of land at Purbachal.

According to the allegations, Hasina in collusion with top officials of Rajuk facilitated the allocation of six plots — each is 10 katha in size — in her and family members’ names through irregularities and corruption during her tenure as prime minister.

Deposed prime minister Sheikh Hasina fled to India amid a student-led mass uprising on August 5.​

 

[Saif]

ACC to investigate Hasina’s alleged misuse of power in Putul's WHO appointment

The Anti-Corruption Commission, or ACC, has decided to investigate whether deposed prime minister Sheikh Hasina misused her authority to secure a position for her daughter, Sayema Wazed Putul, as the regional director of the World Health Organisation. ACC Director General (Prevention) Akhtar Hossa

thefinancialexpress.com.bd

ACC to investigate Hasina’s alleged misuse of power in Putul's WHO appointment
bdnews24.com
Published :
Jan 15, 2025 21:56
Updated :
Jan 15, 2025 21:58

The Anti-Corruption Commission, or ACC, has decided to investigate whether deposed prime minister Sheikh Hasina misused her authority to secure a position for her daughter, Sayema Wazed Putul, as the regional director of the World Health Organisation.

ACC Director General (Prevention) Akhtar Hossain told the journalist on Wednesday that the commission had received a complaint regarding the matter.

Putul, a clinical psychology graduate, earlier worked as a school psychologist in the United States.

Her mother Hasina appointed her as chairperson of Bangladesh’s National Advisory Committee on Autism and Neurodevelopmental Disorders.

Putul was also made a member of the WHO’s Expert Advisory Panel on Mental Health.

In November 2023, at the 76th session of the WHO Regional Committee for South-East Asia, or SEARO, in India’s New Delhi Putul was elected as the regional director.

She officially assumed the position in February 2024.

The WHO South-East Asia Office is based in New Delhi.

Since assuming the role, Putul has been residing there, while Awami League Hasina has also been in Delhi since losing power following the mass uprising on Aug 5, 2024.

ACC official Akhtar said, “There are allegations that former prime minister Sheikh Hasina misused her power to appoint her daughter Sayema Wazed Putul as the regional director despite her lack of qualifications.

”After verifying the preliminary information regarding the allegations, the commission has decided to investigate further.”

Since the fall of the Awami League government, over 100 cases have been filed against Bangladesh’s longest-serving prime minister Hasina.

Several cases have also been filed against her daughter, Putul, including one by the ACC regarding allegations of information concealment and power abuse related to the allocation of land in Purbachal.​

 

[Saif]

ACC to investigate Tarique Siddiqui, Tulip, Putul and others for corruption

Anti-Corruption Commission (ACC) has launched an investigation against former Prime Minister Sheikh Hasina’s defense advisor General Tarique Ahmed Siddique, his wife Shaheen Siddique, daughter Bushra Siddique, niece Tulip Siddique, and Azmina Siddique Ruponti. ACC Director General Akhtar Hos

thefinancialexpress.com.bd

ACC to investigate Tarique Siddiqui, Tulip, Putul and others for corruption
BSS
Published :
Jan 15, 2025 20:50
Updated :
Jan 15, 2025 21:37

Anti-Corruption Commission (ACC) has launched an investigation against former Prime Minister Sheikh Hasina’s defense advisor General Tarique Ahmed Siddique, his wife Shaheen Siddique, daughter Bushra Siddique, niece Tulip Siddique, and Azmina Siddique Ruponti.

ACC Director General Akhtar Hossain on Wednesday said the ACC has decided to investigate into their corruption, abuse of power, embezzlement of government land, money laundering and obtaining illegal wealth at home and abroad in their names and without names.

ACC has taken the decision after primary investigation against them, the DG said.

He said Saima Wazed Putul was appointed as the regional director of the World Health Organization (WHO) through corruption.

There is an allegation that former Prime Minister Sheikh Hasina used her power unethically to appoint her daughter Saima Wazed Putul as the WHO regional director despite she has no qualification for the post, he said.

ACC has also decided to investigate into the allegation against former Prime Minister’s Principal Secretary Tofazzal Hossain Mia for acquiring illegal wealth worth crores of taka through bribery, corruption and abusing power and money laundering, he added.​

 

[Saif]

ACC files cases against ex-railway minister Zillul Hakim, family members

The Anti-Corruption Commission (ACC) on Thursday filed cases against former railway minister and Rajbari-2 MP Zillul Hakim, his wife Saida Hakim and son Ashiq Mahmud Mitul for allegedly acquiring illegal assets and making unusual bank transactions. The ACC has filed three separate cases against Zi

thefinancialexpress.com.bd

ACC files cases against ex-railway minister Zillul Hakim, family members
Published :
Jan 16, 2025 20:55
Updated :
Jan 16, 2025 20:55

The Anti-Corruption Commission (ACC) on Thursday filed cases against former railway minister and Rajbari-2 MP Zillul Hakim, his wife Saida Hakim and son Ashiq Mahmud Mitul for allegedly acquiring illegal assets and making unusual bank transactions.

The ACC has filed three separate cases against Zillul Hakim and his family while the ACC began investigating corruption allegations against Zillul Hakim on August 29 last year, UNB reports.

The MP won the 2014, 2018, and 2024 parliamentary elections with the nomination of Awami League.

In the first case, the former railway minister has been accused of acquiring illegal assets worth Tk 242.9 million (Tk 24.29 crore) and making unusual bank transactions worth Tk 2.79 billion (Tk 278.82 crore).

In the second case, Zillul Hakim is accused along with his wife, Saida Hakim. Saida Hakim has been accused of acquiring illegal assets worth Tk 40 million (Tk 4 crore) and making unusual transactions worth Tk 202.4 million (Tk 20.24 crore) in 6 bank accounts in her name.

Zillul Hakim and his son Ashiq Mahmud Mitul have been accused in the third case.

The case statement says that his wife and son have become wealthy due to Zillul Hakim's illegal assets. Mitul has been accused of acquiring illegal assets worth TK 26.2 million (Tk 2.62 crore).

On the other hand, the Commission has filed a case against former member of parliament from Mymensingh-10 Fahmi Golandaz Babel and his wife Sharmin Golandaz on the same charges.

In the first case, Fahmi has been accused of acquiring illegal assets worth Tk 201.1 million (Tk 20.11 crore) and making unusual transactions worth TK 609.8 million (Tk 60.98 crore) and USD 171,646 in 16 bank accounts.

In the second case, Fahmi and his wife Sharmin have been accused, while Sharmin has been accused of acquiring illegal assets worth Tk 12.9 million (Tk 1.29 crore) and making unusual transactions worth Tk 31.7 million (Tk 3.17 crore) in three bank accounts.​

 

[Saif]

Court orders freezing of S Alam family’s shares worth over Tk 35 billion

A Dhaka court has ordered the freezing of more than 32.1 crore shares owned by Mohammed Saiful Alam, founder and chairman of S Alam Group, and his family members across 24 companies. The value of these shares amounts to Tk 35.63 billion (Tk 3,563 crore). Dhaka Metropolitan Senior Special Judge Zak

thefinancialexpress.com.bd

Court orders freezing of S Alam family’s shares worth over Tk 35 billion
FE ONLINE DESK
Published :
Jan 16, 2025 20:11
Updated :
Jan 16, 2025 20:14

A Dhaka court has ordered the freezing of more than 32.1 crore shares owned by Mohammed Saiful Alam, founder and chairman of S Alam Group, and his family members across 24 companies. The value of these shares amounts to Tk 35.63 billion (Tk 3,563 crore).

