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

[Saif]

Assets of Hasina, family members found in five countries: Shafiqul

'A joint probe team has found assets related to her family in the UK, USA, Malaysia, Singapore, Hong Kong and Cayman Islands,' says the press secretary to the chief adviser

www.thedailystar.net

Assets of Hasina, family members found in five countries: Shafiqul

Shafiqul Alam. File photo

Chief Adviser's Press Secretary Shafiqul Alam has said assets of deposed prime minister Sheikh Hasina and her family members were found in five counties including the UK and the US.

"A joint probe team has found assets of Sheikh Hasina, her family members and the individuals and organisations related to her family in the UK, USA, Malaysia, Singapore, Hong Kong and Cayman Islands," he said at a press briefing at the Foreign Service Academy in the capital this afternoon.

Shafiqul said the existence of Russian slush fund (a reserve of money used for illicit purposes, especially political bribery) was also found in a bank of Malaysia.

He said over Tk 636 crore deposited in 124 banks accounts were attached or frozen, while 60-katha plot of Rajuk and eight flats with 10 decimal land worth Tk 8.85 crore were attached.

The press secretary said six cases were filed against Hasina and her family members on charge of plundering and forgery. Probes were completed and charge-sheets were submitted in six cases, he added.

He said travel ban has been imposed on seven family members of Hasina.

Shafiqul said Bangladesh Financial Intelligence Unit (BFIU) sent two intelligence reports to the Anti-Corruption Commission (ACC) and froze Tk 5.15 crore deposited in 11 bank accounts.

He said the BFIU also sent the details of all bank accounts of Hasina and her family members to the ACC.

About money laundering, the press secretary said during the Hasina regime, about $234 billion was laundered abroad from Bangladesh and of the amount, $17 billion was siphoned off from the country's banking sector.

Chief adviser's deputy press secretaries Abul Kalam Azad and Apurba Jahangir and Assistant Press Secretary Shuchismita Tithi were present.​

 

[Saif]

The damage Hasina did was ‘monumental’

Chief Adviser Prof Muhammad Yunus said that when he took charge, the country was “completely devastated,” like “another Gaza”, where not buildings, but entire institutions, policies, and international relations were destroyed.

www.thedailystar.net

The damage Hasina did was ‘monumental’
Yunus tells The Guardian

Chief Adviser Prof Muhammad Yunus said that when he took charge, the country was "completely devastated," like "another Gaza", where not buildings, but entire institutions, policies, and international relations were destroyed.

"The damage she [deposed prime minister Sheikh Hasina] had done was monumental," Yunus said in an interview with The Guardian published yesterday.

Hasina has been in India after the ouster of her government amid a student-led mass uprising on August 5 last year.

Yunus' government has initiated prosecutions against senior police officers accused of extrajudicial killings, shut down secret detention centres, and established human rights commissions. Hasina is facing hundreds of charges.

Despite his various reform initiatives, Yunus is facing mounting pressure from political groups, particularly the BNP, to hold elections swiftly, reports The Guardian.

Yunus denied any suggestion that the streets were less safe than under Hasina's rule, but others have warned that the country's security situation threatened to spiral beyond his government's control, reported the UK-based newspaper.

The chief adviser maintained that he had a "very good relationship" with the military, and that there was "no pressure" from the army chief.

"Hasina's regime wasn't a government -- it was a family of bandits," he said.

"Any order from the boss, and it was done. Someone's causing problems? We'll make them disappear. Want to hold an election? We will make sure you win all the seats. You want money? Here's a million dollar loan from the bank and you never have to pay back.

"Banks were given full licence to steal people's money, with active participation from the government," Yunus said.

"They would send their officials with guns to get it all signed off."

In December, a formal extradition request was made to India to send Hasina back to face trial in Bangladesh, but the chief adviser confirmed there had been "no response" from the Indian government.

"Hasina would still face trial for crimes against humanity, even if in absentia," he added.

Yunus said that while India sheltering Hasina was tolerable, "allowing her to use India as a platform to undo everything we have done is dangerous. It destabilises the country."

The return of Donald Trump to the White House has also complicated matters. The Biden administration was a key supporter of Yunus, but Trump has slashed USAID funding. In efforts to bring the US on side, Yunus has invited billionaire Elon Musk to bring his Starlink satellite internet service to Bangladesh, reports The Guardian.

Yunus expressed hope that Trump might see Bangladesh as a "good investment opportunity" and trading partner, and said he intended to pitch this to Musk during his visit.

"Trump's a dealmaker, so I say to him: come, do deals with us," he said.

If he did not, Bangladesh would feel a little pain, Yunus said.

"But this democratic process will not stop."​

 

[Saif]

CA for accelerating efforts to bring back stolen money

Chaired by Prof Yunus, the meeting was attended, among others, by Finance Adviser Salehuddin Ahmed, Law Adviser Asif Nazrul, Bangladesh Bank Governor Ahsan H Mansur, Chief Adviser's Special Envoy Lutfey Siddiqi, Chairman of the Anti-Corruption Commission (ACC) Mohammad Abdul Momen, the...

www.thedailystar.net

CA for accelerating efforts to bring back stolen money

Photo: Courtesy/BSS

Chief Adviser Professor Muhammad Yunus today directed the authorities concerned to enhance efforts to bring back the laundered money to the country.

He came up with the directives at a meeting on prevention of money laundering at the state guest house Jamuna in Dhaka.

Chaired by Prof Yunus, the meeting was attended, among others, by Finance Adviser Salehuddin Ahmed, Law Adviser Asif Nazrul, Bangladesh Bank Governor Ahsan H Mansur, Chief Adviser's Special Envoy Lutfey Siddiqi, Chairman of the Anti-Corruption Commission (ACC) Mohammad Abdul Momen, the Bangladesh Financial Intelligence Unit (BFIU) chief, the home secretary, and the finance secretary.

About the outcomes of the meeting, CA's Press Secretary Shafiqul Alam said Prof Yunus mentioned that the money laundered abroad was the money of the countrymen, asking the authorities concerned to return the money as soon as possible.

The chief adviser said a high-powered meeting on recovery of laundered money will be held each month, while he has called another meeting on the issue after Eid-ul-Fitr to know about the progress of the recovery of stolen money, Alam said.

Yunus also directed to identify the details of the laundered money, he said, giving an example that it was found that one person siphoned off about Tk 400-500 crore per year, showing tuition fee of his or her son who was studying abroad.

Replying to a question, he said the chief adviser asserted that the returning of the laundered money is the government's top priority and it must be brought back at any cost.

Chief Adviser's deputy press secretaries Abul Kalam Azad and Apurba Jahangir and Assistant Press Secretary Shuchismita Tithi were present at the briefing.​

 

[Saif]

BB governor to visit UK for asset recovery

Bangladesh Bank (BB) Governor Ahsan H Mansur will visit the United Kingdom (UK) as a part of efforts to recover laundered assets.

www.thedailystar.net

BB governor to visit UK for asset recovery

“Bangladesh’s financial position is strong. The only weak area is revenue collection, and the solution lies in improving revenue generation.” Ahsan H Mansur, Bangladesh Bank governor

Bangladesh Bank (BB) Governor Ahsan H Mansur will visit the United Kingdom (UK) as a part of efforts to recover laundered assets.

The information was disclosed by Press Secretary to the Chief Adviser (CA) Shafiqul Alam in a press briefing following a high-level meeting yesterday.

The meeting, titled "Recovery of Laundered Assets: Steps Taken and Challenges" was chaired by CA Muhammad Yunus and included an 11-member task force.

Allegations of rampant corruption, nepotism, and staggering capital flight have started to surface since former prime minister Sheikh Hasina fled following last year's July-August student uprising. The interim government took the initiative to investigate into the alleged money laundering and bring back the siphoned-off money from abroad.

On March 17, the central bank governor is scheduled to speak to an All-Party Parliamentary Group on corruption, emphasising the need for the UK's support in Bangladesh's asset recovery efforts, including sanctions on those assets.

"We are requesting them to freeze the assets that have been transferred there and are currently being traced," said Alam.

On March 19, a half-day conference on asset recovery will take place, involving international law firms, investigation agencies, and litigation funders.

Meetings will also be held with the Foreign, Commonwealth & Development Office, National Crime Agency, and both the current and immediate past UK secretaries of state for justice.

The press secretary also informed that work is underway with the International Anti-Corruption Coordination Centre and the World Bank's Stolen Asset Recovery (StAR) Initiative to prepare for Bangladesh Asset Recovery Conference in London in early May.

The event will be attended by representatives from 8 to 10 money laundering destination countries, members of the Bangladesh task force, and other key stakeholders.

The press briefing highlighted that Bangladesh's asset recovery effort is among the largest and most complex in history.

Comparisons were drawn with Angola ($15 billion), Malaysia's 1MDB ($11 billion), and Nigeria ($5 billion).

It was further revealed that at least $75 billion to $100 billion in stolen assets from financial sector fraud, government contracts, and general corruption has primarily been transferred to the UK, US, Canada, UAE, Singapore, Malaysia, Thailand, Hong Kong, and various offshore tax havens.​

 

[Saif]

Assets of Hasina, family members found in five countries: Shafiqul

'A joint probe team has found assets related to her family in the UK, USA, Malaysia, Singapore, Hong Kong and Cayman Islands,' says the press secretary to the chief adviser

www.thedailystar.net

Assets of Hasina, family members found in five countries: Shafiqul
assets of Sheikh Hasina found in five countries

Shafiqul Alam. File photo

Chief Adviser's Press Secretary Shafiqul Alam has said assets of deposed prime minister Sheikh Hasina and her family members were found in five counties including the UK and the US.

"A joint probe team has found assets of Sheikh Hasina, her family members and the individuals and organisations related to her family in the UK, USA, Malaysia, Singapore, Hong Kong and Cayman Islands," he said at a press briefing at the Foreign Service Academy in the capital this afternoon.

Shafiqul said the existence of Russian slush fund (a reserve of money used for illicit purposes, especially political bribery) was also found in a bank of Malaysia.

He said over Tk 636 crore deposited in 124 banks accounts were attached or frozen, while 60-katha plot of Rajuk and eight flats with 10 decimal land worth Tk 8.85 crore were attached.

The press secretary said six cases were filed against Hasina and her family members on charge of plundering and forgery. Probes were completed and charge-sheets were submitted in six cases, he added.

He said travel ban has been imposed on seven family members of Hasina.

Shafiqul said Bangladesh Financial Intelligence Unit (BFIU) sent two intelligence reports to the Anti-Corruption Commission (ACC) and froze Tk 5.15 crore deposited in 11 bank accounts.

He said the BFIU also sent the details of all bank accounts of Hasina and her family members to the ACC.

About money laundering, the press secretary said during the Hasina regime, about $234 billion was laundered abroad from Bangladesh and of the amount, $17 billion was siphoned off from the country's banking sector.

Chief adviser's deputy press secretaries Abul Kalam Azad and Apurba Jahangir and Assistant Press Secretary Shuchismita Tithi were present.​

 

[Saif]

How much money do Hasina, AL have in banks?

A court has ordered the freezing of 124 bank accounts linked to the Awami League, its research wing, and ousted prime minister Sheikh Hasina

en.prothomalo.com

How much money do Hasina, AL have in banks?
Asaduzzaman
Dhaka
Published: 11 Mar 2025, 23: 10

Sheikh Hasina BSS

A court has ordered the freezing of 124 bank accounts linked to the Awami League, its research wing, and the family members of its president as well as ousted prime minister Sheikh Hasina, following a request from the Anti-Corruption Commission (ACC).

According to the ACC, 10 bank accounts held by the Awami League contain a total of Tk 378 million, while 17 bank accounts under the name of Sheikh Hasina hold Tk 38 million.

The deposits in three of Hasina’s accounts were not disclosed. Among others, one account contains only Tk 5, while another Tk 150. A joint account with Sheik Rehana holds the highest Tk 16 million.

Apart from those, six bank accounts under the name of Sheikh Rehana contain Tk 22.3 million in total, while two accounts belonging to Sheikh Hasina’s son, Sajeeb Wazed Joy, hold Tk 11.7 million.

The ACC has also identified 29 bank accounts linked to the Bangabandhu Sheikh Mujibur Rahman Memorial Trust, where deposits amount to Tk 4.66 billion.

The anti-graft agency also found that an account of the Awami League at a state-run bank’s Dhanmondi branch holds Tk 89 million. Three other accounts of the party at a private bank branch in Dhanmondi contain a total of Tk 206 million.

Besides, two accounts under the title “Awami League election fund-2008” hold Tk 27 million and Tk 12 million, separately. Four other accounts of the party have deposits of more than Tk 30 million. In total, 10 accounts of Awami League contain deposits of Tk 378 million.

The ACC also found 15 bank accounts associated with the Awami League’s research wing, the Centre for Research and Information (CRI), with an accumulated deposit of Tk 408 million.​

 

[Saif]

Govt hopes to bring back some amounts of laundered money this year: Finance Adviser

Finance Adviser Dr Salehuddin Ahmed has expressed hope that the government will be able to repatriate part of the huge amount of money laundered abroad within this year. He made the remarks while talking to reporters after the meeting of the Advisers Council Committee on Government Purchase on Tue

thefinancialexpress.com.bd

Govt hopes to bring back some amounts of laundered money this year: Finance Adviser
UNB
Published :
Mar 11, 2025 20:48
Updated :
Mar 11, 2025 20:48

Finance Adviser Dr Salehuddin Ahmed has expressed hope that the government will be able to repatriate part of the huge amount of money laundered abroad within this year.

He made the remarks while talking to reporters after the meeting of the Advisers Council Committee on Government Purchase on Tuesday at the Cabinet Division in Bangladesh Secretariat.

“We will start the process of bringing back the laundered money as soon as possible. For this, we will sign agreements with the concerned countries”, he added.

The finance adviser said the government has been trying its best to do this. However, the overall amount is huge.

Salehuddin said, this huge amount of money is in different countries and some legal processes are also involved in bringing back the laundered money.

“You will know more about the matter in the months to come. Apart from this, Bangladesh Bank will be able to say more about the matter”.

On Monday, Chief Adviser Prof Muhammad Yunus directed the authorities concerned to intensify efforts to bring back the laundered money.

He gave these instructions at a meeting on prevention of money laundering at the State Guest House Jamuna.​

 

[Bilal9]

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

View attachment 14035
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.​

It is a crying shame that the Govt. of Canada did not see fit to establish a visa office in Dhaka. Bangladeshis had to fly to New Delhi to get visas.

Now that they are interested in doing business (Bangladesh has half of the US population) probably because of a shocked realization from dealing with Trump, it is time to look at these long overdue steps to facilitate expansion of trade and people-to-people exchanges on education, healthcare and culture between our countries.

