Not a single penny will come back

• Those accused put in charge of recovery!
• Tk 27 lakh crore siphoned off during Hasina era

Sayeed Ahmed

Claims that Tk 27 lakh crore was siphoned out of Bangladesh during the Hasina era have fuelled efforts to recover the stolen assets. However, the recovery drive has yet to bring back any money, with experts blaming a flawed process and conflicts of interest.

A Joint Investigation Team (JIT) led by the Anti-Corruption Commission (ACC) was formed in December 2024 to investigate the assets of several Hasina-linked business families. An Inter-Agency Taskforce on Stolen Asset Recovery and Management was also reconstituted in September 2024, with the Bangladesh Bank governor as its chairman and nine agencies, including the Bangladesh Financial Intelligence Unit, ACC, CID, Customs Intelligence, Law and Justice Division and Foreign Ministry, as members.

The taskforce says courts and its directives have led to the seizure of more than Tk 66,000 crore in assets, including Tk 10,408 crore in cash and other assets. It also says 11 joint investigations are underway, agreements have been signed with international law firms and asset recovery agencies, and efforts are being made through courts in the UK and other countries to freeze assets. Several money laundering cases have been filed, charge sheets submitted and red notices issued against alleged money launderers.

Critics, however, say these are only theoretical achievements. They argue that meetings, correspondence and disputes over which agency should lead the process have produced no tangible recovery. According to Global Financial Integrity data cited in the report, more than Tk 8.33 lakh crore was allegedly laundered through over-invoicing over the past decade. Other methods included under-invoicing, false import-export documents, hundi, shell companies, offshore accounts, cryptocurrencies and physical cash transfers. Much of the money was allegedly routed to around 15 countries.

Experts have raised concerns over the Bangladesh Bank-led taskforce, arguing that the central bank itself had regulatory responsibility during the period when the alleged laundering occurred. They say its officials could potentially face scrutiny, creating a conflict of interest if the institution leads the recovery process. Former ACC senior lawyer Mr. Delwar Hossain Chowdhury said it was a “totally wrong process” to put the Bangladesh Bank in the lead. He argued that the ACC, as a specialised statutory investigation agency, should play the central role, while the Bangladesh Bank and other agencies should provide assistance.

Legal experts also questioned the legal basis and institutional capacity of the joint taskforce, saying it lacks its own specialised manpower, prosecution unit and experience in investigation and litigation. They warned that cases could eventually face legal challenges if investigations are not conducted by competent statutory agencies.

Senior Supreme Court lawyer Mr. Manzil Morshed also questioned the basis for the Tk 27 lakh crore  Mr. estimate and said the exact amount of money laundered must first be established. He said recovering money transferred to foreign countries would be difficult because those countries may have accepted the investments under their own laws and policies. Despite claims of asset seizures, investigations and international legal efforts, experts say the recovery drive has so far failed to return even a single significant amount of stolen money.