Dhaka Metropolitan Senior Special Judge Zakir Hossain Galib issued this order on Thursday, following a petition from the Anti-Corruption Commission (ACC).

The ACC informed the court that Mohammed Saiful Alam and his family members own a total of 32,10,19,478 shares across 24 companies. The nominal value of these shares amounts to Tk 35.63 billion.

According to the ACC's investigation, the S Alam family members were attempting to transfer these shares. To ensure justice, the ACC deemed it necessary to freeze the shares. Following a hearing, the court ordered the shares to be frozen.

In a written statement to the court, the ACC mentioned that it is investigating allegations of laundering $1 billion by Mohammed Saiful Alam and his family members to Singapore, the British Virgin Islands, Cyprus, and other countries.​

 

[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.​

 

[Saif]

Hasina awarded 830 plots to ‘loyalists and sycophants’

Other than politicians and bureaucrats, 30 journalists, 30 artistes and cultural activists received the RAJUK plots. The long list of the beneficiaries include leaders of Awami League, Jubo League and Bangladesh Chhatra League, businessmen, contractors, judges, expatriates, lawyers and...

en.prothomalo.com

Hasina awarded 830 plots to ‘loyalists and sycophants’
Arifur Rahman
Dhaka
Updated: 21 Jan 2025, 15: 08

Bureaucrat Helaluddin Ahmed was secretary of the election commission (EC) during 11th parliamentary election in 2018, that earned the infamy of “night-time vote”. Helaluddin was given a plot of 7-katha in RAJUK’s Purbachal project five months before that election. He was given the plot for “outstanding role” in government services.

After the Bangladesh Awami League came to power in the “night election”, Helaluddin was made secretary of the local government department. After his retirement in 2022, Helaluddin was made a member of the Public Service Commission (PSC).

Helaluddin went into hiding after the fall of the Awami League government on 5 August last year. He was arrested on 23 October that year and remains in jail since then.

Pinu Khan was an MP in the reserved seat for women in the 9th parliamentary election in 2014, which was marred by boycott of opposition parties. Her son Bokhtiar Alam alias Roni was given a plot in the Purbachal project in 2013 for “outstanding contribution” at national level.

The price tag of each katha land in these projects is more than Tk 10 million now. RAJUK sells plots of 3, 5,7 and 10 katha. Some of the beneficiaries have already sold the plots they received in quota.

Bokhtiar shot two rickshaw pullers in the city’s Eskaton in 2015 for being stuck at a traffic jam. He was sentenced to life imprisonment in the case in 2019 and in jail since then.

Thus, the Awami League government offered Rajuk plots to persons close to the party or its chief, ousted prime minister Sheikh Hasina, for “remarkable contributions” in different sectors.

They were given plots at RAJUK’s housing projects named Purbachal New Town, Uttara 3rd phase project and Jhilmil Housing Project only at Tk 200,000 to Tk 300,000 per katha. However, the price of per katha land was much higher at that time. The price tag of each katha land in these projects is more than Tk 10 million now. RAJUK sells plots of 3, 5,7 and 10 katha. Some of the beneficiaries have already sold the plots they received in quota.

Prothom Alo ran an investigation for two and half months to find out how many plots were distributed under section 13(A) of allotment of land rules of RAJUK for “outstanding contributions”. To date the names of 830 such plot recipients can be recovered. RAJUK officials said some more individuals were given plots under this section. Work is on to prepare a full list.

Prothom Alo ran an investigation for two and half months to find out how many plots were distributed under section 13(A) of allotment of land rules of RAJUK for “outstanding contributions”. To date the names of 830 such plot recipients can be recovered.

Analysing the names of the plot recipients, Prothom Alo found that most plots were grabbed by the MPs of the last three parliaments (9th, 10th and 11th). At least 256 former MPs got the plots while at least 22 ministers, 12 state ministers and 39 secretaries were among the recipients of plots for their “remarkable contributions”.

Other than politicians and bureaucrats, 30 journalists, 30 artistes and cultural activists received the RAJUK plots. The long list of the beneficiaries include leaders of Awami League, Jubo League and Bangladesh Chhatra League, businessmen, contractors, judges, expatriates, lawyers and university teachers.

Autocrat Sheikh Hasina’s assignment officers, personal officers, personal assistants and at least 15 drivers of the prime minister’s office also got plots.
These people are mainly known as influentials or sycophants of Awami League. Some of them even grabbed plots through lobbying.

Autocrat Sheikh Hasina’s assignment officers, personal officers, personal assistants and at least 15 drivers of the prime minister’s office also got plots.

Plots were also allocated to Sheikh Hasina and her family members as well. Hasina received a 10-katha plot in Purbachal; her son Sajeeb Wazed Joy, daughter Saima Wazed, younger sister Sheikh Rehana (Rehana Siddiq), her son Radwan Mujib Siddiq and daughter Azmina Siddiq alias Ruponti were also allocated 10-katha plot each in Purbachal.

In total, six of the family received 60 katha land. Each 10-katha plot was priced at Tk 3 million which was paid in 2022.

The Anti-Corruption Commission (ACC) recently filed cases against Hasina and six members of her family on charges of attaining allocated plots in Dhaka’s Purbachal through misuse of power and irregularities.

Meanwhile, Sheikh Hasina’s nephew and Jubo League president Sheikh Fazle Shams Porosh also got a plot in Purbachal.

The recipients of the plots include “godfather”, money embezzler, loan defaulter, controversial individuals and daughters of former ministers and secretaries.

RAJUK sources said that applications for plots were made to the Prime Minister’s Office and the housing and public works ministry. At that time, with the consent of Sheikh Hasina, the PMO would decide who would get the plot. Later, the list would be sent to RAJUK through the ministry. The board of RAJUK would only approve the papers .

Housing and public works secretary Hamidur Rahman Khan told Prothom Alo on 15 January in his office that a committee has been formed by the court to review the plots allocated by RAJUK under the reserved quota and “outstanding contributions” quota. The ministry will take action according to the committee's recommendations.

He further said that the current interim government has repealed 13(A) of the RAJUK plot allocation rules regarding and section 7 regarding reserved quota.

Our responsibility is to see whether the plots have been given within the rules or not. We will submit a report accordingly. The court will give the final decision--Justice Miftah Uddin Chowdhury.

The High Court formed a three-member committee on 24 October last year to investigate allegations of irregularities in the allocation of plots by RAJUK between 2009 and 2024.