 

[Saif]

It is a crying shame that the Govt. of Canada did not see fit to establish a visa office in Dhaka. Bangladeshis had to fly to New Delhi to get visas.

Now that they are interested in doing business (Bangladesh has half of the US population) probably because of a shocked realization from dealing with Trump, it is time to look at these long overdue steps to facilitate expansion of trade and people-to-people exchanges on education, healthcare and culture between our countries.

All the houses in Begum Para needs to be sold to recover stolen money. The government of Canada can help in this regard.

 

[Bilal9]

All the houses in Begum Para needs to be sold to recover stolen money. The government of Canada can help in this regard.

My thoughts exactly. Govt. of Canada can easily trace where the money came from.

If the houses were bought with cash - Bingo !

 

[Saif]

https://thefinancialexpress.com.bd/editorial/revving-up-for-recovering-nations-stolen-assets

Revving up for recovering nation's stolen assets
FE
Published :
Mar 14, 2025 21:45
Updated :
Mar 14, 2025 21:45

The media report that the interim government has fast-tracked the work of the high powered 11-member inter-agency task force to bring back a part of the money stolen, laundered abroad and deposited in foreign banks or lying in other forms is no doubt a development worth noting. And, any effort towards recovering the state resources worth billions of dollar is welcome since it was one of the causes for which the nation's valiant sons and daughters made supreme sacrifices during last year's July-August uprising.

Since Chief Adviser Dr Muhammad Yunus while assuming office in August last year stated the recovery of stolen money a priority task, it is believed the team he has formed for the purpose would do its best to accomplish the objective. That a special law is also going to be enacted soon to facilitate the task forces' job is well-timed. In the circumstances, the interim government, given its limited tenure in office, would do well to step up the work for its preparatory phase and jump-start the real work, so the government might see its mission is achieved during its incumbency to the fulfillment of the people's expectations. Understandably, recovering laundered money is a notoriously challenging and knotty task with a history of few successes worth mentioning. In this connection, the finance adviser, Dr Salehuddin Ahmed's optimism as expressed to the media following a meeting of the Advisory Council Committee on Government Purchase on Tuesday (March 11) is of course reassuring.

However, there are still reasons to take the stances of resolve and optimism occasionally expressed by the different advisers of the government on issues such as curbing inflation or arresting deterioration of law and order with a grain of salt. In that case, the basic work of reaching agreements and deals with foreign nations and agencies willing to support us in recovering laundered assets should be expedited. Admittedly, the scale of despoiling a nation's economic backbone by some people masquerading as champions of the country's war of independence is mindboggling as well as rare in the history of the world. Just to imagine that during the past one decade and a half plus years that they ruled the country, they siphoned away at the rate of US$16 billion every year, as revealed by the recently released 'White Paper on Bangladesh economy'. And the central bank governor, on the other hand, also made it known that during that same period fund worth US$75 billion was stashed away in overseas locations just by using banking channel. It is yet another shocker. But it is not that the general public was quite in the dark about what was happening as the reports of bank looting by a certain infamous crony oligarch often grabbed the headlines. But what was still unknown to them was the sheer magnitude of misappropriation of the nation's resources.

So, the nation would be waiting with keen anticipation about the outcome of the Bangladesh Bank (BB) governor's reported upcoming meeting with the UK's All Party Parliamentary Group. Notably, in that meeting BB governor will be seeking the said Group's support in recovering funds laundered to the UK as well as requesting imposition of the UK government's ban on any sale or transfer of such Bangladesh-origin assets. It is earnestly believed that the interim government's effort towards recovering nation's assets lost to the plundering by deposed autocrat and her henchmen would see success.​

 

[Saif]

How Bangladesh can recover its stolen assets

Bangladesh intensifies efforts to recover stolen assets and combat money laundering.

www.thedailystar.net

How Bangladesh can recover its stolen assets

FILE VISUAL: ANWAR SOHEL

Bangladesh is now in the midst of a major push to recover assets stolen and "smuggled" out of the country. Estimates vary, but there is clear evidence that political operatives and their cronies have in the last quarter of a century pocketed money illegally from government projects, foreign investment, government deals, and export-import business.

Prof Yunus, the chief adviser of the interim government (IG) in Bangladesh, has prioritised the recovery of assets stolen by the previous regime. During a recent meeting, he sought the assistance of attorney Toby Cadman, an internationally known criminal lawyer, in the investigation and pursuance of asset recovery. The Daily Star reported on their recent discussions: "Another major point of discussion was the seizure of stolen assets by the previous regime, and the legal and procedural measures needed to recover and repatriate these assets."

While the exact magnitude is still to be verified, knowledgeable sources have provided detailed accounts of the key personalities involved in what may be characterised as robbery.

The Bangladesh Bank governor confirmed recently that the government is on track to bring back money that was laundered from Bangladesh. All assets of the S Alam Group have already been seized to recover the money stolen from the banks. The governor also said 12 oligarchs who looted money from banks have been identified. These include the Hallmark Group, Destiny Group, Bismillah Group, AnnonTex, Regent Hospital, NRB Global Bank, and Beximco.

"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," the governor added.

How do we recover this money, and how many years would that take? The IG has set up a task force chaired by the Bangladesh Bank governor. The White Paper on the economy offers a short list of policy measures. First, the government must act immediately to have agreements with the UAE, India, China, EU, US, and Singapore to deal with Trade-Based Money Laundering. Secondly, the Anti-Corruption Commission (ACC) was advised to seek support from overseas legal experts and firms specialising in stolen asset recovery to support reforms and capacity building of Bangladesh's relevant institutions such as ACC, Financial Intelligence Unit, Criminal Investigation Department, National Board of Revenue, and the Attorney General's Office.

Independent research by Transparency International shows that most entities and personalities involved in the "megasteal" are affiliated with former AL and BNP governments. The major megasteal cases are the Rooppur Nuclear Power Plant, Karnaphuli Tunnel, and the Padma Bridge Rail Link. Add to that the six other communications and infrastructure projects identified by a task force that studied megaprojects and uncovered embezzlement, bribery, false declarations and mispricing, including land speculation relating to extensive borrowing from commercial banks.

The IG and the stakeholders all have acknowledged that the timeline for the asset recovery will be lengthy and require the tenacity of Sherlock Holmes. One of the more successful international cases of asset recovery in recent times is the Malaysian 1MDB scandal. The 1MDB scandal was initially covered up by the Malaysian government. The lessons and pointers that we can take away from the 1MDB case are:

1) Public disclosure

2) International cooperation

3) Better enforcement

4) Due diligence and proactive implementation of comprehensive anti-money laundering (AML) compliance frameworks

In the past decade, the value of "public disclosure" or transparency has been amply illustrated by the Panama Papers, Pandora Papers, and Paradise Papers leaks. In these instances, documents exposed offshore financial dealings of wealthy and influential people. The money stolen from Bangladesh and laundered abroad has been moved to different countries under different names and invested in innumerable accounts. However, the key to recovering these assets is due diligence and perseverance.

The government has already identified the key culprits and initiated considerable initiatives to track down the money and manage the recovery: track, freeze, seize, and recover these assets or TFSR. According to The Sunday Times, the National Crime Agency, Britain's equivalent to the US FBI, has indicated its willingness to help Bangladesh recover certain assets. The IG must push the EU to impose sanctions against those who have enabled any misappropriation of assets from Bangladesh, whether this be lawyers or any other professional enabler in the EU.

In addition, as I already mentioned earlier, resources of the EU, United Nations Office on Drugs and Crime, the World Bank's Star initiative, Financial Action Task Force, and the US Justice Department must be utilised ("The path to recovering our stolen assets," The Daily Star, December 22, 2024).

Finally, the IG must frequently update the list. Every day, new details emerge on the various financial deals carried out by the former prime minister and her family. Former UK minister Tulip Siddiq faces fresh questions after videos emerged of her with an official delegation from Bangladesh at the signing of a billion-dollar arms deal and the Rooppur Power Plant. The Bangladeshi High Court heard claims that the British minister may have helped Hasina "broker" the mega-billion dollar deal for Rooppur by the Russian state-backed company, Rosatom.

Another report implicates the former PM, her son Sajeeb Wazed Joy, and niece Tulip Siddiq in financial crimes through various offshore bank accounts in Malaysia. They were also involved in an elaborate scheme to launder money that involved her paternal uncle, Tarique Ahmed Siddique. "Tulip Siddiq and her family members are stakeholders in a company named Prochchaya which along with another entity Destiny Group had laundered $900 million," as reported in the Indian daily, The Hindu.

The Bangladesh experience underscores the pressing need for unwavering diligence and proactive implementation of comprehensive AML compliance frameworks, particularly robust AML compliance programmes, to safeguard the integrity of our financial system. The history of Bangladesh stands as a testament to the pivotal role AML compliance programmes play in fortifying financial institutions against the insidious threat of money laundering.

Dr Abdullah Shibli is an economist and currently employed at a nonprofit financial intermediary in the US. He previously worked for the World Bank and Harvard University.​

 

[Saif]

Court orders to freeze 31 more bank accounts with deposit of Tk 3.94b of Sheikh Hasina, family members

A court has ordered to freeze 31 more bank accounts of ousted former prime minister Sheikh Hasina, her son Sajeeb Wazed Joy, daughter Saima wazed Putul, sister Sheikh Rehana and their associates.

en.prothomalo.com

Court orders to freeze 31 more bank accounts with deposit of Tk 3.94b of Sheikh Hasina, family members
Staff Correspondent
Dhaka
Published: 18 Mar 2025, 15: 41

Sheikh Hasina File Photo

A court has ordered to freeze 31 more bank accounts of ousted former prime minister Sheikh Hasina, her son Sajeeb Wazed Joy, daughter Saima Wazed Putul, sister Sheikh Rehana and their associates.

According to the Anti-Corruption Commission (ACC), over Tk 3.94 billion are deposited in these 31 bank accounts.

Dhaka metropolitan senior special judge Md Zakir Hossain passed the order over hearing separate petitions filed by the ACC.

ACC director general Akhtar Hossain disclosed this at a press conference at the ACC headquarters in the capital's Segunbagicha on Tuesday.

Earlier, a court had given an order on 11 March to freeze 124 bank accounts of ousted former prime minister Sheikh Hasina, her son Sajeeb Wazed Joy, daughter Saima wazed Putul, sister Sheikh Rehana and their associates.​

 

[Saif]

Awami League’s Golap holds ‘illicit assets’ worth Tk 680 million: ACC

The Anti-Corruption Commission (ACC) has accused former Awami League lawmaker Abdus Sobhan Golap of amassing ‘illicit assets’ worth over Tk 680 million at home and abroad, including nine flats and houses in the United States. The anti-graft watchdog greenlit a graft case against Golap,

thefinancialexpress.com.bd

Awami League’s Golap holds ‘illicit assets’ worth Tk 680 million: ACC
bdnews24.com
Published :
Mar 19, 2025 18:52
Updated :
Mar 19, 2025 18:52

The Anti-Corruption Commission (ACC) has accused former Awami League lawmaker Abdus Sobhan Golap of amassing ‘illicit assets’ worth over Tk 680 million at home and abroad, including nine flats and houses in the United States.

The anti-graft watchdog greenlit a graft case against Golap, the publicity and publications secretary of the party which was ousted from power by a mass uprising last year.

On Wednesday, ACC Director General Akhtar Hossain said the case was being processed at the commission’s integrated district Dhaka-1 office.

The agency’s Deputy Director Nurul Huda initiated the case, he added.

Regarding the allegations against the former Madaripur-3 MP, the ACC official said he had acquired nine flats and houses worth an estimated Tk 320 million in New York’s Queens through abuse of power, irregularities, and corruption.

Citing the complaint, he said that Golap had accumulated over Tk 690 million in assets, including Tk 323.4 million in immovable property, Tk 371.6 million as movable assets, and Tk 2.5 million in family expenses.

Highlighting Golap's legal and verifiable income amounted to Tk 104.4 million, the ACC official said he had acquired the remaining wealth of Tk 683.2 million "beyond known sources of income”.

In addition, the ACC investigation uncovered evidence of "unusual and suspicious transactions" of Tk 976.3 million in 51 bank accounts linked to Golap, according to Akhtar.

The ACC official added that Golap faces charges under Section 27(1) of the Anti-Corruption Commission Act, 2004, Section 5(2) of the Anti-Corruption Act, 1947, and Sections 4(2) and 4(3) of the Money Laundering Prevention Act, 2012.

Earlier on Jan 9, a court ordered the attachment of nine immovable properties in the US belonging to Golap and his family members.

At the same time, 53 bank accounts held by them were frozen.

Dhaka Metropolitan Sessions Judge Zakir Hossain Galib passed the order following a petition filed by the ACC.

The court’s attachment order showed the movable and immovable assets and bank accounts were in the name of former lawmaker Golap, who is currently behind bars, his wife Gulshan Ara Mia, son Ivan Sobhan Mia, and daughter Anisha Golap Mia.

It also ordered the seizure of a five-storey house in Dhaka’s Mirpur owned by Golap and his family.

Of the properties in the US, eight are single-residential condo units and the other is a dual-family unit, according to the ACC.

Earlier on Oct 2, 2024, the same court had banned the former MP from travelling abroad.

Police arrested Golap, who went into hiding after the fall of the government, from a house in the capital’s Nakhalpara on Aug 25 last year.

There were multiple charges against him, including one involving a murder in Dhaka during the student-led mass uprising.​

 

[Saif]

ACC files two cases against Saima Wazed Putul

ACC Deputy Director Tahsin Munabil Haque filed two cases at the ACC's Integrated District Office Dhaka-1 today

en.prothomalo.com

ACC files two cases against Saima Wazed Putul
BSS
Published: 20 Mar 2025, 22: 48

Saima Wazed Collected

The Anti-Corruption Commission (ACC) has filed two separate cases against Saima Wazed Putul, daughter of ousted Prime Minister Sheikh Hasina, for allegedly obtaining appointment as WHO Regional Director for South-East Asia through using false information and extracting Tk 330 million from 20 banks in the name of Shuchona Foundation.

ACC Director General (Prevention) Md Akhter Hossain told journalists that the ACC Deputy Director Tahsin Munabil Haque filed two cases at the ACC's Integrated District Office Dhaka-1 today.

In one case, Saima Wazed Putul has been accused of abusing power, doing fraudulence, and forgery to secure the position of Regional Director of the World Health Organization's South-East Asia Regional Office.

The second case alleged that Saima Wazed Putul and Nazrul Islam Mazumder colluded to misuse their power and exert undue influence over member banks of the Bangladesh Association of Banks, compelling them to contribute Tk 33.05 crore from their corporate social responsibility (CSR) funds to Shuchona Foundation, where Putul herself was the chairperson.

