Summary:
- Former Bangladesh PM Sheikh Hasina and son Joy face FBI investigation for allegedly laundering $300 million through offshore accounts to US and UK banks.
- ACC launches formal probe after FBI provided evidence of money transfers through Hong Kong and Cayman Islands, with ACC Chairman confirming the investigation’s legitimacy.
- A parallel investigation examines $7 billion embezzlement from development projects, including $5 billion from Rooppur Nuclear Power Plant project.
- British Treasury Minister Tulip Siddiq implicated in investigation regarding 2013 Russia-Bangladesh nuclear deal, while annual money laundering during AL government estimated at $12-15 billion.
The Anti-Corruption Commission (ACC) of Bangladesh has launched a formal investigation into allegations that former Prime Minister Sheikh Hasina and her son Sajeeb Wazed Joy laundered $300 million to the United States and United Kingdom through various offshore accounts.
The investigation was initiated following evidence provided by the Federal Bureau of Investigation (FBI), which uncovered serious financial irregularities through their London representative. The probe revealed money transfers from bank accounts in Hong Kong and the Cayman Islands to multiple accounts in Washington DC, New York, and London.
“This incident is largely true. We may receive more specific information in the future,” stated ACC Chairman Mohammad Abdul Momen.
The case first emerged in 2014 during the United States versus Rizvi Ahmed case, where Joy was initially flagged for suspicious financial activities. Linda Samuels, Senior Trial Attorney at the Department of Justice, working with Special Agent La Prevot, confirmed deposits totaling $300 million from Bangladesh into various U.S. bank accounts.
In a significant development, an FBI delegation met with ACC officials in September, providing substantial documentation. Additionally, a three-member European Union delegation, led by Michal Krejza, discussed technical assistance and the repatriation of laundered funds with ACC officials.
This investigation runs parallel to a broader corruption probe involving $7 billion in alleged embezzlement from nine development projects during the Awami League government’s tenure. Of this amount, $5 billion was reportedly embezzled from the Rooppur Nuclear Power Plant project alone.
The case has international implications, with British Treasury Minister Tulip Siddiq, Hasina’s niece, also named in the investigation regarding her alleged role in brokering a 2013 deal with Russia for the nuclear power plant.
According to Transparency International Bangladesh, the country lost between $12-15 billion annually due to money laundering during the previous government’s 15-year rule. The investigation continues as authorities work to recover the allegedly laundered funds and bring those responsible to justice.
The former prime minister and her son have not yet publicly responded to these allegations, which come following Hasina’s departure from office in August 2024 amid mass protests that ended her 15-year rule.