High Court division’s retired justice Miftah Uddin Chowdhury, lawyer Jasim Uddin Sarkar and engineer Alamgir Hasin are members of this committee. They have been asked to submit a report within 120 days.

Justice Miftah Uddin Chowdhury told Prothom Alo on 18 January that the government has been asked to make sitting arrangements for the committee members and provide manpower. It has not been received yet. The sooner the government makes these arrangements, the sooner it will be possible to start work.

“Our responsibility is to see whether the plots have been given within the rules or not. We will submit a report accordingly. The court will give the final decision,” he added.

Former ministers of Awami League

RAJUK has three housing projects in Dhaka city. Of these, Purbachal project has a total of 26,213 plots, Jhilmil project has 1,774 plots and Uttara 3rd phase has 8,414 plots.

Allegation against RAJUK is that it has developed these housing projects by acquiring lands from mass people at a nominal price (Tk 15,000 to Tk 20,000 per katha). The influential persons were allocated lands in these projects through reserve quota. Officials of RAJUK also received plots. But they pay little or no interest in making the city livable.

A review of the list of people who received plots from RAJUK shows that the 22 former ministers received plots for their “outstanding contributions”.

The list includes Shajahan Khan, Faruk Khan, Anisul Huq, Rajiuddin Ahmed alias Raju, Mofazzal Hossain Chowdhury alias Maya, Asaduzzaman Khan, AKM Mozammel Haque, Zahid Maleque, Dipu Moni, Tajul Islam, Quamrul Islam, Nuruzzaman Ahmed, Nurul Majid Mahmud Humayun, RAM Ubaidul Muktadir Chowdhury, Nurul Islam B.Sc., Mojibul Haque, Afsarul Amin (deceased), Abdul Matin Khasru (deceased), Suranjit Sen Gupta (deceased) and Mohibul Hassan Chowdhoury.

A total of 12 state ministers, who received plots are Nazmul Hassan alias Papon, Kamal Ahmed Majumder, Major (retd) Rafiqul Islam, Mujibur Rahman Fakir, Dipankar Talukder, Pramod Mankin, Swapan Bhattacharya, Abdul Hai, Enamur Rahman, Meher Afroz Chumki, Shamsul Alam and Wasika Ayesha Khan.

Many were allocated plots despite having plots or flats in Dhaka, which is a violation of the law. One such man is Kamal Ahmed Majumder who told Prothom Alo back in 2021 that he has an ancestral home in Dhaka. Kamal is now in jail.

Former speaker Shirin Sharmin Chowdhury received a 10-katha plot of RAJUK. Hasina’s security affairs adviser Major General (retd) Tarique Ahmed Siddique and economic affairs adviser Moshiur Rahman received 10-katha plots each.

Former Awami League MPs

Sheikh Sarhan Naser Tonmoy was elected an MP from Bagerhat-2 in the “night election” in 2018. Tonmoy is the son of Sheikh Hasina’s cousin Sheikh Helal. He was allocated a 10-katha plot soon after becoming a lawmaker. Most of the 256 lawmakers allocated plots are members of the Awami League.

Among the former lawmakers who received plots include Shamim Osman, Nizam Uddin Hazari, Haji Md Salim, Shahin Chakladar, Saifuzzaman Shikhar, Nurunnabi Chowdhury alias Shawon, Fahim Golandaz, Tanvir Hasan alias Chhoto Monir, Talukder Mohammad Touhid Jung Murad, Mrinal Kanti Das, Selim Altaf George, Sheikh Afil Uddin, Pankaj Debnath, Mahbub ul Alam Hanif, Sukumar Ranjan Ghosh, Naimur Rahman Durjoy, Omar Faruq Chowdhury, Shahdab Akbar Chowdhury, Saimum Sarwar Kamal, Abu Reza Muhammad Nezam Uddin Nadavi, Professor Md Ali Ashraf (deceased), Badiuzzaman Sohag, Fazilatunnesa Bappi (deceased), Bazlul Haque Harun (BH Harun), Zafar Alam, Anwarul Azim Anar (murdered in India), Ashek Ullah Rafiq, Najma Akhter, Samil Uddin Ahmed (Shimul) and others.

Some of them are in prison while most of them are in hiding since the ouster of the Awami League government.

Samil Uddin, a former lawmaker of Chapainawabganj-1, fled to India after the fall of Awami League. He told Prothom Alo on 15 January that he received the plot as a lawmaker like many others. He said he attained the plot applying under section 13 (A) which states “remakable contributions”.

Former BNP MP Syeda Asifa Ashrafi Papia also got a plot from RAJUK. Former BNP MP Abdus Sattar Bhuiyan, who contested in the Brahmanbaria-2 by-election in 2023 with the support of the governing Awami League and left the party, also got a plot. Mahi B Chowdhury, senior joint secretary general of Bikalpa Dhara Bangladesh, Rezaul Karim (Tansen) of JASAD, and Mustafa Lutfullah of Bangladesh Workers Party also received the plots.

MPs of JaPa & other parties

The former MPs of Jatiya Party (JaPa) who attained plots include Roushan Ershad, Pir Fazlur Rahman, Shamim Haider Patwari, Liakat Hossain Khoka, Nasrin Jahan Ratna, Shawkat Chowdhury, Nurul Islam Talukder, Rawshan Ara Mannan, Nurul Islam Omar and Ziaul Haque Mridha.

There are also defaulters among those who got plots. One of them is Mahzabin Morshed. In January 2023, the court barred her and her husband Morshed Murad Ibrahim, along with four others, from leaving the country in a Tk 3 billion default case.

Former BNP MP Syeda Asifa Ashrafi Papia also got a plot from RAJUK.

Former BNP MP Abdus Sattar Bhuiyan, who contested in the Brahmanbaria-2 by-election in 2023 with the support of the governing Awami League and left the party, also got a plot. Mahi B Chowdhury, senior joint secretary general of Bikalpa Dhara Bangladesh, Rezaul Karim (Tansen) of JASAD, and Mustafa Lutfullah of Bangladesh Workers Party also received the plots.

Upama Barua, daughter of Dilip Barua, general secretary of Bangladesh Samyabadi Dal and education minister in Sheikh Hasina’s cabinet, also received a plot.

‘Plot as gift’ for secretaries

Many bureaucrats got embroiled in partisanship during the reign of the Awami League. Many bureaucrats are accused of aiding and abetting one-sided and staged elections during the Awami League. They received their perks in return.

The Awami League government provided plots to at least 39 former and current bureaucrats for their service. Of them, 18 were allocated plots just two months before the 12th parliamentary election that earned the infamy of “dummy election”.

Those who received plots at that time include Jahangir Alam, the then secretary of the EC.