According to the case statement, Putul is accused of fabricating credentials in her application for the WHO Regional Director post in 2023.

The ACC alleged that Putul falsely claimed to be engaged in teaching and reviewing educational manuals at Bangabandhu Sheikh Mujib Medical University–BSMMU (now Bangladesh Medical University) despite having no such involvement.

In her application, Saima Wazed reportedly listed her position at BSMMU saying she was an “Honorary Specialist/Expert at BSMMU (2022-Present), providing technical expertise on autism spectrum disorder and mental health, and reviewing manuals for the care and management of developmental disorders” in her CV.

However, upon investigation, the BSMMU authorities confirmed that she never held such a position or participated in any academic or research activities related to manual development.

The ACC has charged her under Sections 420, 468, and 471 of the Penal Code, along with Section 5(2) of the Prevention of Corruption Act of 1947, for allegedly misrepresenting her qualifications to secure the WHO role.
The case has been filed under Section 5(2) of the Prevention of Corruption Act and Section 109 of the Penal Code.

The case statement revealed that an enforcement operation was conducted by the ACC headquarters in January last against Shuchona Foundation. But no physical office of Shuchona Foundation was found.
The investigation found that Putul and Nazrul repeatedly pressured banks to contribute funds to the foundation. In May 2017, 17 banks were forced to donate Tk 210 million from their CSR funds.

A total of 20 banks ultimately contributed Tk 330 million.

Since the organisation had no physical existence, the ACC suspects that the money was embezzled through forged records, which will be thoroughly examined during the investigation.​

 

[Saif]

Repatriating laundered money

THE syphoning of money has been a hot topic in Bangladesh and many reports have been published in the aftermath of the 2024 political changeover as many stalwarts of the then ruling party were accused of transferring money abroad illegally. Syphoning out money from one country to another is a...

www.newagebd.net

Repatriating laundered money
Mohammad Zonaed Emran 23 March, 2025, 00:00

New Age/Mehedi Haque

THE syphoning of money has been a hot topic in Bangladesh and many reports have been published in the aftermath of the 2024 political changeover as many stalwarts of the then ruling party were accused of transferring money abroad illegally. Syphoning out money from one country to another is a common method of money laundering. Money laundering simply means hiding the money earned by illegal means and making it look like it came from a legal business.

Money launderers get the proceedss from criminal activities which are known as predicate offences such as bribery and drug sales, manipulate the share market, transfer the laundered money from Bangladesh to other countries illegally and repatriate the money into the country giving the appearance that the money comes from abroad as remittance or investment, dodging taxes, etc. In essence, money laundering proceeds come from illegal or unlawful activities and re-enter the economy through the financial system with complex processes.

Money laundering in the form of syphoning is a great concern for developing countries such as Bangladesh. According to a 2021 report of the Global Financial Integrity, a Washington-based non-profit organisation, around $61.6 billion was illicitly transferred out of the country between 2005 amnd 2014 through misinvoicing of trade documents and others common methods of capital flight. The report also states that Bangladesh loses around $8 billion each year which was equivalent to Tk 80,000 crore. The money has been siphoned off to different destinations such the United Arab Emirates, Singapore, the United Kingdom, Malaysia, the United States, Canada, Switzerland and tax havens such as Cayman Islands, Panama, British Virgin Islands, etc.

Capital flight or syphoned out money or assets deplete the foreign currency reserve, reducing tax revenue collection and weakening the economy. A recent white paper on the state of the economy published by the government shows that $234 billion was syphoned off Bangladesh between 2009 and 2023. Reports published in various news outlets that the S Alam group has syphoned out from the country capital worth more than Tk 2 lakh crore, equivalent to around $ 17 billion, taking out loans from various banks making shell companies or fictitious documents.

A new report also appears against the then ruling party’s minister who bought assets of 350 houses worth around Tk 3,500 crore in the United Kingdom and also in Dubai through ill-gotten money which is supposed to to have been done through kleptocracy. It is apparent that money laundering through syphoning has been experienced during all governments, sometimes with the connivance of the political regime.

The capital flight from the country to different overseas destinations are happen through vrious mechanisms. Capital flight mainly happens through trade. Trade-based money laundering is a method by which a big chunk of money flows out of the country. it is said that almost 80 per cent of the money laundering or capital flight happens through trade mechanisms such as over-invoicing in export, under-invoicing in import, ghost shipment, phantom shipment, multiple invoicing, etc.

Money laundering also occurs through informal channels such as hundi, cash smuggling and gold trafficking. Under the hundi system, remittances do not come to Bangladesh from abroad through the formal banking channel and they do not add to the foreign country reserves.

Recovering laundered money from abroad is a difficult task. It requires significant time, legal procedures and cooperation of foreign governments and international organisations. Over the years, we have just one successful example where syphoned off money was returned from Singapore — Tk 230 million in Singaporean dollars — after the Anti-Corruption Commission had put in the required efforts. Apart from this, the Bangladesh government could repatriate $1.3 million in stolen assets against the UK requests in two cases between 2010 and 2015. However, recovering stolen assets from abroad needs strong government commitment and will. It is not an easy task. The government has to go through long and complex legal procedures. Moreover, it is quite difficult to trace the stolen assets abroad and collect proofs that the money were laundered from the country.

In every country, there is a central authority responsible for overseeing the money laundering and terrorist financing activity. In Bangladesh, the central authorities, the Bangladesh Financial Intelligence Unit, collect data from the various reporting authorities such as financial institutions ie banks, non-bank financial institutions, insurance companies, accountants, legal firms, currency exchange houses, etc and then they analyses the information coming as cash transactions report and suspicious transactions report and if they suspect any laundering activity, they disseminate the information to the enforcement agencies for investigation and legal action against individual and entities. The Financial Intelligence Unit can freeze bank accounts if it suspects any money laundering and terrorist financing, etc.

The enforcement agencies are the Anti-Corruption Commission, the Criminal Investigation Department, the National Board of Revenue, customs authorities, the Securities and Exchange Commission, the narcotics department, etc. Based on the nature of laundering, the information is disseminated to the authorities concerned. Cooperation among the departments are crucial and imperative for expected results in tracing and taking legal action against money launderers and repatriating the laundered money from abroad.

In order to recover funds from another overseas jurisdiction or countries, it is necessary to make cooperation with other countries. In most of the cases, Bangladesh has no treaties or agreement of cooperation with major laundering countries or the countries are not willing to make treaties or agreements. Under mutual legal assistance treaties, known as MLAT, both the countries sign treaties or agreements that they will cooperate each other and share evidence, etc when asked for. Both the countries can share information on laundering activities which help to trace laundered money, freeze and confiscate the syphoned money or assets and repatriate them.

Apart from MLAT country-to-country cooperation, the government can seek help from some organisations that work on the prevention of money laundering. The Egmont Group is an organisation of foreign financial intelligence units of different countries. Bangladesh is a member of the group. Information on the laundered money or assets can be shared through members of the group for cooperation.

The Financial Action Task Force is a global standard-setting body on money laundering and terrorist financing. They have made a global standard of anti-money laundering and counter financing of terrorism regulations which are followed by member countries. The Financial Action Task Force has similar regional bodies and Bangladesh is a member of one of its regional bodies known as the Asia/Pacific Group on Money Laundering. Bangladesh can take help from this body in order to recover stolen assets.

The United Nations Convention against Corruption works on recovering syphoned off money or assets through member countries. Bangladesh can seek help from the United Nations Convention against Corruption in the recovery of its stolen assets or money.

There is another way that Bangladesh can get back its stolen assets. Bangladesh can repatriate stolen assets through the Stolen Asset Recovery Initiative, a joint initiative of the World Bank and the United Nations Office on Drugs and Crimes. The Stolen Asset Recovery Initiative helps countries to trace, freeze and recover illicit assets hidden abroad, particularly those siphoned through corruption.

Syphoned-off money or capital has long-lasting impact on the economy and people. Transferring assets illegally from Bangladesh has made the economy fragile. The Financial Intelligence Unit has to be strengthened and empowered and given logistic support. The law enforcement agencies should be given enough training, resources and be empowered so that they can combat the crime and handle money laundering cases efficiently. Reporting agency officials should be trained well so that they can report CTR and STR to the Financial Intelligence Unit timely and efficiently. In order to recover the stolen assets or laundered money, the government should immediately start the process of mutual legal assistance treaties with foreign counties and communicate with international organisations to repatriate the money or assets back. The government can also appoint foreign experts in recovering stolen assets.

Mohammad Zonaed Emran is a banker.​

 

[Krishna with Flute]

Hasina destroyed Bangabandhu’s legacy: Prof Yunus

"Bangladesh is liberated… We are a free country now, said Nobel Laureate Professor Muhammad Yunus

www.thedailystar.net

Hasina destroyed Bangabandhu's legacy: Prof Yunus
View attachment 7415

Sheikh Hasina, who was forced to resign as prime minister of Bangladesh yesterday amidst massive civil unrest in the country, destroyed the legacy of her father Bangabandhu Mujibur Rahman, Nobel Laureate Professor Muhammad Yunus, told The Print.

Speaking to ThePrint minutes after Hasina left Bangladesh, Yunus, who has been charged by the Hasina government in over 190 cases, said, "Bangladesh is liberated… We are a free country now."

"We were an occupied country as long as she (Hasina) was there. She was behaving like an occupation force, a dictator, a general, controlling everything. Today all the people of Bangladesh feel liberated."

Yunus was convicted by the Hasina-led government in January for violating the country's labour laws and is currently out on bail.

The Nobel Laureate said this is like a second liberation for the people of Bangladesh and there is celebration all over the country. "They are feeling the sense of liberation and joy that we can start all over again….We wanted to do it in the first round when we became independent in 1971. And we missed it because of all the problems we have right now. We now want to make a fresh start and create a beautiful country for ourselves. That's the commitment we make and students and young people will be leading our future," he said.

Asked about vandalism by protesters, who tried to damage a statue of Mujibur Rahman in Dhaka and stormed the parliament building, Yunus said that it's an expression of the "damage she (Hasina) has done".

"It says what they feel about Hasina, what she did to herself and her father… it's not the fault of the young people who are doing this," he said.

Yunus, founder of the pioneering microfinance system that lifted millions of poor out of poverty in Bangladesh, ruled out any role in active politics. "I'm not the kind of person who would like to be in politics. Politics is not my cup of tea," he maintained.

Currently in Paris, he said he would soon return to Bangladesh and continue to work for the people the way he did earlier.

"I will continue with my work in a more free environment that I didn't have during the regime of Sheikh Hasina because she was always attacking me. I will continue, devote myself to the things I could not do before," he said.​

He has no right to say this seating on throne without public mandate. He is a para dropped puppet of US.

 

[Saif]

He has no right to say this seating on throne without public mandate. He is a para dropped puppet of US.

Let the Bangladeshis decide the matter of who will seat at the helm of power in Bangladesh.

 

[Saif]

Four charged with laundering over Tk 8 billion via international calls

The Anti-Corruption Commission (ACC) has framed charges against four individuals accused in two cases of laundering Tk 8.67 billion through international incoming and outgoing phone call services. ACC Director General (Prevention) Md Akhtar Hossain told journalists on Sunday that the chargesheets

thefinancialexpress.com.bd

Four charged with laundering over Tk 8 billion via international calls
bdnews24.com
Published :
Mar 23, 2025 20:40
Updated :
Mar 23, 2025 20:40

The Anti-Corruption Commission (ACC) has framed charges against four individuals accused in two cases of laundering Tk 8.67 billion through international incoming and outgoing phone call services.

ACC Director General (Prevention) Md Akhtar Hossain told journalists on Sunday that the chargesheets would be submitted to the court soon.

One of the cases named Oviur Rahman Khan, managing director of Apple Globaltel Communications Limited, and Mohiuddin Majumder, the company chairman, as accused, charging the organisation with laundering Tk 4.63 billion, equivalent $60.18 million, through international incoming calls.

ACC Deputy Director Jalal Uddin Ahammad filed the case on Feb 23, 2022, and later led the investigation himself.

The second case involves Vision Tel Limited Managing Director Russel Mirza and Chairman M Badiuzzaman, who are accused of siphoning Tk 4.04 billion, which is equivalent to $50.19 million, through similar means mentioned in the other case.

ACC Director Jalal also filed and led the investigation into this case, which was lodged on Dec 1, 2021.

The charge sheets have been filed under Section 409 of the Penal Code and Sections 4(2) and 4(3) of the Money Laundering Prevention Act, 2012.​

 

[Saif]

‘We’re up against time to find stolen billions’

Bangladesh Bank Governor Ahsan H Mansur has expressed worry that much of the money laundered abroad by political and business elites over the last one and a half decades could disappear if it was not found quickly enough.

www.thedailystar.net

‘We’re up against time to find stolen billions’
BB governor tells Al Jazeera

Ahsan H Mansur. File photo/Collected

Bangladesh Bank Governor Ahsan H Mansur has expressed worry that much of the money laundered abroad by political and business elites over the last one and a half decades could disappear if it was not found quickly enough.

"We know that time is of the essence. Erosion of the asset base is a possibility," the former IMF economist told Al Jazeera.

Days after the collapse of the Awami League government in August 2024 following the July uprising and the ouster of prime minister Sheikh Hasina, the newly-appointed central bank chief began a hunt for billions smuggled abroad by its political and business elites.

Bangladesh Bank has set up 11 specialist teams to trace the assets of 11 powerful families who are accused of laundering billions of dollars to the UK, UAE, US, Malaysia, and Singapore over the past decade.

The amount of money in question is staggering. Just one of the 11 families being investigated is suspected of moving $15 billion out of Bangladesh and in one case withdrawing nearly 90 percent of a single bank's deposits, leaving it on the brink of collapse, said the Al Jazeera report.

Mansur said the UK is his starting point. He is now in talks with the British Foreign and Commonwealth Office and London law firms in a bid to trace and seize approximately $25 billion laundered from Bangladesh.

"Many of these families have their assets… in London in particular, so we think we will find a lot of assets here," Mansur said.

"Our whole purpose is at least [to] create awareness that the UK is a favourite destination of stolen assets all over the world, and Bangladesh is one of those countries," he said.

A person of interest for Bangladesh is its former land minister Saifuzzaman Chowdhury Javed. Earlier, the Al Jazeera's Investigative Unit (I-Unit) unravelled that he owns more than $500 million of real estate -- primarily in London and Dubai.

Last year, in an undercover operation the I-Unit revealed that Javed's family had purchased over 360 luxury apartments in the UK, most of which were in London.

The Anti-Corruption Commission in Bangladesh froze nearly 40 of his bank accounts and the court placed him under a travel ban, but the BB is seeking to freeze his overseas properties as soon as possible, in case they are sold off.

