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

[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
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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.

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‘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?

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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.​