Other former and current secretaries who received plots include Ahmed Kaikaus, Mahbub Hossain, Fazle Kabir (former governor of Bangladesh Bank), Sheikh Yusuf Harun, Mezbah Uddin Chowdhury, Mostafizur Rahman, Muhammad Ibrahim, Amin Ullah Noori, Kamal Uddin Ahmed, Akhtar Hossain, Ashraf Uddin, Moinul Kabir, Sultan Ahmed, Syed Afsar H Uddin, AKM Fazlul Haque, Nabirul Islam, Abdullah Al Masud Chowdhury, Farid Ahmed, Selim Reza, Ahmed Munirus Salehin, Humayun Kabir Khandaker, Abul Kashem Mohammad Mohiuddin, Ziaul Hasan, Abu Bakr Siddique, Sheikh Muhammad Salim Ullah, Humayun Kabir, Muhammad Yamin Chowdhury, Khairul Alam Sheikh, Abdus Salam, Israt Chowdhury and Zakir Hossain Akand.

Planning commission’s former secretary Jakir Hossain Akanda told Prothom Alo on 15 January that he applied for the plot after being a secretary. He was given a 5-katha plot in Purbachal.

In reply to what contribution fetched him the plot, Jakir Hossain replied, “I don’t know what contribution I had for the state. I did not mention anything. I only mentioned that I didn’t receive any plot from the government in the past.”

He said he applied under section 13 (A).

Police were accused of ingratiating themselves with Awami League. They also received plots. Former additional inspector general of police Mokhlesur Rahman, former deputy inspector general Abdul Baten, Dhaka Metropolitan Police’s former joint commissioner Biplab Kumar Sarker and former police inspector Mohammad Moniruzzaman are among those who received plots.

Children of ministers, secretaries on the list

The AL government also provided plots to wives and children of a former president, ministers, AL leaders, secretaries and police officers in the “outstanding contributions” quota.

Former president Abdul Hamid’s son Rasel Ahmed, former state minister for home Shamsul Haque Tuku’s son Asif Shams, Dhaka city south Awami League’s president Abu Ahmed Mannafi’s son Abu Saleh Mahmud Mannafi, former local government secretary Abdul Maleque’s daughter Nabila Tabassum Miky, former local government secretary Abu Alam Mohammad Shahid Khan’s daughter Shyamaita Khan and former DMP commissioner Asaduzzaman Mia’s wife Afroza Jaman also received plots.

Former state minister for housing and public works Sharif Ahmed received a plot. His daughter Shefali Begum is a joint secretary at the planning ministry. She received a 5-katha plot. Both husband and wife received plots under section 13 (A).

Speaking about this, Shefali Begum claimed to Prothom Alo on 15 January that her husband received a plot after being an MP. He later returned the plot after being a state minister. However, the name of Sharif Ahmed is still in the list of recipients of plots.

Three sisters are also on the list of plot recipients. They are Kazi Nishat Rasul, Kazi Nahid Rasul and Kazi Tuhin Rasul. They all are officials of the administration cadre. They all received 5-katha each plot.

Kazi Nishat Rasul was assistant personal secretary (APS) of Sheikh Hasina. She was made an officer on special duty (OSD) on 29 November. Kazi Nahid Rasul was deputy commissioner (DC) of Munshiganj and Gaibandha. The interim government withdrew her. Kazi Tuhin Rasul was deputy secretary of the president’s office. They are daughters of Kazi Golam Rasul, who was the judge of Bangabandhu Sheikh Mujibur Rahman murder case.

Asked about the plot, Kazi Tuhin Rasul told Prothom Alo, “I had been living abroad for a long time. I won’t be able to articulate you well. That’s why I don’t want to talk to you regarding this issue.”

Plots for party members

Many influential leaders of Awami League, its affiliates, associates and fraternity organisations received plots in the “remarkable contributions” category.

The list includes AL organising secretary Sujit Kumar Roy Nandi, former central organising secretary Misbah Uddin Siraj and AL’s Dhaka district unit general secretary Paniruzzaman alias Tarun.

Former mayor of Sylhet City Corporation Anwaruzzaman Chowdhury, Krishak League organising secretary Asaduzzaman Biplob, former president of Sramik League Shukkur Mahmud, Bangabandhu Lawyers Council founder Laikuzzaman Molla, BCL’s former general secretary Siddique Nazmul Alam, former Swechchhasebak League president Molla Mohammad Abu Kausar, among others, received the plots.

AL’s Dhaka city south unit joint general secretary Mohiuddin Ahmed alias Mohi received a plot of RAJUK in the same category. He sold 7,398 bhoris of gold of the depositors in 2020 when he was the chairman of the Bangladesh Samabaya Bank. The current market price of that gold is about 1 billion. The ACC filed a lawsuit against Mohiuddin Ahmed, who is now in hiding.

Individuals living abroad but were involved in Awami League also received plots. One of them was Gausul Alam Shajada, former president of Awami League’s Sydney unit in Australia, who got a 5-katha plot.

Transparency International Bangladesh (TIB) executive director Iftekharuzzaman told Prothom Alo that a reserved quota was created to facilitate a special class.

He pointed out that those who were loyal and flattering to the government were allotted the plots. The nation was betrayed by allotting plots on the pretext of remarkable contributions.

The matter of plot allotment must not be limited to the family of the former prime minister and others concerned must also be held accountable, Iftekharuzzaman added.

At least 30 journalists

At least 30 journalists from newspapers, television and online news portals were allotted plots in the remarkable contributions quota.

Among them are Abu Zafar Surya, Rahul Raha, Nazmul Hasan, Shahriar Shahid, Nazim Uddin Shyamal, Saiful Islam Kallol, Faruk Hossain, Muslim Uddin Ahmed Pipul, Ratan Kanti Debashish, Deep Azad, Madhusudan Mondal, Bithi Zaman Chowdhury, Rafiqul Islam Sabuj, Arefin Faisal, Shamim Ahmed, Sharifuzzaman Pintu, Anisur Rahman, Ayub Bhuiyan, Rafiqul Islam Ratan, Ashok Chowdhury, BM Jahangir, Poppy Chowdhury and SM Gorky.

Many artistes also in the list

Film actor Arifin Shuvoo came to the limelight after signing a deal on the remuneration of Tk 1 for acting in the Bangabandhu biopic last year but the Awami League government rewarded him with a 10-katha plot in Purbachal.

Besides, at least 30 artistes and cultural activists received the RAJUK plot. Mir Sabbir Mahmud, Rana Hamid, Liton Haider, Russell Asheki, Begum Meena Barua, Sayla Sabrin, Meher Afroz Shawon and Mahfuz Ahmed are among them.

The RAJUK acquired land in Purbachal in 1995. The land owners were supposed to receive plots as compensation but many of them did not get it and they are still going to RAJUK to get it. One such land owner was Halima Khatun. This correspondent met her in Purbachal on 18 January.

She told Prothom Alo that the government took 1.07 acres of land owned by her family. She applied for plots but did not get it as she did not bribe officials. “The government took everything from me, and they gave plots to the rich, not me.”

Contributions were to be 'close to government’

The RAJUK allots plots under the Dhaka Improvement Trust (Allotment of lands) Rules, 1969. A new subsection (13/A) was added to the rules incorporating the provision for allotting plots for “remarkable contributions”. The subsection was amended again in 2009 stating that people of 12 professions/classes can apply for plots for “remarkable contributions”.