Javed claimed that he was the victim of a politically motivated "witch-hunt" against people associated with the previous regime and said that "his wealth was earned legitimately".

While the central bank is focused on freezing assets, Mansur also wants the authorities in the UK and elsewhere to investigate the lawyers, bankers and estate agents who helped move billions of dollars for the "oligarch families", said the report.

Estimating that it may take up to five years to regain control of the funds, Mansur said the progress has been slow as authorities grapple with the scale and complexity of the task.

However, he said that the UK government is helping.

He is considering to offer plea bargains to those who helped move money offshore in return for evidence against the kingpins, or even some form of amnesty scheme to bring the missing money back to Bangladesh, said the report.

Another key issue is that the complex task of tracking billions of dollars across multiple jurisdictions has been made harder following the change of government in the US.

A team of investigators from the US, who were due to start work in Bangladesh this year, was called off after President Donald Trump froze funding to the US Agency for International Development (USAID) in the early days of his new term.

"They were supposed to be in Dhaka in full force, but it had to be cancelled … a number of our experts … had been funded by USAID, but it was stopped," Mansur says.

"That's unfortunate for us, but that's the way it is."​

 

[Saif]

Is it possible to bring back the laundered money?

During the 15 and a half years of autocratic rule under Sheikh Hasina, the banking sector suffered the most from looting, which led to 11 out of the 61 banks in the country being on the verge of bankruptcy.

en.prothomalo.com

Is it possible to bring back the laundered money?
It is normal that the individuals, who fled the country after 5 August, will need more foreign currency to alleviate their financial crisis abroad with the help of their family members and relatives. Our suspicion is that the recent significant surge in demand for remittance dollars is largely driven by this issue.
Moinul Islam
Published: 28 Mar 2025, 18: 05

During the 15 and a half years of autocratic rule under Sheikh Hasina, the banking sector suffered the most from looting, which led to 11 out of the 61 banks in the country being on the verge of bankruptcy. Despite there being no need for 61 banks in the country, Hasina's arbitrary decisions granted licenses for so many banks. This was done to provide unbelievable opportunities for her relatives, influential leaders of the Awami League, oligarchic businesspersons, and those who turned into “rubber barons” to loot capital from these institutions.

Despite repeated objections from the late finance minister Abul Maal Abdul Muhith, Hasina could not be dissuaded from making such reckless decisions. After the removal of Hasina’s autocratic rule on 5 August last year, the current interim government took power on 8 August, and Ahsan H Mansur was appointed as the governor of Bangladesh Bank. Over the past six months, he has been making bold decisions to rescue the banking sector from the brink of collapse, and we can see the positive results now.

Among the 11 banks, seven were looted by the bank robber S Alam from Chattogram. Those are: Islami Bank Bangladesh, SIBL, First Security Islami Bank, Union Bank, Commercial Bank, NRB Global Bank, and Al-Arafah Islami Bank.

Until 2017, Islami Bank was mainly controlled by Bangladesh Jamaat-e-Islami. At that time, it was the largest private sector bank in the country, handling nearly 30 per cent of the country’s remittance flow. This strong bank was brought under the control of S Alam under Hasina’s direct orders and support. In seven years, between 2017 and 5 August 2024, S Alam embezzled nearly Tk 700 billion from Islami Bank, pushing it to the verge of bankruptcy.

S Alam looted almost Tk 1,500 billion from his seven banks and smuggled it abroad. The corrupt land minister of the fallen government, Saifuzzaman Chowdhury, looted the United Commercial Bank.

The White Paper drafting committee claims that during Hasina’s rule, the country's economic system transformed directly from “crony capitalism” to “kleptocracy”.

Adviser to the fallen Hasina government, Salman F Rahman, who owns BEXIMCO Group, has outstanding loans worth more than Tk 500 billion in various banks. The 11 banks mentioned have been unable to return depositors’ money for several months, but some banks have begun recovering. The success of Islami Bank and United Commercial Bank was announced by Ahsan H Mansur himself.

The White Paper drafting committee claims that during Hasina’s rule, the country's economic system transformed directly from “crony capitalism” to “kleptocracy”.

During her autocratic regime, Hasina and her family, relatives, party leaders, certain oligarchic businessmen, and capital looters formed an institutional system for looting hundreds of thousands of crores of taka from government projects. The heart of this looting operation was Hasina’s family, the looting of oligarchic businessmen, thousands of corrupt politicians, and bureaucrats.

Research by the White Paper drafting committee revealed that, under Hasina’s 15 and a half years of plundering system, an average of 16 billion dollars a year - totaling 234 billion dollars - was embezzled and laundered abroad.

The banking and financial sector suffered the most, followed by the energy and power sector, infrastructure, and information technology sectors. The United Arab Emirates, Canada, the United States, the United Kingdom, Singapore, Malaysia, Hong Kong, India, and several “tax havens” were identified as the primary beneficiaries of this laundered money.

It should be remembered that after the mass uprising, the economy was able to avoid a meltdown primarily due to the surge in remittance flows through legal channels, export growth, and the stabilisation of import expenses.
After the fall of Hasina’s autocratic rule, almost all of the looters and money launderers, except for a few, fled abroad. Many of these fugitives, in exchange of a few lakhs to several crores of taka, crossed the border secretly, with the assistance of the Border Guard Bangladesh (BGB), Border Security Force (BSF), and organised smuggling syndicates, mainly to India. After several months, the majority of them are now facing temporary financial crises.

Therefore, it is normal that these individuals will need more foreign currency to alleviate their financial crisis abroad with the help of their family members and relatives. Our suspicion is that the recent significant surge in demand for remittance dollars is largely driven by this issue.

In this case, there is no alternative but for Bangladesh Bank to take strict action. Bangladesh Bank has already issued a directive that the price of the dollar should not exceed Tk 123 per dollar.

The directive states that from 1 January 2025, the same rate will apply to remittance dollars and export earnings dollars, and anyone violating this will be fined. Bangladesh Bank has abandoned the “crawling peg” policy in determining foreign exchange rates and has decided to set the exchange rate for the dollar twice a day, allowing market fluctuations to determine the dollar's price, effective since 12 January.

I believe this is the correct move. (At the same time, from 5 January, large transactions must be reported daily to Bangladesh Bank.) I would like to add that in addition to fines, if exemplary punishments such as arresting the concerned officials and canceling the licenses of the institutions are decided upon, the exchange houses and banks will wake up.

It should be remembered that after the mass uprising, the economy was able to avoid a meltdown primarily due to the surge in remittance flows through legal channels, export growth, and the stabilisation of import expenses. The fall in the country’s foreign exchange reserves has been stopped, and they have been brought back on the path of growth.

After being ousted from power on 5 August 2025, in the mass uprising, over the past six and a half months, it has been proven to economists that even if Hasina had not lost power as an autocrat, she could not have saved the country’s economy from an inevitable economic meltdown. In this regard, we must thank Almighty Allah for saving us from the shame of becoming another Sri Lanka.

The timely policy changes made by the interim government have gradually begun to revive the economy. However, I do not believe that the 234 billion dollars laundered abroad can ever be brought back to the country.

*Moinul Islam is an economist and former professor at Economics Department of Chittagong University

*This article, originally published in Prothom Alo print and online editions, has been rewritten in English by Rabiul Islam.​

 

[Saif]

undefined | The Financial Express

thefinancialexpress.com.bd

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

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

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

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

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

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

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

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

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

 

[Saif]

The golden rule in recovering stolen assets

The million-dollar question is: how can Bangladesh recover the laundered money that has crossed its borders?

www.thedailystar.net

The golden rule in recovering stolen assets

Visual: Anwar Sohel

In 1972, when Bob Woodward was investigating the Watergate scandal, he was not getting any leads. He got a breakthrough from a secret informant with the pseudonym "Deep Throat," saying "Follow the money." In 2005, the identity of "Deep Throat" was revealed—it was Mark Felt, an FBI special agent. Mark passed away in 2008, but his advice to Bob Woodward became a golden rule in uncovering major crimes involving huge amounts of money.

Mark Felt's rule is still relevant to the question of laundered money from Bangladesh and its recovery. In this respect, "time is of the essence"—because the more time passes, the more difficult it becomes to "follow the money." Any laundered money travels very fast, particularly in this digital age. It moves to various destinations and takes different forms—both tangible and intangible. So, after a while, the colour of the money gradually fades, and it simply becomes very difficult to track and identify laundered money.

One critical question is: how big is the amount of money laundered from Bangladesh? Estimates vary. However, the White Paper on the state of the Bangladesh economy indicates that Tk 28 lakh crore was laundered between 2009 and 2023—equivalent to $234 billion. This is just an indicative figure, based on various sources and assumptions. The ultimate point is that the sheer scale of laundered money from Bangladesh is simply huge. After it left the country, the money was used to buy homes or other tangible assets in Dubai, UAE, UK, Malaysia, and so on.

The million-dollar question is: how can Bangladesh recover the laundered money that has crossed its borders? Let us make it clear at the very outset that the recovery process is both complex and time-consuming. The complexity arises on both financial and legal fronts. The process often starts with identifying unusual and suspicious transactions, which can be done through anti-money laundering protocols. Authorities trace the funds through financial records, such as bank accounts, wire transfers, and export-import invoices, which requires forensic financial investigation to uncover how money was laundered. The detection and investigation of laundered money require both bilateral and international cooperation. For example, governments use Mutual Legal Assistance Treaties to request assistance from foreign governments in gathering evidence, freezing accounts, or tracing assets. With cooperation from foreign countries, the laundered money can be temporarily frozen to prevent further movement. International anti-crime organisations like Interpol can be involved in the investigation. International investigation firms are sometimes engaged in evidence gathering and investigations.

Next comes the legal action. Legal action is initiated against those involved in money laundering, both in the country of origin and the country of destination. The legal action involves charges of money laundering, fraud, or other related crimes. Along with criminal charges, civil lawsuits may also be initiated. But two issues are critical in this respect. First, three basic points need to be established: one, in the country of origin, wealth was accumulated illicitly; two, wealth was taken out of the country illegally; and three, the wealth entered the country of destination illegally. Second, before initiating legal actions abroad, those involved in money laundering must be convicted in the courts of the country of origin. Sometimes, international law firms are appointed for legal actions abroad. If the laundered money is found to be illegal, confiscation orders are served by courts to seize the funds in the destination country. The confiscated laundered money is then returned to the originating country through legal agreements and treaties.

The process of convicting those involved in money laundering and recovering the laundered money critically hinges on collaboration between the country of origin and the country of destination. In that context, the existence of mutual treaties and agreements between those countries is a prerequisite. There must be compatible legal frameworks between the two parties. Different legal frameworks, weak enforcement of anti-money laundering protocols, and strict banking secrecy laws in the destination country may make the recovery process difficult. Furthermore, the goodwill of the destination country is also key. For example, the destination country may only be interested in whether the money has entered its borders legally, irrespective of where and how it was accumulated and how it left the originating country. This reflects that the destination country might be more interested in incoming resources. This may impede the recovery process.

Additionally, if the funds were settled in tax havens or offshore banking, the recovery process becomes more complex. Similarly, complexities may arise if the laundered money is turned into tangible assets such as houses. It has been found on many occasions that legal firms engaged by money-laundering victim countries to detect, trace, and recover laundered money have been bribed or paid large sums by those engaged in money laundering.

Questions are often asked if laundered money from different countries have ever been recovered. Two observations should be put forward before answering this question. One, there are positive examples where certain countries were able to recover laundered money. But there are also negative examples. Second, till now, no country has been able to recover the full amount of laundered money, so the success story is only partial.

Angola is often cited as a positive example, where $5 billion was recovered through various means. It represents part of the billions of dollars laundered by the son of a past president of the country, Jose Eduardo dos Santos. In fact, about $3 billion of the $5 billion was willingly returned by a friend of the president's son. In Nigeria, during the rule of Sani Abacha, an estimated $5 billion was looted and laundered abroad. After extensive legal proceedings and cooperation between Swiss authorities, the World Bank, and the Nigerian government, $500 million was recovered in 2004. In 2020, a further $300 million was agreed to be repatriated from the US. Other recoveries were made in various countries, including the UK and Liechtenstein, bringing the total recovered to $1.3 billion. In Malaysia, 1Malaysia Development Berhad was involved in laundering $4.5 billion through complex schemes. In 2020, the US Department of Justice reached a settlement with Goldman Sachs, which agreed to pay $2.5 billion directly to Malaysia for its role in the scandal. US authorities also recovered over $1 billion in assets tied to 1Malaysia Development Berhad.

Money laundering is a sensitive issue. Recovery is neither costless nor easy. It will take time.People should surely be informed about the progress as well as the problems of the recovery process, but they should not be given any false notions about the timing or the extent of the recovery. Whatever success Bangladesh has in recovering the laundered money, the issue needs to be pursued, irrespective of time and cost, because it has a moral dimension. When the culprits are brought to justice, it will send a strong signal to everyone that nobody can get away with looting national wealth.

Selim Jahan is former director of the Human Development Report Office under the United Nations Development Programme (UNDP) and lead author of the Human Development Report.​

 

[Saif]

ACC probes Hasina, Rehana over Tk 40b Mujib Borsho spending

The inquiry, which was launched in January, is being overseen by a seven-member ACC committee.

en.prothomalo.com

ACC probes Hasina, Rehana over Tk 40b Mujib Borsho spending
UNB
Published: 09 Apr 2025, 22: 58

Logo of ACC Prothom Alo illustration

The Anti-Corruption Commission (ACC) has initiated a formal inquiry into allegations of misappropriation of Tk 40 billion from the state treasury during the Mujib Borsho celebrations, implicating former prime minister Sheikh Hasina, her sister Sheikh Rehana, and former principal secretary Kamal Abdul Naser Chowdhury.

The inquiry, which was launched in January, is being overseen by a seven-member ACC committee, said ACC director general (prevention) Md Akhtar Hossain at a press briefing in Dhaka on Wednesday.

“Our team is currently collecting information from various organisations,” he said.

The allegations relate to expenditures made during the Mujib Borsho celebrations—marking the birth centenary of Bangabandhu Sheikh Mujibur Rahman and Sheikh Hasina’s father—which took place from March 2020 to March 2022. The Awami League government is accused of spending Tk 40 billion on various events and installations, including the construction of 10,000 murals and statues across the country.

Declared by Sheikh Hasina during a party meeting in July 2018, Mujib Borsho was officially launched on 17 March 2020 and extended until March 2022, overlapping with the COVID-19 pandemic. The celebrations were coordinated by two government-formed bodies: a 102-member National Committee chaired by Hasina and a National Implementation Committee.

