Wednesday, 05 November, 2025
As Bangladesh barrels toward a pivotal national election in February, the country stands at a crossroads—and not a hopeful one.
While political parties roar through high-decibel campaigns and glittering promises, a darker reality festers in the shadows: tens of billions siphoned from public coffers, laundered abroad, and still largely beyond reach.
The July Uprising that toppled the Awami League’s 15-year grip sparked hopes for justice—but over a year into office, the Muhammad Yunus-led interim government has yet to make a serious dent in the mammoth theft that hollowed out the nation’s wealth.
A BSS report published Tuesday reignited public scrutiny. According to the report, the Anti-Corruption Commission (ACC) on Tuesday carried out enforcement drives in Madaripur, Gopalganj, Dhaka, and Bogura following allegations of corruption in development projects and public services. In Madaripur, an ACC team inspected flood shelter projects in Rajoir and Sadar upazilas amid claims of substandard construction and material misuse.
Yet amid these raids, a piercing question haunts the nation: Has the Interim Government turned a blind eye to the fight against money laundering?
Official figures remain murky, but government documents suggest assets worth roughly Tk 175,000 crore have been attached in domestic and foreign jurisdictions, targeting politically connected conglomerates and relatives of the former ruling elite.
But public skepticism is rampant: “Not a single penny laundered has been brought back,” citizens complain. The widening chasm between seizure and recovery has become a glaring symbol of Bangladesh’s unfinished corruption war.
Recent ACC raids exposed fake billing, incomplete flood shelters, bridges falsely marked as “complete,” and ghost projects draining state funds. While these interventions are a step forward, they tackle only minor irregularities. The colossal networks behind tens of billions remain largely untouched.
“We need a strategic focus on money laundering and foreign recovery,” admitted a senior ACC official, acknowledging that most cases remain trapped in domestic mismanagement.
Transparency International estimates Bangladesh lost roughly US$16 billion every year under Sheikh Hasina’s rule, with US$75–200 billion still hidden in offshore accounts, foreign real estate, and financial havens. François Valérian, chair of Transparency International, warns that without coordinated international recovery, “symbolic enforcement will replace justice.”
A recent seizure of £185 million in London property linked to Bangladeshi sources offers a rare glimpse of hope—but restitution moves at a glacial pace.
A government white paper authored by economist Dr Debapriya Bhattacharya paints an even grimmer picture: over US$234 billion (Tk 27 trillion) was siphoned out between 2009 and 2024, largely through inflated contracts, bribes, and manipulation in power, infrastructure, and banking sectors.
Yet, despite overwhelming evidence, ACC action remains fragmented.
In banking, forensic audits have been conducted on a handful of private lenders. State-owned banks—the epicentres of the Hallmark, BASIC Bank, and Bismillah Group scandals—continue to evade rigorous scrutiny.
“There’s progress in rules, not in recovery,” said Professor Mustafizur Rahman of the Centre for Policy Dialogue. “Money laundering remains the biggest blind spot.”
The interim government has focused largely on structural reforms—repealing controversial laws, dissolving boards, and reorganising bureaucracies—while the recovery of stolen funds remains largely sidelined.
Calls for a beneficial ownership law and an international recovery task force remain unanswered, leaving billions out of reach.
Meanwhile, ordinary Bangladeshis are paying the heaviest price. Inflation relentlessly erodes purchasing power. Essential commodities skyrocket. High interest rates and cautious banking practices have throttled private credit growth.
Small businesses teeter on the brink of collapse. Unemployment and underemployment persist, amplifying frustration as the state appears more concerned with reforming institutions than delivering justice.
So, the February elections will be a make-or-break moment. Observers argue that only a credible, transparent, and politically empowered mandate can give the ACC and related agencies the authority to pursue laundered assets abroad and hold powerful figures accountable.
Without decisive action, billions of lost funds may never be recovered, and public trust in governance could crumble irreparably.
As Valérian warns, “Recovering stolen assets is not an act of vengeance—it is a fight to restore the people’s faith in democracy.” For millions of Bangladeshis grappling with soaring prices, stagnant wages, and failing public services, that faith remains a hostage, held ransom by billions of dollars still vanished from the nation’s coffers.
The ACC’s recent drives show some promise—but the challenge is monumental: coordinating domestic enforcement with international recovery, tracing hidden assets, and ensuring restitution to the Bangladeshi people instead of foreign treasuries.
As Valérian warns, “Recovering stolen assets is not an act of vengeance—it is a fight to restore the people’s faith in democracy.” For millions of Bangladeshis grappling with soaring prices, stagnant wages, and failing public services, that faith remains a hostage, held ransom by billions of dollars still vanished from the nation’s coffers.
The next government, elected in February, will inherit a dual crisis: stabilising a fragile financial system and decisively recovering laundered wealth. Failure on either front could prolong economic suffering, deepen public disillusionment, and leave a generation shackled by the legacy of stolen billions.