These professions/classes are ministers, state ministers, deputy ministers, MPs, judges, freedom fighters, journalists, government employees, employees of autonomous organisations, armed forces, businesspeople, industrialists, private service holders; artistes, literary and sports personalities; foreign exchange earners and others.

Supreme Court lawyer Shahdeen Malik told Prothom Alo every country has traditions to reward individuals for their extraordinary contributions. But most individuals receiving the RAJUK plots for remarkable contributions were apparently close to the government.

According to him, a file needs to be opened when an individual is allotted a plot for their remarkable contributions and their contributions are recorded in documents, followed by verifying through a committee.

Expressing doubts whether the process was followed or not, he expressed that even if it had happened it was just for formalities.

Shadeen Malik further stated people who were allotted plots must be served with notice and allowed self-defence; if their explanations are found to be irrational, plot allotment must be revoked.

* The report, originally published in the print and online editions of Prothom Alo, has been rewritten in English by Galib Ashraf and Hasanul Banna​

 

[Saif]

Dr Yunus meets top global leaders, seeks support to return stolen assets

Bangladesh Wednesday sought support from foreign friends to bring back hundreds of billions of stolen money as chief adviser Dr Muhammad Yunus spent a busy day at the World Economic Forum in Davos, Switzerland

en.prothomalo.com

Dr Yunus meets top global leaders, seeks support to return stolen assets
The Chief Adviser briefed the global leaders about the reform plans of Bangladesh’s interim government and the plan for the next general election
BSS
Published: 23 Jan 2025, 10: 09

Chief adviser Dr Muhammad Yunus met top global leaders at the World Economic Forum in Davos, Switzerland on 22 January, 2024BSS

Bangladesh Wednesday sought support from foreign friends to bring back hundreds of billions of stolen money as chief adviser Dr Muhammad Yunus spent a busy day at the World Economic Forum in Davos, Switzerland.

The chief adviser met Wolfgang Schmidt, head of the federal chancellery and federal minister for special tasks, Federal Chancellery of Germany; King Philippe, King of Belgium; Paetongtarn Shinawatra, prime minister of Thailand; Ignazio Cassis, federal councilor, Federal Department for Foreign Affairs, Switzerland; Sheikha Latifa Bint Mohammed bin Rashid Al Maktoum, chairperson, Dubai Culture and Arts Authority, United Arab Emirates; UN Secretary General Antonio Guterres; Co0ngo President Felix Tshisekedi, Former US special envoy on climate change, John Kerry, and former British prime minister Tony Blair, among others, on his second day at the WEF.

Chief adviser's Deputy Press Secretary Abul Kalam Azad Majumder briefed reporters about the outcomes of the meetings.

Chief adviser Dr. Yunus urged the global leaders to send top experts, think tanks, journalists, and international organisations to Bangladesh to dig into how the plain and daylight robbery was committed in Bangladesh during Sheikh Hasina's corrupt 16-year-long rule.

Lutfey Siddiqi, special envoy to chief adviser; Lamiya Morshed, principal secretary on SDG affairs; and Tareq Ariful Islam, Bangladesh permanent representative in Geneva; were among others present at the meetings.

Lutfey Siddiqi briefed German minister Wolfgang Schmidt regarding the government’s efforts in recovering the stolen money and said the government had formed an Asset Recovery Committee and a Taskforce headed by the Bangladesh Bank governor in this regard.

He said the government had targeted the top 20 money launderers initially to recover their stolen money.

Highlighting the interim government’s efforts to build a corruption-free Bangladesh, Chief Adviser Dr. Yunus told the German minister, “When we talk about new Bangladesh, we also talk about clean Bangladesh.”

The Chief Adviser sought German support to this effect and also discussed potential fields of economic cooperation with the German minister.

The German minister said a new German business delegation will visit Bangladesh in April.

Dr. Yunus said Bangladesh intends to create an economic platform, also involving India, Nepal, and Bhutan, to explore the hydroelectric potential of Nepal.

“Nepal is really ready to sell, and Bangladesh is a good market. It can create a lot of jobs and lessen dependence on fossil fuels,” he said.

The chief adviser also discussed the issues of mutual interests, including economic cooperation and climate financing with Swiss Federal Councillor Ignazio Cassis.

He requested Switzerland to support Bangladesh in its carbon retention efforts in the world’s largest mangrove forest, the Sundarbans.

He also urged Switzerland to invest in Bangladesh to cash in on the potentials of Bangladesh’s youth, with young people under 27 years making up half the country’s population.

The Chief Adviser briefed the global leaders about the reform plans of Bangladesh’s interim government and the plan for the next general election.

In his meeting with the German minister and Swiss councillor, he also discussed Bangladesh's energy security.

During his meeting with Belgium King Philippe and Congolese President Felix Tshisekedi, the chief adviser was informed how a microcredit programme launched by a group headed by a Belgian prince helped expand the size of tropical forest reserves in the African country.

Prince Emmanuel de Merode, whose group launched microcredit in Congolese conflict-prone areas, said the Congolese forest was now double the size of Britain after conflict microcredit created 21,000 jobs there—some 11 per cent of them are former combatants.

He said microcredit programmes have played a big role in bringing peace to parts of the region.

The chief adviser also discussed with Thailand prime minister Shinawatra the Rohingya crisis and areas of economic cooperation, including shipping.

“We want to resolve the Rohingya crisis quickly as more and more Rohingyas are coming to Bangladesh,” said the chief adviser.

Shinawatra, one of the youngest Prime Ministers in the world, expressed her interest in increasing youth engagement between the two countries following the July revolution in Bangladesh.

Dr. Yunus said the father of the Thai Prime Minister, Thaksin Shinawatra, was a big fan of microcredit and social businesses.

The chief adviser briefed the Thai prime minister about the Three Zero ideas, which he said aimed at rescuing a self-destructive civilisation by reducing poverty, wealth concentration, unemployment, and carbon emissions.

Dr. Yunus told Shinawatra that currently there are about 5000 Three Zero clubs in 58 countries of the world.

The Thai Prime Minister said the BIMSTEC summit will be held in Bangkok in April this year.

Dr. Yunus said he looks forward to taking over as chairman of the BIMSTEC during the planned summit of the organisation.

The Chief Adviser also sought Thailand’s support for Bangladesh to become a sectoral dialogue partner of ASEAN and in turn become a full member of the body.

Yunus seeks EU cenbank’s support

Chief adviser professor Muhammad Yunus has also sought the assistance of the European Central Bank president Christine Lagarde to recover billions of dollars stolen from Bangladesh during the Awami League regime.

The two dignitaries met in Davos on Wednesday on the sidelines of the World Economic Forum annual meeting.

Prof Yunus told Christine Lagarde, also a former chief of the IMF that some US$ 17 billion alone were taken out from the country's banking sector by oligarchs close to the dictatorship, and US$ 16 billion were siphoned off annually during the 15 years of ousted Hasina regime.