Shomi Kaiser, Dipu Moni among 10 shown arrested in fresh cases

Activities during this period included cultural events, publications, digital content, sports competitions, and the creation of Mujib-themed materials across both government and private offices. Aircraft, official documents, and even immigration areas at airports were branded with the Mujib Borsho logo and imagery of Sheikh Mujibur Rahman.

Due to pandemic restrictions, many programmes transitioned online, including video documentaries, commemorative websites, digital quizzes, and special telecom packages such as Teletalk’s free “Shatabarsho” offer. Several ministries and state-run agencies also introduced Mujib Corners and released souvenirs and memorial books.

Critics have raised concerns over the scale and extravagance of the celebrations during a global health crisis, questioning the transparency and necessity of such large-scale expenditures.

The ACC investigation is ongoing, with findings yet to be disclosed. If evidence of corruption is found, it could have significant legal and political consequences for the individuals involved and the former ruling party.​

 

[Bilal9]

He has no right to say this seating on throne without public mandate. He is a para dropped puppet of US.

Please visit Dhaka sometime and ask the average person on the street what they think. We have no liar media like in India to prop up people, like you do in case of Modi.

Elections in Bangladesh is our headache and our internal affair, not that of India's. We will conduct one as we see fit.

Indians should not wear out their welcome in Bangladesh. They should know their place as outsiders.

 

[Bilal9]

undefined | The Financial Express

thefinancialexpress.com.bd

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

View attachment 16183

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

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

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

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

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

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

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

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

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

 

[Saif]

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

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

thefinancialexpress.com.bd

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

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

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

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

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

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

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

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

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

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

 

[Saif]

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

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

en.prothomalo.com

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

Ahsan H Mansur File photo

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

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

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

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

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

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

Ahsan H Mansur also talked about the inflation rate.

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

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

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

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

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

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

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

 

[Saif]

Govt mulling out-of-court settlements

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

www.thedailystar.net

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

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

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

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

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

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

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

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

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

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

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

 

[Saif]

Extensive overseas assets of Sheikh Family, 10 industrial groups uncovered

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

en.prothomalo.com

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

Staff CorrespondentDhaka
Updated: 13 Apr 2025, 22: 50

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

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

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

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

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

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

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

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

Progress of investigation

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

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

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

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

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

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

The obtained information

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

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

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

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

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

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

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

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

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

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

 

[Saif]

Tulip denies wrongdoing after Bangladesh issues arrest warrant

Tulip Siddiq, former UK City minister and niece of ousted prime minister Sheikh Hasina, has denied any wrongdoing after an arrest warrant was issued against her in a Bangladesh corruption case, bdnews24.com reports citing Sky News. According to the news network, Tulip told journalists outside her

thefinancialexpress.com.bd

Tulip denies wrongdoing after Bangladesh issues arrest warrant
Published :
Apr 15, 2025 23:59
Updated :
Apr 15, 2025 23:59

Tulip Siddiq, former UK City minister and niece of ousted prime minister Sheikh Hasina, has denied any wrongdoing after an arrest warrant was issued against her in a Bangladesh corruption case, bdnews24.com reports citing Sky News.

According to the news network, Tulip told journalists outside her home on Monday that she is the "victim of a politically motivated smear campaign”.

A Dhaka court issued the warrant on Sunday against Tulip and 52 others.

The list also includes Hasina, her sister Sheikh Rehana, Rehana's son Radwan Mujib Siddiq Bobby, and daughter Azmina Siddique Ruponti.

The case was filed by the Anti-Corruption Commission (ACC) over irregularities in the allocation of plots in Purbachal.

Tulip’s lawyer Paul Thwaite earlier told the British news outlet on Sunday that the allegations were “completely false”.

He claimed there was “no basis at all for any charges to be made against her”.

Tulip said on Monday she had not been contacted by any Bangladeshi authorities and described the situation as a “trial by media”.

"I can't dignify this politically motivated smear campaign with any comment," she said.

Tulip also accused the authorities of attempting to "harass" her.

“There is no evidence I've done anything wrong", she said.​

 

[Saif]

Tk 21,000cr asset of Hasina family, 10 groups frozen

A joint taskforce on money laundering recovery reported on Monday that assets worth Tk 21,000 crore belonging to ousted prime minister Sheikh Hasina, her family members, and 10 major business groups, have been frozen through court orders...

www.newagebd.net

Tk 21,000cr asset of Hasina family, 10 groups frozen
Staff Correspondent 15 April, 2025, 23:17

Sheikh Hasina. | File photo

A joint taskforce on money laundering recovery reported on Monday that assets worth Tk 21,000 crore belonging to ousted prime minister Sheikh Hasina, her family members, and 10 major business groups, have been frozen through court orders following the political transition on August 5 in the past year.

The frozen assets include shares worth Tk 17,000 crore and Tk 4,000 crore in cash held in various bank accounts by these individuals and groups.

Besides, 84 people have been banned from leaving the country.

These updates were disclosed during a meeting of the inter-agency taskforce formed to recover and manage assets laundered abroad. Bangladesh Bank governor Ahsan H Mansur chaired the meeting.

The taskforce emphasised filing cases and concluding legal proceedings swiftly to facilitate the recovery process.

The discussion centered on financial irregularities and alleged money laundering involving the Sheikh Hasina family and 10 influential business groups.

The 10 business groups currently under investigation are S Alam Group, Beximco Group, Nabil Group, Summit Group, Orion Group, Gemcon Group, Nassa Group, Bashundhara Group, Sikder Group, and Aramit Group.

Besides investigating these corporations, the financial transactions of the key individuals behind them are also being scrutinised.

Many of these individuals have reportedly renounced their Bangladeshi citizenship.

The interim government has directed the authorities to consider the matter as a top priority.

In response, a joint investigation team comprising the Criminal Investigation Department of the police, the National Board of Revenue, and the Anti-Corruption Commission has launched an extensive probe.

The coordination of the investigation is being led by the Bangladesh Financial Intelligence Unit.

The BFIU, along with financial intelligence units from several other countries, has gathered extensive information as part of the ongoing investigations into money laundering and financial crimes committed by political elites and major business groups.

The information includes details of loans taken—both in their own names and through proxies—from local banks, the flow of these funds, foreign assets purchased, and deposits in overseas bank accounts. The data also covers bribes, corruption, fraud, and embezzlement.

The joint taskforce is now analysing where tax evasion occurred and where funds were illegally laundered, according to BB officials.

The ACC has already filed cases in most of these instances, and more are currently in the process.

BB officials confirmed that, out of 11 cases under probe, foreign assets have been traced in nine cases.

All of these assets are believed to have been acquired using laundered money. Courts in Bangladesh are currently issuing orders to seize these assets.

The officials said that legal proceedings should be initiated in the respective foreign jurisdictions to confiscate the properties located abroad as asset recovery would only be possible when favourable rulings would be obtained from courts in those countries.

They said that works were underway to draft a special ordinance focused on asset recovery from abroad.

Once enacted, this law will allow the government to engage third-party firms—on a commission basis—to trace and legally repatriate foreign assets acquired using the laundered money, they said.​

 

[Saif]

Assets of S Alam Group to be put on auction to realize Tk 100b default loans

The Khatunganj Branch of Islami Bank Bangladesh has decided to auction 20 acres of mortgaged land, a sugar refinery factory, ponds, farmland, and other property owned by S. Alam Group to realize its non-payment loans. According to the bank authorities, a loan taken by the S. Alam Group from Islami

thefinancialexpress.com.bd

Assets of S Alam Group to be put on auction to realize Tk 100b default loans
FE Online Desk
Published :
Apr 22, 2025 21:53
Updated :
Apr 22, 2025 22:03

The Khatunganj Branch of Islami Bank Bangladesh has decided to auction 20 acres of mortgaged land, a sugar refinery factory, ponds, farmland, and other property owned by S. Alam Group to realize its non-payment loans.

According to the bank authorities, a loan taken by the S. Alam Group from Islami Bank’s Khatunganj branch in Chattogram became non-performing, reports BSS.

S. Alam Refined Sugar Industries Limited took multiple investments from Khatunganj branch of Islami Bank since 2010. Over the period, the loan amount has grown significantly and reached around Taka 99.48 billion.

Assistant Vice President of Islami Bank Khatunganj Branch said that a case was filed with the Artha Rin Adalat after getting no response from the group despite repeated calls by the bank to make the due payments.

At long last, following the order from the concerned court, a decision was taken to put up for auction the mortgaged property of S. Alam Group, including the building of the S. Alam Refined Sugar Industries and other mortgaged properties, through advertisements in newspapers.

The interested bidders have been suggested to take part in the auction at the Khatunganj Branch on May 14 by 2:00 pm through submitting their bids at the tender box, while the tender box would be opened at 3:00 pm on that day in the presence of the bidders.

The Islami Bank has decided to auction off the mortgaged property through legal proceedings under Section 12(3) of the Artha Rin Adalat Act, 2003.

S. Alam Refined Sugar Industries is one of the major enterprises of S. Alam Group. The company’s managing director is Mohammad Saiful Alam (Masud), and its chairman is his brother, Mohammad Abdullah Hasan.

Back in 2017, S. Alam Group controversially took control of Islami Bank’s board by strategically purchasing shares and installing loyal directors.

Ignoring internal banking policies, huge loans were then issued in the names of the group’s various subsidiaries.

Following a student-led mass uprising on August 5 last year that led to the ouster of the Awami League government, the Bangladesh Bank dissolved the board of Islami Bank and formed a new interim board.

At the same time, a ban was imposed on the transfer and sale of S. Alam Group’s shares.

Through these steps, Bangladesh Bank took an active role in restoring transparency and financial discipline in the bank.​

 

[Saif]

Court authorises Interpol alert against Putul over Purbachal plot scam

A Dhaka court has approved a petition by the Anti-Corruption Commission (ACC) to issue an Interpol warrant for Saima Wazed Putul, daughter of deposed prime minister Sheikh Hasina, over corruption allegations relating to a plot allocation in Purbachal. Senior Special Judge Md Zakir Hossain Galib gr

thefinancialexpress.com.bd

Court authorises Interpol alert against Putul over Purbachal plot scam
Published :
Apr 27, 2025 23:47
Updated :
Apr 27, 2025 23:47

A Dhaka court has approved a petition by the Anti-Corruption Commission (ACC) to issue an Interpol warrant for Saima Wazed Putul, daughter of deposed prime minister Sheikh Hasina, over corruption allegations relating to a plot allocation in Purbachal.

Senior Special Judge Md Zakir Hossain Galib granted the order on Sunday after the ACC moved for permission to issue a red notice to bring Putul back to the country.

ACC lawyer Mir Ahmed Ali Salam said Putul already has an arrest warrant issued against her, reports bdnews24.com.

As she lives abroad, the ACC sought the court's permission to initiate an Interpol red notice, which has now been granted.

On Apr 10, the court issued arrest warrants against Hasina, Putul, and 16 others in the ACC case over alleged irregularities in Purbachal plot allocations.

The anti-graft watchdog’s spokesman Akhtarul Islam told bdnews24.com that there was an existing arrest warrant against Putul.

The ACC applied to have it reissued specifically for execution through Interpol, which the court approved.

“The date of May 4 was previously set for submission of a report on the execution of the warrant,” he said.

The ACC has launched six cases against Hasina and her family members, alleging abuse of power and irregularities in securing plots under Purbachal New Town Project of the Rajdhani Unnayan Kartripakkha (RAJUK).

Among these, the court accepted the charge sheet in the case against Putul and her mother Hasina, leading to the issuance of arrest warrants.

In December, 2024, the ACC began its inquiry into allegations of irregularities and corruption involving the allocation of six plots in the Purbachal project to Hasina and her family members.

Subsequently, six cases were filed in phases. The case against Putul was filed on Jan 12.

According to the case statement, Putul concealed information that she or her family members already owned houses, flats, or housing facilities within RAJUK areas in Dhaka.

Despite this, she obtained allocation of Plot No. 17 on Road No. 203 in Sector 27 of the Purbachal New Town Project.

She subsequently secured actual possession and registered the plot.

The case statement also alleges that Hasina abused her power by influencing responsible government officials.

It said the accused colluded to benefit themselves and others unlawfully by securing a plot in Putul’s name, and bribery allegations have also been raised.

Following investigation, the ACC submitted the charge sheet on Mar 10, adding two more names to the original 16 accused, bringing the total to 18.

The ACC has also submitted charge sheets in the remaining five cases.

Hasina has been named an accused in all six cases.

Other family members listed as accused include her son Sajeeb Wazed Joy, sister Sheikh Rehana, nephew Radwan Mujib Siddiq, and nieces British MP Tulip Siddiq, and Azmina Siddiq Ruponti.​

 

[Saif]

S Alam’s steel mill, power plant, oil factory auctioned

Islami Bank has put up at auction a steel mill, a power plant, an oil factory and 1,149 decimal of land of S Alam Group against the company’s defaulted loan of Tk 21.8 billion to Khatunganj corporate branch of the bank. The loan was taken against three projects. Khatunganj corporate branch of...

en.prothomalo.com

S Alam’s steel mill, power plant, oil factory auctioned
Staff Correspondent Dhaka
Published: 27 Apr 2025, 22: 30

S Alam File photo

Islami Bank has put up at auction a steel mill, a power plant, an oil factory and 1,149 decimal of land of S Alam Group against the company’s defaulted loan of Tk 21.8 billion to Khatunganj corporate branch of the bank.

The loan was taken against three projects.

Khatunganj corporate branch of the bank has auctioned the assets through a newspaper advertisement today, Sunday.

The assets are S Alam Cold Rolled Steel Mills Limited, S Alam Power Generation and S Alam Vegetable Oil factories, the advertisement, published in newspapers from Dhaka and Chattogram, said.

According to the advertisement, the Khatunganj corporate branch of the bank owes nearly Tk 21.8 billion (2,179.95 crore) to Osman Gani, managing director of S Alam Cold Rolled Steel Mills Limited; chairman Abdus Samad; directors Mohammad Saiful Alam (S Alam) and Halima Begum; independent directors Sampad Kumar Basak and Hasan Iqbal; managing director of S Alam Power Generation Mohammad Shahidul Alam, chairman Touhidul Alam, directors Mohammad Abdullah Hasan and Ekhlasur Rahman; managing director of S Alam Vegetable Oil, Mohammad Shahidul Alam and chairman Farzana Parveen as of 20 April 2025.

The assets have been put up at auction as per the section 12(3) of the Artha Rin Adalat Ain, 2003.

Earlier on 20 April, the same branch of the bank auctioned S Alam Group’s 11 acres of assets, including sugar refinery to realise a due of Tk 99.48 billion.

S Alam Group took over Islami Bank in 2017 following a political decision of the Awami League government.

Since then, the group withdrew more than Tk 1 billion from the bank as loans.

