Dhaka: A shocking revelation has emerged about $17 billion vanishing from the accounts of business associates linked to Bangladesh’s former Prime Minister Sheikh Hasina.
Central Bank Governor Ahsan Mansur stated that three leading global accounting firms—EY, Deloitte, and KPMG—have been enlisted to audit banks in an effort to trace the missing funds.
In an interview with Financial Times, Mansur disclosed that the Bangladesh Financial Intelligence Unit has formed 11 joint investigation teams. These teams aim to track assets purchased with the withdrawn funds, facilitate their recovery, and assist in prosecuting those responsible. While EY and Deloitte did not respond to requests for comment outside business hours, efforts to contact KPMG via its website were unsuccessful.
Mansur, who was appointed as the central bank governor by interim government head Muhammad Yunus following Sheikh Hasina's departure to India in August, revealed that the investigation will cover 10 prominent business entities as well as assets and accounts linked to the ousted leader and her relatives.
Mansur, a former economist with the International Monetary Fund (IMF), has been tasked with stabilizing Bangladesh’s economy. The Financial Times reported that he is also initiating the recovery of at least 2,000 billion Bangladeshi takas ($16.46 billion) allegedly misappropriated during Sheikh Hasina’s 15 years in power.
The military intelligence agency has reportedly taken control of several major banks as part of the probe, in some cases through force. The assets of six banks are currently under review, five of which are linked to Singapore-based Bangladeshi tycoon Mohammed Saiful Alam’s S Alam Group.
Mansur further stated that former managing directors of these banks have been asked to take leave to ensure the investigations proceed without interference.
The Bangladesh Anti-Corruption Commission recently filed a case against Saiful Alam’s two sons and several others, accusing them of embezzling 11.3 billion takas in loans. A court in Dhaka has ordered the seizure of several properties in connection with the case.
Saiful Alam’s lawyer, Quinn Emanuel Urquhart & Sullivan, stated that the group and its investors have done no wrong and are prepared to take legal action to protect their investments in Bangladesh if necessary. They also welcomed transparency and international standards but criticized Mansur’s stance, calling it contradictory.
The Yunus government has sought international assistance to trace and recover funds transferred abroad, collaborating with the UK’s International Anti-Corruption Coordination Centre and the US Department of Treasury. The Treasury Department is providing technical support, while Bangladesh prepares formal requests for legal assistance from other countries.
This large-scale probe could be pivotal in addressing corruption within Bangladesh’s banking sector and stabilizing its economic future.