Chief adviser Dr. Muhammad Yunus met the European Central Bank president Christine Lagarde in the Swiss city, Davos on Wednesday on the sidelines of the WEF annual meeting.

Chief adviser Dr. Muhammad Yunus met the European Central Bank president Christine Lagarde in the Swiss city, Davos on Wednesday on the sidelines of the WEF annual meeting Chief Adviser's Facebook page.

"It was a massive highway robbery," Prof Yunus said, adding the oligarchs first took over banks and then took loans, which they never paid back.

Lagarde said she would support the Interim Government's move to recover the money, and she recommended that Bangladesh should also take help from the IMF to recover and send the money back home.

During the talks, they also discussed the July uprising and Bangladesh's reform initiatives.

Lagarde also voiced her support for Bangladeshi educational institutions.

Lamiya Morshed, the SDG coordinator of the Bangladesh government, and Tareq Ariful Islam, Bangladesh permanent envoy in Geneva, also joined the meeting.​

 

[Saif]

Global firms hired to recover $16b siphoned during Hasina’s regime

The Bangladesh Bank has hired global accountancy firms EY, Deloitte, and KPMG to conduct an “asset quality review” of banks alleged to have lost Tk 2 trillion ($16.4 billion) to influential businesspeople linked to the former Awami League government, according to the Financial Times (FT).

www.thedailystar.net

Global firms hired to recover $16b siphoned during Hasina’s regime

The Bangladesh Bank has hired global accountancy firms EY, Deloitte, and KPMG to conduct an "asset quality review" of banks alleged to have lost Tk 2 trillion ($16.4 billion) to influential businesspeople linked to the former Awami League government, according to the Financial Times (FT).

Governor Ahsan Mansur mentioned that the Bangladesh Financial Intelligence Unit has formed 11 teams to trace and reclaim assets suspected of being acquired through embezzlement. These teams will also assist in prosecuting those responsible.

The review will focus on 10 major businesses and individuals, including former prime minister Sheikh Hasina and her relatives, and conglomerate S Alam Group, led by Mohammed Saiful Alam.

The investigations will also cover six banks, five of which have shares linked to S Alam, the report says.

Mansur said that KPMG's Sri Lanka office is assisting with the review, while EY and Deloitte have yet to comment.

"We aim to determine asset performance, identify defaulters, and conduct forensic audits," he said.

The Anti-Corruption Commission (ACC) has already filed cases against several individuals, including Alam's sons, for allegedly embezzling Tk 11.3 billion through loans.

A Dhaka court has ordered the seizure of properties connected to the case.

Alam's lawyers, however, have denied the allegations, calling them "baseless" and threatening international arbitration if disputes remain unresolved, as per the FT report.

The Yunus administration is collaborating with global agencies, including the US Treasury and UK anti-corruption units, to recover funds.

"We are encouraged by the response from the international community," Mansur told FT. "Politicians are aware of it and hopefully they will be under public pressure at home to support this cause."​

 

[Saif]

Embezzling TK 918cr: ACC sues S Alam’s son, 51 others

The Anti-Corruption Commission has filed a case against 52 people, including Ahsanul Alam, former Islami Bank chairman and son of S Alam, for embezzling Tk 918 crore through abuse of power, fraud, and forgery.

www.thedailystar.net

Embezzling TK 918cr: ACC sues S Alam’s son, 51 others

Ahsanul Alam

The Anti-Corruption Commission has filed a case against 52 people, including Ahsanul Alam, former Islami Bank chairman and son of S Alam, for embezzling Tk 918 crore through abuse of power, fraud, and forgery.

ACC Director General (prevention) Md Akhtar Hossain yesterday said the defendants are accused of embezzling Tk 827.42 crore, which amounts to Tk 918.57 crore with interest from Islami Bank's Khatunganj Corporate Branch. They are also charged with concealing the source of funds and laundering money, according to the case statement.

The accused include Ahsanul Alam, former chairman and director of Islami Bank Bangladesh PLC; Md Ariful Islam Chowdhury, managing director of Century Food Product Limited; Mohammad Hasanuzzaman, a member of the company; Mohammad Selim Uddin, former director and chairman of Islami Bank's Executive Committee; Syed Abu Asad, former nominee director; Dr Tanvir Ahmad, former member of the Executive Committee and vice chairman; Md Manzur Hasan, assistant vice president and branch manager of Islami Bank; Muhammad Sirajul Kabir, senior vice president and former branch manager, among others.

The ACC had previously filed two cases against Ahsanul for embezzlement from the same bank.

On December 19, the ACC filed a case accusing Ahsanul Alam of embezzling thousands of crores of taka from Islami Bank, and 56 others.

On January 9, the ACC filed another case involving the embezzlement of approximately Tk 994 crore from Islami Bank. Ahsanul Alam, along with 54 others, was accused in the case.​

 

[Saif]

Money stolen from banks with high-level support: Touhid

Foreign Affairs Adviser Md Touhid Hossain today alleged that money was stolen from banks during the previous ousted Awami League governments with encouragement from high-level leadership. “The theft of money from our banks was not accidental. It was enabled by support from the highest levels

thefinancialexpress.com.bd

Money stolen from banks with high-level support: Touhid
BSS
Published :
Jan 29, 2025 22:47
Updated :
Jan 29, 2025 22:47

Foreign Affairs Adviser Md Touhid Hossain today alleged that money was stolen from banks during the previous ousted Awami League governments with encouragement from high-level leadership.

“The theft of money from our banks was not accidental. It was enabled by support from the highest levels of authority,” he said.

The foreign affairs adviser said this while inaugurating the first phase of implementation of the Integrated Online Authentication Management (Apostille Convention 1961) at the foreign ministry here.

Expressing concern over certain banks being deliberately weakened, he said, “Good banks are being burdened with bad loans intentionally. Such actions would not have been possible without backing from top authorities,” he said.

Hossain emphasized the need to prevent corruption across various processes, including in the newly introduced authentication system.

“This is a small step, but such measures can take us a long way. It is difficult to eliminate corruption entirely where opportunities exist. Therefore, we must remove such opportunities to curb corruption,” he said.

Referring to the issue of 60,000 Bangladeshi passports being held up in Italy, he attributed the problem to document credibility issues.

“A broker from Bangladesh obtained approval from an organization in Italy, but the organisation lacks the capacity to handle the process properly,” he explained.

Discussing Bangladesh’s image abroad, the adviser cited examples of Bangladeshi lawmakers being arrested in foreign countries.

“A nation’s image is not built in a day, nor does it collapse overnight. When Bangladeshis account for the highest number of deaths while crossing the Mediterranean, positive statements alone cannot protect our image,” he said.

However, he noted that positive actions help improve perceptions.

“When a Bangladeshi origin taxi driver returns lost money abroad, our image improves automatically. Conversely, when an MP is jailed in another country for corruption, maintaining our reputation becomes challenging,” he said.