After the fall of the Awami League government, the group lost control over the bank. Those loans have now started defaulting one by one.

The bank has started putting up at auction the properties of S Alam Group to realise its money through a legal process.​

 

[Krishna with Flute]

 

[Saif]

Asset discrepancy detected in Hasina's assets, legal action pending: ACC chairman

Anti-Corruption Commission (ACC) Chairman Mohammad Abdul Momen has said former prime minister Sheikh Hasina's declared assets in her election affidavit do not match official findings, confirming that a case is being prepared against her. He said, “The ACC is investigating the corruption and

thefinancialexpress.com.bd

Asset discrepancy detected in Hasina's assets, legal action pending: ACC chairman

Published :
May 18, 2025 23:34
Updated :
May 18, 2025 23:34

Anti-Corruption Commission (ACC) Chairman Mohammad Abdul Momen has said former prime minister Sheikh Hasina's declared assets in her election affidavit do not match official findings, confirming that a case is being prepared against her.

He said, “The ACC is investigating the corruption and illegal assets of Sheikh Hasina and her family.

“In the meantime, the assets declared in Hasina’s election affidavit conflict with the ones in reality. We will proceed with the cases accordingly.”

The anti-graft watchdog chairman made these remarks as the chief guest at a public hearing held at the ACC Integrated District Office-Habiganj Moulvibazar Shilpakala Academy on Sunday.

He also said two more cases against her family are being investigated, reports bdnews24.com.

The ACC primarily focuses on state assets, individuals involved in state affairs, and cases of money laundering, he added.

Two booths were set up in the Moulvibazar court premises and Chowmuhuna for 15 days to receive complaints via public hearings.

Additionally, public awareness about the hearing was raised through miking, distribution of pamphlets, and posters in every union of Sadar Upazila.​

 

[Saif]

Laundered money goes into two sovereign funds

Attached and frozen assets of the oligarchs who "plundered people's money" during the deposed regime of Sheikh Hasina will go into two separate sovereign funds the interim government has decided to form. Bangladesh Bank Governor Dr Ahsan H Mansur Monday disclosed the decision about the modalities o

thefinancialexpress.com.bd

Crackdown on financial frauds reclaims over Tk 1.31t
Laundered money goes into two sovereign funds

FE REPORT
Published :
May 20, 2025 00:38
Updated :
May 20, 2025 00:38

Chief Adviser Professor Muhammad Yunus presides over a meeting on the progress of recovering laundered money at the State Guest House Jamuna in Dhaka on Monday. Bangladesh Bank Governor Dr. Ahsan H. Mansur was present on the occasion. — PID

Attached and frozen assets of the oligarchs who "plundered people's money" during the deposed regime of Sheikh Hasina will go into two separate sovereign funds the interim government has decided to form.

Bangladesh Bank Governor Dr Ahsan H Mansur Monday disclosed the decision about the modalities of appropriations of the stolen assets after a high- level meeting on repatriation of the laundered assets.

"Two separate funds will be created. One will be with the attached assets of those who plundered banks and another fund will be created with the assets plundered from non-banking sources," the Governor told a press briefing after the consultation.

Explaining the plan he said the bank shares of an oligarch, which have been attached or frozen by the government, would be handed over to the banks concerned so that it can use the money for its recapitalisation.

These shares will be sold to strategic investors so that the banks concerned can compensate their clients.

In this context, he mentions that the value of the attached Islamic Bank shares of S Alam Group is worth Tk 120 billion to 140 billion.

Mr Ahsan said the money plundered through non-banking corruption would be deposited in another fund and this money would be utilised for the wellbeing of the poor.

Responding to a question he said, "The entire process would be done lawfully, and if needed, the government may amend relevant rules."

The BB governor of the central bank was flanked by the Press Secretary to the Chief Adviser, Shafiqul Alam, and the head of Financial Intelligence Unit of the central bank, AFM Sahinul Islam.

To a question, he said usually four to five years are required to complete the legal procedures to bring back the siphoned-off money. "But some intermediate measures like freezing the assets could be done, and may take one year or less than one-year time."

Narrating the process, Mansur said the legal procedures must be completed in Bangladesh and then the request for mutual legal assistances (MLAs) should be sent abroad in proper way.

"We are on this process now. We are sending the request. And if we get this assistance of foreigners, we will be able to freeze the laundered assets," he told the journalists.

He said once the assets are frozen, the legal process would begin in courts abroad, which requires four to five years to complete.

The government has already communicated with many foreign institutions seeking their support in returning the laundered money to the country, he notes.

The government is sending MLAs to different countries seeking to freeze the money siphoned off from Bangladesh.

The Bangladesh Bank governor said the day's meeting discussed management of seized money deposited with different banks and seized shares of many banks and companies.

Also discussed was how the interests of the depositors could be protected as money was "looted from banks".

The central bank governor said Chief Adviser Professor Muhammad Yunus will visit the United Kingdom and he will focus the money-laundering issue during his tour, which was also discussed at the day's meeting.

Responding to a question whether his commitment that he would make sure that the money launderers could not sleep peacefully became futile as they are passing life peacefully abroad, the governor said he did not think that they are having peaceful sleep at night.

"I heard that S Alam has to appoint a law firm by paying 30 million US dollars annually. So this cannot be the sign of peaceful life for one who has to spend this much of money to defend him," Mr Mansur argues.

Responding to a question Mr Shafiqul Alam said tangible assets worth Tk 130757 crore (over 1.31 trillion) of the former Prime Minister and 10 business conglomerates has been attached so far. Besides, their foreign assets worth 164 million US dollars have been attached.

Regarding a question on Nagad, the BB Governor said according to the investigation, the company plundered Tk 26.50 billion of which Tk 6.40 billion was plundered through e-money.

A company needs to deposit one taka to create e-money worth one taka but Nagad created Tk 6.50 billion in excess of their deposit with the banking system, which is "totally illegal", he said.

He apprehends that as the previous management got back controlling authority of the company through a court verdict, they might erase the evidence related to their "corruption".

However, he mentions that the central bank has filed an appeal against the court order.

But they cannot do that much harm to the clients as the central bank has taken necessary steps to protect the interests of the Nagad clients, the chief of the regulator told the reporters.​

 

[Saif]

Bangladesh govt seizes Tk 1.76 lakh crore in looted assets

The interim government has so far attached Tk 1,75,625 crore worth of foreign and domestic assets linked to 10 influential business groups and the family of ousted prime minister Sheikh Hasina on allegations of financial crimes, including large-scale lootings.

www.newagebd.net

CORRUPTION BY 10 GROUPS, HASINA FAMILY

Bangladesh govt seizes Tk 1.76 lakh crore in looted assets
Staff Correspondent 19 May, 2025, 23:06

Sheikh Hasina. | File photo

The interim government has so far attached Tk 1,75,625 crore worth of foreign and domestic assets linked to 10 influential business groups and the family of ousted prime minister Sheikh Hasina on allegations of financial crimes, including large-scale lootings.

The asset recovery operation, led by the Bangladesh Bank and other government agencies, targets illicit wealth accumulated through embezzlement, money laundering, and abusing political influence.

The status of the recovery efforts was reviewed at a high-level meeting at the Chief Adviser’s Office on Monday, where Bangladesh Bank governor Ahsan H Mansur briefed chief adviser Professor Muhammad Yunus.

The information was later shared with journalists at a press conference at the Foreign Service Academy in Dhaka on the day.

Governor Mansur, chief adviser’s press secretary Shafiqul Alam, and Bangladesh Financial Intelligence Unit chief AFM Shahinul Islam were present at the press briefing.

According to the press secretary, the value of the attached immovable domestic assets stood at Tk 1,30,758 crore, while the foreign attachments totalled $164 million.

In addition, the frozen domestic movable assets amounted to Tk 42,614.27 crore while the foreign movable assets to $20.78 million.

One joint investigation team has been assigned to each group and the Hasina family, which identified the assets and secured court orders for attachment.

The 10 business groups under investigation are S Alam Group, Beximco Group, Nabil Group, Summit Group, Orion Group, Gemcon Group, Nassa Group, Bashundhara Group, Sikder Group, and Aramit Group.

Besides investigating these corporations, the financial transactions of the key individuals behind them are also being scrutinised. Many of these individuals have reportedly renounced their Bangladeshi citizenship, BB officials said.

In January 2025, joint investigation teams, formed with each team comprising investigators from the Criminal Investigation Department, the National Board of Revenue, and the Anti-Corruption Commission, have launched extensive probes. The coordination of the investigations is being led by the Bangladesh Financial Intelligence Unit.

The central bank governor said that the attached assets included shares in banks and listed companies, luxury properties, and large bank deposits held by individuals either facing prosecution or living abroad after having fled the country.

Mansur said that the government had decided to create a dedicated special fund with the recovered money to compensate depositors and assist low-income communities affected by systemic banking failures.

Initiated under a directive from the chief adviser, the fund will be used to stabilise distressed banks and finance social welfare programmes, he said.

He confirmed that substantial sums were already under governemnt control, including bank deposits and equity shares seized from absconders.

The central bank is working with international partners through mutual legal assistance treaties to recover assets laundered abroad.

Mansur noted that while the legal process typically spans four to five years, several foreign governments have expressed willingness to cooperate.

He added that the chief adviser’s upcoming visit to London may involve steps to advance overseas asset recovery.

Mansur said that funds recovered from embezzled bank loans will be returned directly to the affected banks to address capital and provisioning shortfalls.

Assets recovered from other forms of corruption will be used for poverty alleviation.

He emphasised that all measures will follow legal and regulatory frameworks.

Since the control over the attached assets has already been secured, the process of operationalising the funds is expected to move quickly, Mansur said.

The central bank is also finalising preparations to implement the Bank Resolution Ordinance 2025, which authorises the Bangladesh Bank to enforce compulsory mergers, liquidations, and the creation of bridge banks to restore stability in failing financial institutions.

During the briefing, Mansur also accused the mobile financial service provider Nagad of illegally creating Tk 650 crore in unbacked e-money, calling the action financial fraud.

He stated that under the existing monetary law, all e-money must be fully backed by deposits. Nagad’s over-issuance has violated this rule and, according to him, warrants legal punishment.​

 

[Saif]

ACC wants steps against Hasina over ‘false declaration’

The Anti-Corruption Commission (ACC) has called on the Election Commission (EC) to take legal steps against deposed prime minister Sheikh Hasina for allegedly concealing information about her assets in the affidavit filed against her during the 9th national elections. On Thursday, ACC Chairman Moh

thefinancialexpress.com.bd

ACC wants steps against Hasina over ‘false declaration’
Published :
May 22, 2025 20:41
Updated :
May 22, 2025 20:41

The Anti-Corruption Commission (ACC) has called on the Election Commission (EC) to take legal steps against deposed prime minister Sheikh Hasina for allegedly concealing information about her assets in the affidavit filed against her during the 9th national elections.

On Thursday, ACC Chairman Mohammad Abdul Momen said legal actions have been requested against Hasina under the Representation of the People Order, 1972, bdnews24.com reports.

Citing the verification of her asset declaration to the anti-graft watchdog, he said the letter also mentioned that she had shown 2.63 hectares of agricultural land priced at Tk 1.75 million in the affidavit filed before the Dec 29, 2008, elections.

However, the ACC found Hasina has 11.5 hectares of agricultural land in her name, of which the total cost of the land purchased is Tk 3.36 million.

In another allegation, the letter mentions Hasina, using the then Magura-1 MP Mohammad Sirajul Akbar's “duty-free quota”, imported a Mercedes Benz worth £230,000, he added.

“A total of Tk 19.32 million was paid from the bank against the letter of credit (LC).

“The car was registered to her Dhanmondi residence, Sudha Sadan, and she used it.”

However, no information about the car was found in Sirajul’s income tax return or the affidavit filed with the EC before the 9th national elections, and it is known that he never “used” it.

The Awami League government fell in the face of student-led mass uprising on Aug 5, 2024, and Hasina fled to India that day.

Since then, the anti-graft agency filed several cases against the former premier and her family members.

Cases have also been filed against her on charges of “murder” and “attempted murder”.​

 

[Saif]

Assets seized in London due to mounting pressure: Governor

Bangladesh Bank governor Ahsan H Mansur said that there has been growing international pressure regarding the issues of money laundering from Bangladesh and the repatriation of those funds. As a result of this pressure, assets in London, United Kingdom, have been seized, he added.

en.prothomalo.com

Assets seized in London due to mounting pressure: Governor
Staff Correspondent Dhaka
Published: 24 May 2025, 17: 31

On Saturday morning, during the inauguration ceremony of the Loan Capacity Enhancement Programme at the office of the Palli Karma-Sahayak Foundation (PKSF) in Agargaon, Dhaka, the governor of Bangladesh Bank, Ahsan H Mansur, made several remarks. Photo: Collected

Bangladesh Bank governor Ahsan H Mansur said that there has been growing international pressure regarding the issues of money laundering from Bangladesh and the repatriation of those funds.

As a result of this pressure, assets in London, United Kingdom, have been seized, he added.

The governor made these comments at the inaugural event, which was presided over by PKSF chairman Zakir Ahmed Khan. Nazma Mobarek, secretary of the Financial Institutions Division, and Hoyeon Jeong, Country Director of the Asian Development Bank (ADB) in Bangladesh were present as special guests at the event.

Ahsan Mansur said, "We are greatly encouraged by the recent seizure of assets in the UK. This momentum needs to continue. Many individuals and organisations connected to Bangladesh have laundered assets scattered across the UK. We hope that these can also be identified and frozen."

UK seizes 90 million in luxury properties linked to associates of Bangladesh’s ousted prime minister Sheikh Hasina.

The United Kingdom’s National Crime Agency (NCA) has seized luxury properties worth 90 million (approximately Tk 14.79 billion, based on an exchange rate of Tk 164 per pound) owned by two individuals connected to Sheikh Hasina, the ousted prime minister of Bangladesh.

The individuals whose assets have been seized are: Ahmed Shayan F Rahman, son of Salman F Rahman, former Private Industry and Investment Adviser to Sheikh Hasina, and Ahmed Shahriar Rahman, nephew of Salman F Rahman.

According to the seizure order, both Ahmed Shayan F Rahman and his cousin Ahmed Shahriar Rahman are prohibited from selling their properties in London, which include an apartment in Grosvenor Square, a prestigious area. Their names appeared in a Guardian investigation concerning assets held in the UK by individuals close to Sheikh Hasina.

Following today’s event at the PKSF building, journalists asked Bangladesh Bank governor Ahsan H Mansur about the matter. In response, he said: "I recently visited London and had discussions with officials there regarding money laundering. Our chief Adviser also emphasised our commitment to bringing back stolen funds. This is a political commitment, and efforts are being made across all levels. What we are witnessing now is part of that effort, and there is growing international pressure surrounding money laundering."

