Summary:
- Bangladesh Financial Intelligence Unit (BFIU) froze Tk 15,000 crore across 366 accounts linked to money laundering and corruption between August and December 2024.
- High-profile individuals, including former Prime Minister Sheikh Hasina, her family members, and prominent business groups like S. Alam and Bashundhara, are under investigation.
- Accounts tied to political entities like the Awami League’s research wing CRI and its youth initiative ‘Young Bangla’ were also frozen.
- BFIU seeks international cooperation to trace laundered funds and has submitted reports to CID and ACC for legal action.
In a sweeping crackdown on money laundering and corruption, the Bangladesh Financial Intelligence Unit (BFIU) has frozen bank accounts holding approximately Tk 15,000 crore belonging to 366 individuals and entities. The operation, conducted between August and December 2024, comes in the wake of the political transition following the fall of the Awami League government.
The BFIU’s actions are part of an intensified effort to combat financial crimes and recover illicit funds. According to officials, the frozen accounts are tied to 112 cases involving allegations of money laundering and corruption. Among those affected are prominent political figures, influential business leaders, and their families. Notably, accounts linked to former Prime Minister Sheikh Hasina, her son Sajeeb Wazed Joy, daughter Saima Wazed Putul, sister Sheikh Rehana, and nephew Radwan Mujib Siddiq have been frozen.
High-profile business groups such as S. Alam Group, Bashundhara Group, Beximco Group, Summit Group, Orion Group, Sikder Group, NASA Group, and Nabil Group are also under scrutiny. Key individuals implicated include Mohammad Saiful Alam of S. Alam Group; former Land Minister Saifuzzaman Chowdhury; Salman F Rahman, former private industry and investment adviser to Sheikh Hasina; and Ahmed Akbar Sobhan of Bashundhara Group.
Additionally, accounts associated with the Awami League’s research wing, the Center for Research and Information (CRI), and its youth initiative ‘Young Bangla’ have been frozen. Several bank officials and journalists with ties to the previous administration have also been named in the investigations.
AFM Shahinul Islam, newly appointed head of the BFIU, clarified that these actions were taken before his tenure began. He emphasized that if no evidence of suspicious transactions or money laundering is found in a frozen account, it will be unfrozen. The BFIU is currently investigating various irregularities involving business groups, including allegations of loan fraud and embezzlement of public funds.
The crackdown follows a period marked by allegations of widespread corruption during the Awami League’s rule. Reports suggest that between $12 billion and $15 billion was laundered annually during this time. The BFIU has already submitted investigation reports on several entities to the Criminal Investigation Department (CID) and the Anti-Corruption Commission (ACC) for legal action.
As part of its broader efforts to combat financial crimes, the BFIU has sought information from foreign authorities in countries such as Singapore, the United States, and the United Kingdom regarding suspected money laundering activities. The agency has also restructured its investigation teams to address these cases more effectively.
This crackdown underscores Bangladesh’s commitment to tackling financial corruption and restoring integrity in its banking system. However, recovering laundered funds remains a complex and lengthy process that will require sustained cooperation between domestic agencies and international partners.
Source: The Daily Star