The adviser also highlighted the manpower crisis in Bangladesh’s foreign missions.

Giving the example of Qatar, he said, “If a mission (in Qatar) has to distribute 300 passports daily, how can it provide any other service?”

He added that steps are being taken to increase manpower in missions and digitize services.

“We must modernize our system so that passport applicants no longer need to visit missions. Instead, passport services should reach them with the proper documentation,” he said.

Foreign Secretary Md. Jasim Uddin, Cabinet Division Secretary for Reform Affairs Mahmudul Hossain Khan, and ICT Secretary Shish Haider Chowdhury also spoke at the event.​

 

[Saif]

Confiscate S Alam’s Tk 368cr properties

A Dhaka court yesterday ordered the confiscation of 58 acres of immovable properties worth Tk 368 crore belonging to S Alam Group Chairman Mohammed Saiful Alam and his family in connection with allegations of laundering $1 billion to Singapore and several other countries.

www.thedailystar.net

Confiscate S Alam’s Tk 368cr properties
Court orders authorities

A Dhaka court yesterday ordered the confiscation of 58 acres of immovable properties worth Tk 368 crore belonging to S Alam Group Chairman Mohammed Saiful Alam and his family in connection with allegations of laundering $1 billion to Singapore and several other countries.

The Anti-Corruption Commission (ACC) is conducting an inquiry into corruption allegations against S Alam and his family members.

Judge Md Zakir Hossain of the Metropolitan Senior Special Judge's Court in Dhaka passed the order after the ACC Deputy Director Md Abu Sayeed, head of the inquiry team, submitted an application in this regard.

ACC Public Prosecutor Mir Ahmed Ali Salam moved the applications on behalf of the anti-graft body.

In the application, the ACC official said it's necessary to get a confiscation order for the 58 acres of land located in Dhaka, Narayanganj and Chattogram, so that the ownership cannot transferred.

On January 16, the same court ordered the freezing of over 321 million shares in 24 companies owned by S Alam and his family members. The value of these shares stands at Tk 350 crore.

On January 14, the same court also ordered the confiscation of immovable properties worth Tk 200 crore and the freezing of 87 bank accounts owned by S Alam, his wife Farzana Parveen and 16 of his family members.

Earlier on October 7 last year, the court issued a travel ban on S Alam, his wife Farzana Parveen and 11 members of his family.​

 

[Saif]

CA’s Press Secretary describes Hasina as 'butcher of Bangladesh'

Chief Adviser’s Press Secretary Shafiqul Alam has described former Prime Minister Sheikh Hasina as the “butcher of Bangladesh” and said the interim government’s job is to bring her back to Dhaka and try her for “crimes against humanity.” “One of the main r

thefinancialexpress.com.bd

CA’s Press Secretary describes Hasina as 'butcher of Bangladesh'
FE Online Desk
Published :
Feb 02, 2025 20:52
Updated :
Feb 02, 2025 20:52

Chief Adviser’s Press Secretary Shafiqul Alam has described former Prime Minister Sheikh Hasina as the “butcher of Bangladesh” and said the interim government’s job is to bring her back to Dhaka and try her for “crimes against humanity.”

“One of the main responsibilities of the interim government is to hold trials of the people who killed protesters during the mass uprising in July,” said Alam on Sunday, mentioning that there has been much hue and cry about his Facebook post from the Ekushey Boi Mela, UNB reports.

While sharing 12 points, the Press Secretary said the interim government is neutral only to its stakeholders - the students and the parties that played their part not only during the uprising but over the years to restore “stolen democracy.”

Naturally, Alam said, the interim government has a firm and unyielding position against the party that imposed “brutal dictatorship, committed grave crimes against humanity and plundered state resources” for 15 long years.

In a long post from his verified Facebook account, he said the interim government is also determined to hold the Bangladesh Awami League, its “enablers, apologists and its lackeys” to account for the massacres, the “thousands of extrajudicial killings, enforced disappearances and the looting” of hundreds of billions of dollars. “Our mandate is to prosecute these crimes,” Alam stressed.

“When we talk — as the spokespeople of the chief adviser -- we generally give updates on the IG's progress and accomplishments. We also talk at length about the crimes of Sheikh Hasina,” said the Press Secretary.

Alam said the people who think he is talking too much about politics or the Awami League and its killings and grand larceny are the AL apologists – “We know what you did all these years. Sorry, I won't stop — until the very last day of my work.”

Alam said Sheikh Hasina is one of the world's most “brutal and corrupt dictators” and he will not hesitate to remind people about the “kind of killer she was”.

“It is a moral position. Besides, if we believe in democracy, we must be able to speak against Hasina for all we want — this is the individual liberty that we speak of in democracy, this is freedom of speech,” he mentioned.

Six months into the mass uprising, Alam said, the AL is still in “denial” and its apologists, leaders, pro-AL journalists, its foreign backers and its supporters are in denial. “They aim to create an alternative history - one in which they are the victims, police are not the aggressors.”​

 

[Saif]

Britain's FBI launches probe against ex-City minister Tulip Siddiq over corruption

Britain's FBI is probing ex-City minister Tulip Siddiq after travelling to Dhaka for a secret summit with investigators associated with the Anti-Corruption Commission, or ACC, the Daily Mail reports. Detectives from the National Crime Agency were told at last month's meeting that the ACC authoriti

thefinancialexpress.com.bd

Britain's FBI launches probe against ex-City minister Tulip Siddiq over corruption
bdnews24.com
Published :
Feb 02, 2025 23:57
Updated :
Feb 02, 2025 23:57

Britain's FBI is probing ex-City minister Tulip Siddiq after travelling to Dhaka for a secret summit with investigators associated with the Anti-Corruption Commission, or ACC, the Daily Mail reports.

Detectives from the National Crime Agency were told at last month's meeting that the ACC authorities have amassed new evidence against the Labour MP as they investigate her over a controversial nuclear power plant deal.

The revelation raises the prospect of the British authorities looking into Tulip's bank accounts, email records, and even summoning her for an interview, the report published on Saturday said.

The former UK treasury minister and four family members–including her mother Sheikh Rehana–are being probed over claims that they embezzled £3.9 billion from the Rooppur nuclear power plant, which was built by the Russian state-owned company Rosatom with a 90 per cent loan from the Kremlin.

Tulip was pictured alongside Vladimir Putin at the signing of the deal in 2013.

Citing official sources in Bangladesh, the Daily Mail said the NCA team had offered to investigate Tulip in Britain to “bring about a prosecution” by the Bangladeshi authorities through an international agreement.

On Friday night, the sources said the NCA may also be trying to gather evidence to bring a prosecution against the Hampstead and Highgate MP in the UK, the report read.

British nationals who are found to have received money abroad as bribes can be prosecuted in the UK under the Bribery Act 2010, and jailed for up to ten years.

Bangladeshi officials, who spoke anonymously, said the NCA had requested the meeting, set up by the British High Commission in Dhaka, the Mail said.