"Global media outlets like The Financial Times and Al Jazeera are publishing major reports on money laundering involving Bangladesh. British Members of Parliament and NGOs are supporting this issue. As a result, I believe significant pressure has built up, leading to the recent asset seizures by the NCA," the governor added.

When asked how soon the seized assets might be returned to Bangladesh, Ahsan H Mansur said, "Asset seizure does not directly mean the assets will be returned immediately. That will happen after legal proceedings. But the seizure is significant—it prevents the owners from selling or disposing of the assets during the trial. Now, a court will decide whether those assets belong to the UK or to Bangladesh. We will now begin the legal process."
He also noted that similar illicit assets are reportedly held in other countries.

The governor said, "We are working on that as well. Last week, I visited Dubai. I plan to visit Singapore, and I intend to return to London soon. There are also plans to organise an international conference on money laundering."

Ahsan H Mansur emphasised, "We must remind the international community that holding onto such assets is unethical. These assets rightfully belong to the people, and they should be returned. We expect the international community to act accordingly."​

 

[Saif]

Int’l community active to send back laundered money: BB governor

Regarding the issue of bringing back the money laundered abroad, Bangladesh Bank governor Ahsan H Mansur said that this is a political commitment of the interim government...

www.newagebd.net

Int’l community active to send back laundered money: BB governor
Bangladesh Sangbad Sangstha . Dhaka 24 May, 2025, 22:43

Ahsan H Mansur

Regarding the issue of bringing back the money laundered abroad, Bangladesh Bank governor Ahsan H Mansur said that this is a political commitment of the interim government.

‘The international community is also now under pressure to act. Major media outlets such as The Financial Times, The Times of London, and Al Jazeera, publishing extensive articles about Bangladesh’s illicit money laundering cases. More reports will follow,’ he added.

He announced on Saturday that the government is set to introduce new currency notes ahead of Eid-ul-Azha, with designs emphasizing national heritage rather than portraits.

‘New Tk1,000, Tk 50 and Tk 20 banknotes will be released into circulation before Eid-ul-Azha. The notes will not feature any human portraits but will, instead, showcase natural landscapes and traditional landmarks of Bangladesh,’ he said.

The governor said this while speaking as the chief guest at the inauguration ceremony of the ‘Credit Enhancement Scheme (CEC)’ organized by the Palli Karma-Sahayak Foundation (PKSF) at the PKSF auditorium in the city.

PKSF chairman Zakir Ahmed Khan presided over the event while Asian Development Bank (ADB) Country Director Hoe Yun Jeong and Financial Institutions Division Secretary Najma Mubarak were special guests.

Replying to a question from journalists after the ceremony, Mansur said the new bank notes that the government will release ahead of Eid-ul-Azha will have images of mosques, temples, historical landmarks and natural sceneries printed on them, while these notes will not have images of any person.

‘People will get to see these new notes ahead of Eid-ul-Azha. These notes will not have images of any person printed on them,’ he added.

Asked about what types of monuments will be on these notes, the BB governor said, ‘Some historically significant monuments will be printed on these notes, be it a mosque or a temple. We are not differentiating on this matter.’

The BB governor also detailed the newly launched credit enhancement scheme at PKSF, under which the foundation will provide bank loan guarantees to partner microfinance institutions (MFIs) through a reserve fund of 240 crore taka.

‘A one-time 0.5 per cent commission will apply for each guarantee. This initiative will make it easier for small businesses to secure loans from formal financial institutions,’ he added.

Supported by the Asian Development Bank (ADB) and the interim government, the scheme is aimed at boosting access to finance for micro-entrepreneurs across Bangladesh.

Governor Mansur concluded by urging financial institutions to enhance financial literacy nationwide. ‘Every school should be partnered with a bank to educate students on basic financial skills,’ he emphasized, calling for a long-term investment in national economic awareness.​

 

[Saif]

Return stolen assets to rightful owners: BB governor

Bangladesh Bank Governor Dr Ahsan H Mansur on Saturday acknowledged the mounting international pressure to repatriate laundered funds and curb illicit financial flows from Bangladesh, citing the recent seizure of assets in the United Kingdom as a significant breakthrough. Speaking at the launch of

thefinancialexpress.com.bd

Return stolen assets to rightful owners: BB governor

FE REPORT
Published :
May 25, 2025 07:41
Updated :
May 25, 2025 07:41

The 'Credit Enhancement Scheme' under the Microenterprise Financing and Credit Enhancement Project of the Palli Karma-Sahayak Foundation (PKSF) was launched at the PKSF auditorium in the city on Saturday. Bangladesh Bank Governor Dr Ahsan H Mansur was present as the chief guest while PKSF Chairman Zakir Ahmed Khan presided over the event. — FE photo

Bangladesh Bank Governor Dr Ahsan H Mansur on Saturday acknowledged the mounting international pressure to repatriate laundered funds and curb illicit financial flows from Bangladesh, citing the recent seizure of assets in the United Kingdom as a significant breakthrough.

Speaking at the launch of the "Credit Enhancement Scheme" under the Microenterprise Financing and Credit Enhancement Project of the Palli Karma-Sahayak Foundation (PKSF), Dr Mansur disclosed that UK authorities had recently confiscated luxury property worth £90 million-approximately Tk 14.79 billion-linked to individuals associated with Bangladesh's ousted Prime Minister Sheikh Hasina.

According to official reports, the seized property belong to Ahmed Shayan F Rahman, son of former Private Industry and Investment Adviser Salman F Rahman, and Ahmed Shahriar Rahman, Salman's nephew. Their assets, including an upscale apartment in Grosvenor Square, London, have been frozen under a National Crime Agency (NCA) order, prohibiting their sale or transfer.

"We are greatly encouraged by the recent seizure of assets in the UK. This momentum needs to continue," said the governor. "Many individuals and organisations connected to Bangladesh have laundered assets scattered across the UK. We hope these can also be identified and frozen."

Dr Mansur revealed that he had recently visited London and engaged in discussions with British authorities on asset recovery. He said the interim government has made a political commitment to repatriating stolen wealth and that efforts are underway on multiple fronts.

"This is a political commitment, and efforts are being made across all levels. What we are witnessing now is part of that effort, and there is growing international pressure surrounding money laundering," he added.

He further noted that international media outlets such as The Financial Times and Al Jazeera have been reporting extensively on money laundering cases involving Bangladesh, while British lawmakers and NGOs have lent their support to anti-corruption advocacy.

Regarding the next steps, Dr Mansur clarified that asset seizure does not imply immediate repatriation. "Now a court will decide whether the assets belong to the UK or to Bangladesh. The seizure is crucial-it stops the owners from selling or disposing of the property during the legal proceedings."

He indicated that similar illicit assets are reportedly being held in other countries, and that Bangladesh is actively pursuing information and cooperation in those jurisdictions.

"Last week I visited Dubai. I plan to go to Singapore, and I intend to return to London soon. There are also plans to organise an international conference on money laundering," he added.

Dr Mansur stressed that the international community must be reminded that retaining stolen foreign assets is unethical, and called for global cooperation to return such funds to their rightful owners-the people of Bangladesh.

On a separate note, the central bank governor announced that half of all agents under the country's agent banking services will soon be women. This move aims to boost financial inclusion and ensure better access to banking for women, especially in conservative or rural communities.

"Female agents can enter private spaces of women and encourage them to open bank accounts," he said, noting that many women still hide their savings at home. "They won't have to do that any longer. They can now open bank accounts discreetly, without needing anyone's permission."

He also mentioned that Bangladesh Bank will soon revise its digital banking licence policy and issue new licences.

In a notable shift from tradition, the governor announced that the government will issue newly-designed Tk 1,000, Tk 50, and Tk 20 banknotes ahead of Eid ul-Adha. These notes will not feature portraits of individuals but will highlight natural landscapes, historic monuments, mosques, and temples.

"These notes will not feature any person. Some historically significant monuments will be printed-be it a mosque or a temple. We are not differentiating on this matter," he said.

At the PKSF event, Dr Mansur unveiled the Credit Enhancement Scheme (CES), designed to ease access to formal financing for microenterprises. The scheme, supported by the Asian Development Bank (ADB), will allow PKSF to offer loan guarantees to its partner microfinance institutions (MFIs) through a Tk 2.40 billion reserve fund.

"A one-time 0.5 percent commission will apply for each guarantee. This initiative will make it easier for small businesses to secure loans from banks," he said.

Highlighting the importance of the microenterprise sector, Dr Mansur stated that while it accounts for over 50 per cent of the country's total employment, its contribution to gross national income remains low at around 25 percent. He called for significantly increasing the flow of funds into this sector and advocated for a transition towards a cashless society to reduce irregularities in the financial system.

He also stressed the need for including climate-vulnerable populations in remote areas in formal financial networks.

PKSF Chairman Zakir Ahmed Khan, who presided over the event, said CES would formally involve commercial banks in efforts to transform low-income individuals into entrepreneurs. He noted that PKSF is developing a national database of micro-entrepreneurs to streamline financing.

Nazma Mobarek, secretary of the Financial Institutions Division (FID), praised PKSF's high loan recovery rate of 99.9% and called on commercial banks to increase investments in the sector.

ADB's Bangladesh Country Director Hoe Yun Jeong noted that the bank has funded $370 million across seven PKSF projects since 1997, including $200 million for the MFCE project in 2023, of which CES is a component.

Agreements under CES were signed with five commercial banks and one investment company: BRAC Bank, City Bank, Mutual Trust Bank, Prime Bank, Southeast Bank, and UAE-Bangladesh Investment Company Ltd (UBICO).

BRAC Bank Managing Director and CEO Selim RF Hussain, City Bank Managing Director and CEO Mashrur Arefin, Mutual Trust Bank Managing Director and CEO Syed Mahbubur Rahman, Prime Bank Additional Managing Director Faisal Rahman, Southeast Bank Managing Director Abidur Rahman Chowdhury (Current Charge) and the UAE-Bangladesh Investment Company (UBICO) Limited Managing Director (Current Charge) M M Mostafa Bilal signed the agreements on behalf of their respective entities.​

 

[Saif]

NCA freezes Sheikh Rehana’s London home sale

The National Crime Agency has taken the first step in Britain in a corruption case embroiling ex-city minister Tulip Siddiq, by freezing any future sale of her mother’s home, reports The Mail...

www.newagebd.net

TULIP’S ALLEGED CORRUPTION

NCA freezes Sheikh Rehana’s London home sale

New Age Desk 26 May, 2025, 22:02

From left, Sheikh Rehana, Tulip | Collected photo

The National Crime Agency has taken the first step in Britain in a corruption case embroiling ex-city minister Tulip Siddiq, by freezing any future sale of her mother’s home, reports The Mail.

The agency — hailed as Britain’s FBI — last night confirmed obtaining an asset-freezing order on the luxury property in Golders Green, North London, which has been the Tulip clan’s main home for 14 years.

Hampstead Labour MP Tulip’s mother Sheikh Rehana, has been living there since it was bought in 2011 for £1.2 million.

The home, registered in the Isle of Man tax haven, was bought by millionaire Ahmed Shayan Rahman, 42.

He was a chairman of the British Asian Trust, a charity founded by King Charles. Last night the trust said he has stood down over the NCA probe.

Rahman’s father Salman, 74, was a minister for prime minister Sheikh Hasina Wazed, the aunt of Tulip, 42, who was ousted from power last year after weeks of violent protests.

The freezing order is part of the NCA’s investigation into suspected corruption and money-laundering.

Bangladesh is probing claims Tulip and family members siphoned nearly £4 billion from a nuclear plant deal with a Russian company. Tulip denies any wrongdoing.

She quit as City minister in January after a standards investigation into properties she owned or lived in which were given to her family by her aunt’s allies in Bangladesh.

Tulip did not comment and Rahman could not be reached.​

 

[Saif]

Awami league rule: Up to $20b loan money laundered

About $18 billion to $20 billion was laundered abroad during the Awami League regime, said Bangladesh Bank Governor Ahsan H Mansur yesterday.

www.thedailystar.net

Awami league rule: Up to $20b loan money laundered
Says BB governor Ahsan H Mansur

Ahsan H Mansur. File photo/Collected

About $18 billion to $20 billion was laundered abroad during the Awami League regime, said Bangladesh Bank Governor Ahsan H Mansur yesterday.

"Tracking where this money was used abroad or where it was diverted is a massive task for us -- none of us were prepared to handle such tasks," he said at a press conference organised by the Bangladesh Financial Intelligence Unit to unveil its annual report for 2023–2024.

Money was taken from the banking sector as loans.

Efforts are underway to reduce bureaucratic complexities to expedite the process of recovering the laundered funds, he said, adding that a joint investigation is ongoing involving 11 teams.

"If we speak frankly, inter-ministerial cooperation is a major challenge in Bangladesh. One organisation can move quickly, but when four or five organisations are involved, it gets caught in a complex bureaucratic web. That's why we are also looking to make some legal changes — because without those, the blame game will just continue, and no real work will get done."

The existing law will be amended to bring the joint task force -- formed with representatives from various agencies -- under a legal framework. The task force would be incorporated into the Money Laundering Act, giving it official recognition as a government agency.

"Once that happens, the task force will be significantly empowered. It will then act as a coordinating body among all stakeholders, helping us overcome bureaucratic obstacles."

The government is receiving considerable support from foreign counterparts, said Mansur, also a former economist of the International Monetary Fund.

Already, the assets of one individual have been seized abroad.

"Our goal is to put pressure on the money launderers so that the funds can be recovered through out-of-court settlements. Our intention is not to harass anyone by putting them in jail. We do not aim to shut down anyone's business. We haven't shut down anyone's business -- those whose businesses have closed, it happened for other reasons."

The process of recovering the laundered money would take three to five years, Mansur added.

Assistance is being taken from the World Bank's StAR (Stolen Asset Recovery Initiative), the US Department of Justice, the International Stolen Asset Coordination Committee and the International Centre for Asset Recovery for this end, said BFIU head AFM Shahinul Islam.

Steps have even been initiated to appoint foreign legal firms to aid in asset recovery.

"However, since the process is long-term and complex, it will take time," he added.

Since July last year, the workload of the anti-money laundering agency has increased severalfold, said BFIU Director Mohammad Anisur Rahman.

Suspicious transactions and suspicious activity from banks increased 23 percent to 17,345 last fiscal year.​

 

[Saif]

Tulip Siddiq requests meeting Prof Yunus over corruption allegation

Former City Minister of the UK Tulip Siddiq has written to Chief Adviser Professor Muhammad Yunus as she wants meet him in London to clear up a “misunderstanding” after corruption allegations made by interim administration led her to resign from the UK government, according to a report run by...