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As Bangladesh barrels toward a pivotal national election in February, the country stands at a crossroads—and not a hopeful one.
While political parties roar through high-decibel campaigns and glittering promises, a darker reality festers in the shadows: tens of billions siphoned from public coffers, laundered abroad, and still largely beyond reach.
The July Uprising that toppled the Awami League’s 15-year grip sparked hopes for justice—but over a year into office, the Muhammad Yunus-led interim government has yet to make a serious dent in the mammoth theft that hollowed out the nation’s wealth.
A BSS report published Tuesday reignited public scrutiny. According to the report, the Anti-Corruption Commission (ACC) on Tuesday carried out enforcement drives in Madaripur, Gopalganj, Dhaka, and Bogura following allegations of corruption in development projects and public services. In Madaripur, an ACC team inspected flood shelter projects in Rajoir and Sadar upazilas amid claims of substandard construction and material misuse.
Yet amid these raids, a piercing question haunts the nation: Has the Interim Government turned a blind eye to the fight against money laundering?
Official figures remain murky, but government documents suggest assets worth roughly Tk 175,000 crore have been attached in domestic and foreign jurisdictions, targeting politically connected conglomerates and relatives of the former ruling elite.
But public skepticism is rampant: “Not a single penny laundered has been brought back,” citizens complain. The widening chasm between seizure and recovery has become a glaring symbol of Bangladesh’s unfinished corruption war.
Recent ACC raids exposed fake billing, incomplete flood shelters, bridges falsely marked as “complete,” and ghost projects draining state funds. While these interventions are a step forward, they tackle only minor irregularities. The colossal networks behind tens of billions remain largely untouched.
“We need a strategic focus on money laundering and foreign recovery,” admitted a senior ACC official, acknowledging that most cases remain trapped in domestic mismanagement.
Transparency International estimates Bangladesh lost roughly US$16 billion every year under Sheikh Hasina’s rule, with US$75–200 billion still hidden in offshore accounts, foreign real estate, and financial havens. François Valérian, chair of Transparency International, warns that without coordinated international recovery, “symbolic enforcement will replace justice.”
A recent seizure of £185 million in London property linked to Bangladeshi sources offers a rare glimpse of hope—but restitution moves at a glacial pace.
A government white paper authored by economist Dr Debapriya Bhattacharya paints an even grimmer picture: over US$234 billion (Tk 27 trillion) was siphoned out between 2009 and 2024, largely through inflated contracts, bribes, and manipulation in power, infrastructure, and banking sectors.
Yet, despite overwhelming evidence, ACC action remains fragmented.
In banking, forensic audits have been conducted on a handful of private lenders. State-owned banks—the epicentres of the Hallmark, BASIC Bank, and Bismillah Group scandals—continue to evade rigorous scrutiny.
“There’s progress in rules, not in recovery,” said Professor Mustafizur Rahman of the Centre for Policy Dialogue. “Money laundering remains the biggest blind spot.”
The interim government has focused largely on structural reforms—repealing controversial laws, dissolving boards, and reorganising bureaucracies—while the recovery of stolen funds remains largely sidelined.
Calls for a beneficial ownership law and an international recovery task force remain unanswered, leaving billions out of reach.
Meanwhile, ordinary Bangladeshis are paying the heaviest price. Inflation relentlessly erodes purchasing power. Essential commodities skyrocket. High interest rates and cautious banking practices have throttled private credit growth.
Small businesses teeter on the brink of collapse. Unemployment and underemployment persist, amplifying frustration as the state appears more concerned with reforming institutions than delivering justice.
So, the February elections will be a make-or-break moment. Observers argue that only a credible, transparent, and politically empowered mandate can give the ACC and related agencies the authority to pursue laundered assets abroad and hold powerful figures accountable.
Without decisive action, billions of lost funds may never be recovered, and public trust in governance could crumble irreparably.
As Valérian warns, “Recovering stolen assets is not an act of vengeance—it is a fight to restore the people’s faith in democracy.” For millions of Bangladeshis grappling with soaring prices, stagnant wages, and failing public services, that faith remains a hostage, held ransom by billions of dollars still vanished from the nation’s coffers.
The ACC’s recent drives show some promise—but the challenge is monumental: coordinating domestic enforcement with international recovery, tracing hidden assets, and ensuring restitution to the Bangladeshi people instead of foreign treasuries.
As Valérian warns, “Recovering stolen assets is not an act of vengeance—it is a fight to restore the people’s faith in democracy.” For millions of Bangladeshis grappling with soaring prices, stagnant wages, and failing public services, that faith remains a hostage, held ransom by billions of dollars still vanished from the nation’s coffers.
The next government, elected in February, will inherit a dual crisis: stabilising a fragile financial system and decisively recovering laundered wealth. Failure on either front could prolong economic suffering, deepen public disillusionment, and leave a generation shackled by the legacy of stolen billions.
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