It is the second visit the agency has made to Bangladesh since Tulip’s aunt, Sheikh Hasina, 77, was ousted as prime minister in August after weeks of violent protests.

During its first visit in October, the NCA had offered assistance to the interim government in its efforts to recover the stolen billions that were suspected of being siphoned off by Hasina's allies to countries like Britain, the report added.

However, the three-strong NCA delegation also asked specific questions about Tulip during the meeting.

Tulip resigned as UK minister last month, weeks after the Daily Mail exclusively revealed that she was being investigated over the power plant deal.

Days later, it emerged that Tulip received a two-bedroom flat in London's King's Cross area as a gift from a British property developer linked to her aunt.

The Mail on Sunday then revealed how she had lied to this newspaper in 2022 when it asked her if the flat was a gift.

Tulip denied the claims, saying her parents bought the flat for her, and threatened to sue, the Daily Mail said.

The ACC is conducting at least two other criminal investigations against Tulip and her family. She denies the allegations against her, according to the report.

Labour said: “Absolutely no evidence has been presented for these allegations. Tulip Siddiq has not been contacted on these matters and totally refutes the claims.”

A Labour source said no one from the NCA or the Bangladeshi authorities has contacted her yet, the report added.​

 

[Saif]

UK's National Crime Agency assisting Bangladesh in Tulip Siddiq corruption probe

Some UK officers travelled to Dhaka to assist local authorities investigating claims that Tulip, a former Treasury official, benefitted from a disputed nuclear power plant deal. She is accused of using her aunt Sheikh Hasina's influence who was the then prime minister of Bangladesh

www.thedailystar.net

UK's National Crime Agency assisting Bangladesh in Tulip Siddiq corruption probe
Says The Telegraph

Photo: Facebook/Tulip Siddiq

The UK's National Crime Agency (NCA) is supporting investigators in Bangladesh as they probe corruption allegations against Tulip Siddiq, according to The Telegraph.

Some UK officers travelled to Dhaka to assist local authorities investigating claims that Tulip, a former Treasury official, benefitted from a disputed nuclear power plant deal. She is accused of using her aunt Sheikh Hasina's influence who was the then prime minister of Bangladesh.

Last month, Siddiq stepped down from her leadership role in the Labour Party after an ethics adviser found that she had accidentally provided false information about the scandal. Siddiq, whose role as Treasury minister included combatting corruption, had referred herself after questions arose regarding her use of properties in London linked to her aunt's political party.

The Anti-Corruption Commission is investigating Siddiq, Hasina, and other family members for alleged embezzlement of £3.9 billion connected to a Russian-funded nuclear power plant.

British police involvement in the probe emerged after the NCA visited in October last year to help the Bangladeshi government recover billions allegedly siphoned off by Hasina and her allies.

Officers have reportedly offered to assist in hopes of "bringing about a prosecution" in Bangladesh.

Sources told The Mail on Sunday that the meeting raises the possibility of evidence being gathered against Siddiq for a potential criminal case in the UK. During meetings, the NCA team asked questions about Siddiq specifically. Siddiq denies any wrongdoing.

The NCA, responsible for investigating international bribery and corruption linked to the UK, can look into individuals suspected of money laundering in the UK from political corruption abroad and allegations of bribery and corruption against UK nationals.

Sheikh Hasina, 77, is now in India after being ousted last August following violent protests. During her tenure, opponents faced attacks, arrests, and extrajudicial killings. She and her allies are accused of looting billions from the country.

Since her fall, Bangladesh's anti-money laundering agency has requested information on Siddiq's accounts and transactions in the country from major banks. An official notice has also requested the financial records of Siddiq and six family members, including her mother, sister, and brother.

A spokesman for Siddiq said, "Absolutely no evidence has been presented for these allegations. Tulip Siddiq has not been contacted on these matters and totally refutes the claims."

An NCA spokesman stated, "We do not routinely comment on the nature of international assistance, nor confirm or deny if the agency has opened an investigation or is supporting a partner's investigation."

A senior anti-corruption commission official told The Telegraph, "The investigation into Tulip Siddiq is still at a preliminary stage, but we are actively examining multiple angles. Our focus is on uncovering any links between her and the acquisition of properties through illicit means in Bangladesh, her associations with corrupt businessmen, and potential connections to money laundered out of Bangladesh."

Ahsan Mansur, governor of the central bank of Bangladesh, said, "We greatly appreciate the support of the British Government and international investigative agencies in our efforts to trace the billions of dollars laundered from Bangladesh to the UK and beyond."

"Recovering these funds is a top priority for us, and we are counting on global cooperation to bring this money back where it belongs. We have already begun reaching out to various governments and global agencies to tackle this issue head-on."

"The UK has been cooperating with us in this effort, and our next step is to identify the properties and bank accounts where the laundered money has been stashed across different countries, including the United Kingdom. We are committed to taking decisive action to reclaim these funds and hold those responsible to account."​

 

[Saif]

Begum para: Yunus seeks Canada’s help to recover stolen money

Chief Adviser Muhammad Yunus yesterday requested Canada’s assistance in recovering funds that were smuggled out of Bangladesh and invested in the North American country, specifically in the upscale Bangladeshi neighbourhood “Begum Para” of Toronto.

www.thedailystar.net

Begum para: Yunus seeks Canada’s help to recover stolen money

Photo: UNB

Chief Adviser Muhammad Yunus yesterday requested Canada's assistance in recovering funds that were smuggled out of Bangladesh and invested in the North American country, specifically in the upscale Bangladeshi neighbourhood "Begum Para" of Toronto.

"They stole money from our people and bought assets in Begum Para. We need your help to recover the assets. It is the money of our people," Yunus told Canadian High Commissioner to Bangladesh Ajit Singh during a meeting at the State Guest House Jamuna.

The chief adviser said hundreds of billions of dollars were stolen from Bangladesh by oligarchs, cronies, and politicians connected to Sheikh Hasina's dictatorship, and part of it was laundered to Canada, including in buying assets in Toronto's infamous "Begum Para" neighbourhood.

He sought help to identify, freeze and recover the assets during his meeting with the Canadian High Commissioner.

The Canadian High Commissioner appreciated the efforts of the Prof Yunus-led interim government to bring the stolen money back.

He assured Canada's support for the asset recovery efforts, noting that Canada has a "mechanism" to freeze siphoned-off money for recovery from persons identified by the interim government to the government of Canada.

The Canadian High Commissioner also offered the country's support to the interim government's reform initiatives in its transition to democracy. "We support the great thing you are doing. We appreciate the progress that has been made. We are keen to know what we can do," Ajit Singh said.

He said Canada was keen to expand trade with Bangladesh and invest more in the country. A Canadian minister would visit Bangladesh soon to discuss issues of mutual interest, he added.

In response, Prof Yunus said, "Bangladesh is ready for business. We want to expand trade with your country, and we want Canadian companies to relocate their factories to Bangladesh."

The chief adviser said many Bangladeshi people now live and study in Canada, and Ottawa should make a move to set up its visa office in Dhaka.​

 

[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.​