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Tulip Siddiq requests meeting Prof Yunus over corruption allegation

UNB
Published: 08 Jun 2025, 18: 55

Former City Minister of the UK Tulip Siddiq has written to Chief Adviser Professor Muhammad Yunus as she wants meet him in London to clear up a “misunderstanding” after corruption allegations made by interim administration led her to resign from the UK government, according to a report run by The Guardian.

Siddiq, whose aunt ]deposed Prime Minister Sheikh Hasina was put on trial in absentia last week over crimes against humanity during her 15 years tenure, has been accused of benefitting from the former regime by the authorities in Bangladesh.

Prof Yunus is scheduled to leave Dhaka for London on Monday evening as part of his four-day official visit to the United Kingdom.

A series of allegations have been aired in the media, including the claim from the country’s anti-corruption commission (ACC), that Siddiq or her mother had received a 7,200 sq ft plot of land through “abuse of power and influence”.

Siddiq denies the claims which her lawyers have described as being “politically motivated” and without foundation. She further claims not to have been contacted by the authorities over any of the allegations.

She was cleared of any wrongdoing by the adviser on ministerial standards, Laurie Magnus, but resigned as economic secretary to the Treasury and city minister over the “distraction” being caused for Keir Starmer’s new government.

In a letter to Muhammad Yunus, a Nobel prize-winning economist who is the interim leader of the Bangladeshi government, Siddiq has asked for an opportunity to discuss the ongoing controversy during his visit to London next week where he will meet King Charles and see Keir Starmer in Downing Street.

In her letter, Siddiq writes that she hopes a meeting might “help clear up the misunderstanding perpetuated by the anti-corruption committee in Dhaka that I have questions to answer in relation to my mother’s sister, the former prime minister of Bangladesh, Sheikh Hasina”.

She continued: “I am a UK citizen, born in London and representing the people of Hampstead and Highgate in parliament for the last decade.

“I have no property nor any business interests whatsoever in Bangladesh.

The country is dear to my heart but it is not the country where I was born, live in or have built my career in.

“I have sought to clarify this to the ACC but they refuse to engage with my lawyers in London and apparently keep sending correspondence to a random address in Dhaka.”

Siddiq added: “Every move in this fantasy investigation is briefed to the media, and yet no engagement was facilitated with my legal team.

“I know you’ll appreciate how important it is to ensure those reports do not become a distraction from the critical work of doing my very best for my constituents and my country.”

The ACC has been probing allegations that Sheikh Hasina and her wider family embezzled billions of pounds from infrastructure spending based on a series of claims made by Bobby Hajjaj, a political opponent of the former prime minister.

Siddiq has claimed she is being targeted by a “politically motivated smear campaign” orchestrated by her aunt’s opponents.

Last month it was reported that a warrant had been issued in Bangladesh for Siddiq’s arrest.

She claims to have no knowledge of any such warrant or court hearings to which she was required to appear. As a 2B extradition country, the UK requires ministers and judges to see clear evidence from Bangladesh before they make an arrest decision.

After Siddiq had referred herself to the adviser on ministerial standards last year amid allegations about her acquirement of property in the UK, she was cleared in January of any wrongdoing.

Magnus had found no evidence to suggest that any of Siddiq’s assets were derived from anything other than legitimate means but added that she could have been more alive to the reputational risks arising from her family’s ties to Bangladesh.

The inquiry had also looked into her presence at the signing of a 2013 nuclear deal between her aunt and Vladimir Putin in Moscow over which there had been claims aired in the media of embezzlement by Siddiq. The standards adviser accepted her explanation that she had been in Moscow socially and as a tourist.

Last month the National Crime Agency froze almost £90m of luxury London property belonging to two men linked to Siddiq’s aunt.​

 

[Saif]

undefined | The Financial Express

thefinancialexpress.com.bd

ACC issues fresh summon to British MP Tulip Siddiq over alleged flat acquisition

UNB
Published :
Jun 15, 2025 18:33
Updated :
Jun 15, 2025 18:33

The Anti-Corruption Commission (ACC) on Sunday once again summoned British MP of Bangladeshi origin, Tulip Siddiq, over allegations of unlawfully acquiring a flat from Eastern Housing in the capital's Gulshan area.

The ACC confirmed that a fresh notice has been sent to five different addresses in Dhaka, asking her to appear before the commission on June 22 in connection with the case.

Earlier, in May, the commission had also issued a notice to Siddiq, but she reportedly claimed through various channels that she had not received it.

"In light of her claims, we have now sent the summons to five of her known addresses in the capital," said ACC Director General Akhter Hossain.

He added that the letters were sent through local police stations, registered post and will also be posted to visible locations at the respective addresses by ACC officials.

According to the case statement, Tulip Siddiq illegally accepted a flat from Eastern Housing on Road 11 of Gulshan-2 in violation of applicable laws.​

 

[Saif]

ACC chief questions Tulip’s resignation as UK minister amid corruption allegations

The chairman of the Anti-Corruption Commission (ACC) Abdul Momen has questioned why British MP Tulip Siddiq, the niece of deposed prime minister Sheikh Hasina, resigned from her anti-corruption ministerial post if, as she claims, she is innocent of corruption allegations. Speaking at a press confe

thefinancialexpress.com.bd

ACC chief questions Tulip’s resignation as UK minister amid corruption allegations

bdnews24.com
Published :
Jun 16, 2025 19:28
Updated :
Jun 16, 2025 19:28

The chairman of the Anti-Corruption Commission (ACC) Abdul Momen has questioned why British MP Tulip Siddiq, the niece of deposed prime minister Sheikh Hasina, resigned from her anti-corruption ministerial post if, as she claims, she is innocent of corruption allegations.

Speaking at a press conference in Dhaka on Monday, he said several cases are ongoing against Tulip, the Labour MP for London’s Hampstead and Highgate constituency, in Bangladesh.

“If Tulip considers herself innocent, why did her lawyer send us a letter? And if she truly knows nothing, why did she resign from her ministerial position?” Momen said.

Tulip stepped down from her junior ministerial role in the UK government in January amid mounting scrutiny following the collapse of her aunt’s administration in August in the face of a student-led mass uprising.

The ACC chief said the national anti-graft agency is treating Tulip as a Bangladeshi citizen based on official records, and legal proceedings are being pursued accordingly.

“She is accused in three cases, and a fourth is in preparation,” he added.

He cited a report published earlier the same day, revealing that Tulip earned Tk 900,000 from a fish farm in Bangladesh in 2013 -- an income she declared in her tax return.

“Regardless of her claim of being a British citizen, the documentation shows she has earnings in Bangladesh. So, as per the paperwork, she is considered a Bangladeshi national,” Momen said.

“Switching between British and Bangladeshi identities as it suits her is questionable.”

Momen said Tulip had requested a meeting with Muhammad Yunus during his official visit to London, but the request was declined.

“She wanted to meet the chief advisor, but he did not agree, and he has provided a clear explanation for that.

“Under our law, an accused person cannot expect such a meeting,” he added.

According to him, the ACC has sent summons to verified addresses under Tulip’s name.

Allegations include irregularities involving a RAJUK plot and another property in Dhaka’s Gulshan neighbourhood.

“We found in her [Tulip’s] tax records that her gold holdings suddenly increased from 10 tolas to 30 tolas, but there’s no corresponding change in value,” Momen said.

He added: “If she really knows nothing, then why did she resign? Why send letters through her lawyer? If she comes to the country and needs legal assistance, we are ready to help.

“But she must face trial under our laws. That’s what we’ve conveyed to her lawyer.”

The ACC chief said the graft buster is issuing letters, summons, and warrants to Tulip, with newspaper notices to follow if needed.

Tulip had sought to meet the interim prime minister during his UK visit in hopes of clarifying what she called “a misunderstanding” surrounding the corruption investigations in Bangladesh.

The former UK City minister had extended an invitation to Yunus for lunch or afternoon tea at the House of Commons.

In the letter, Tulip wrote: “I hope this meeting will help clear the misunderstanding with the Anti-Corruption Commission in Dhaka, which has prompted questions about me in connection with my aunt, former prime minister Sheikh Hasina.”

While Yunus met House of Commons Speaker Lindsay Hoyle on Thursday, the third day of his UK trip, he did not respond to Tulip’s invitation.

The chief advisor had earlier told the Financial Times that he would not meet her.

An interim administration led by Yunus took charge after Hasina’s Awami League government was overthrown last August.

Corruption investigations have been launched against Hasina, her relatives, and close associates.

Tulip, her mother Sheikh Rehana, and other family members are among the accused.​

 

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Court orders Hasina, 11 others to appear

The Dhaka Metropolitan Senior Special Judge Court on Tuesday ordered ousted prime minister Sheikh Hasina and 11 others to appear before the court in connection with a case over irregularities in plot allocations in the Purbachal New Town Project.

www.newagebd.net

PURBACHAL PLOT GRAFT CASE
Court orders Hasina, 11 others to appear
ACC asked to seize 200 acres of land of S Alam group

Staff Correspondent 17 June, 2025, 23:59

The Dhaka Metropolitan Senior Special Judge Court on Tuesday ordered ousted prime minister Sheikh Hasina and 11 others to appear before the court in connection with a case over irregularities in plot allocations in the Purbachal New Town Project.

The court in a separate order also asked the Anti-Corruption Commission to seize 200 acres of land owned by S Alam Group chairman Mohammad Saiful Alam, his family members, and their beneficiaries over graft allegations.

Judge Md Jakir Hossain of the court ordered Hasina and 11 others to appear before it, responding to an ACC petition as the police submitted a report on previously issued arrest warrants against them.

The court also ordered to publish the order in the form of a public gazette notice.

The other accused in the case are former housing and public works affairs state minister Sharif Ahmed, the ministry’s former senior assistant secretary Purabi Goldar, former RAJUK chairman Anisur Rahman Mia, former RAJUK members Shafiul Haque, Md Khurshid Alam, Md Nasir Uddin, Shamsuddin Ahmed Chowdhury, deputy director Nayeb Ali Sharif, the ministry’s administrative official Saiful Islam Sarkar, and the ministry’s former secretaries Kazi Wasi Uddin and Shahid Ullah Khondaker.

ACC public prosecutor Mir Ahmed Ali Salam said that the court also set July 1 as the date of the next hearing in the case.

On March 25, the ACC submitted six charge sheets against Hasina and others in six cases. Hasina is a common accused in the cases.

The ACC filed the cases with its Dhaka Integrated District Office in January.

The same court on Tuesday also ordered to seize 200 acres of land owned by S Alam Group chairman Saiful Alam, his family members, and their beneficiaries.

The ACC petition said that the commission had already formed a joint probe team and is investigating the allegations of money laundering against Saiful Alam and people related to him.

‘They embezzled a huge amount of money after taking loans from different banks illegally and amassed huge wealth in home and abroad. They are trying to hand over the properties,’ it said.

On April 27, the court ordered the ACC to seize 563.57 acres of land worth Tk 1001.76 crore owned by S Alam Group and its entities.

On April 23, the court also ordered the ACC to seize 159.15 acres of land worth Tk 407 crore owned by them.

On April 9, the court ordered the ACC to seize 7,919.52 kathas of land worth Tk 325.19 crore of the group.

On January 30, the court ordered the ACC to seize 58 acres of land worth Tk 368 crore belonging to Saiful Alam and his family members.

On February 12, the court ordered the ACC to freeze 437.85 crore shares of 42 companies belonging to S Alam and his family. The value of the shares is around Tk 5,100 crore.

On January 16, the court ordered the freezing of more than 32.1 crore shares worth Tk 350 crore in 24 companies owned by S Alam and his family members.

The court on January 14 ordered the ACC to seize immovable properties worth Tk 200 crore and the freezing of 87 bank accounts of S Alam, his wife Farzana Parveen, and 16 of his family members.

Earlier, the ACC started an inquiry against the S Alam group chairman over the allegations of amassing illegal wealth and laundering $1 billion to Singapore and several other countries.

The court on Tuesday also imposed a travel ban on three people from Chattogram for abetting former land minister Saifuzzaman Chowdhury in his financial crimes including money laundering.

The three people, who have been barred from leaving the country, are Utpal Paul, Abdul Aziz and Syed Kamruzzaman.​

 

[Saif]

Fakhrul slams AL over surge in Swiss Bank deposits, cites massive looting

BNP Secretary General Mirza Fakhrul Islam Alamgir on Saturday expressed deep concern over the sharp rise in deposits by Bangladeshis in Swiss banks last year, saying it has shown the extent of looting by the Awami League’s corrupt elements and mafias. “I was disheartened to see newspap

thefinancialexpress.com.bd

Fakhrul slams AL over surge in Swiss Bank deposits, cites massive looting

Published :
Jun 21, 2025 19:19
Updated :
Jun 21, 2025 21:19

BNP Secretary General Mirza Fakhrul Islam Alamgir on Saturday expressed deep concern over the sharp rise in deposits by Bangladeshis in Swiss banks last year, saying it has shown the extent of looting by the Awami League’s corrupt elements and mafias.

“I was disheartened to see newspaper reports indicating a significant increase in the amount of money deposited in Swiss banks (by Bangladeshis)…It clearly reflects the massive scale of plundering carried out by the mafia and looter clique during the fascist rule,” he said while addressing a discussion, UNB reports.

The programme was organised by the Biplobi Workers Party at the Dhaka Reporters’ Unity, marking the party’s 21st founding anniversary.

Fakhrul said he did not exactly know who, when, or how such a large amount of money was deposited in the Swiss banks.

“But after seeing this news, every patriotic person may wonder whether any real change has taken place after the mass uprising… If the report pertains to the year 2024, it is authentic,” he said.

According to media reports, the amount of money deposited by Bangladeshis in Swiss banks has increased significantly, rising 33 times in just one year.

The total deposits jumped to around 590 million Swiss francs in 2024, compared to only 17.7 million francs in 2023, said the latest annual report by the Swiss National Bank (SNB), published on Thursday.

Fakhrul alleged the fascist Awami League has destroyed all the institutions in Bangladesh during its around 16 years of misrule.

“They destroyed the electoral system, state institutions, the judiciary, bureaucracy, education, healthcare and almost every other sector. Now, the current government is trying to restore and fix all these sectors,” he said.

The BNP leader said the interim government has started working to this end and has undoubtedly done a lot of good deeds. “They’re showing us the (right) way. We hope that all political parties involved in the anti-fascist movement will now work together in unity and support them.”

He also hoped that the government will help the nation achieve the goal of establishing a truly democratic state and governance system.

“Let’s all utilise the scope created by the mass uprising to rebuild the state and the nation and to transform the country into a genuine democracy,” Fakhrul said.​