Dhaka: Bangladesh's missing billions have been brought to light in a startling documentary by the Financial Times, which claims that approximately $234 billion was illicitly siphoned off during ousted premier Sheikh Hasina's 15-year regime.
According to Bangladesh Sangbad Sangstha, the documentary, titled "Bangladesh's Missing Billions, Stolen in Plain Sight," was released by the UK-based Financial Times and investigates how the money was funneled out of the country and the possibilities of retrieving it.
The documentary opens with the dramatic fall of Hasina from power, featuring insights from student leaders Rafia Rehnuma Hridi and Rezwan Ahmed Rifad, as well as FT's South Asia bureau chief John Reed and other experts. The film outlines methods such as over- and under-invoicing of trade, informal transfer systems like hundi and hawala, and property deals in the UK as channels for the stolen wealth. London, in particular, is highlighted as a preferred destination due to its robust financial sector and attractive property market.
The documentary further implicates members of Sheikh Hasina and Sheikh Rahana's families, including Tulip Siddiq, in corruption probes related to embezzling funds from infrastructure projects. It also names former land minister Saifuzzaman Chowdhury and S Alam Group chair Mohammed Saiful Alam for their alleged roles in moving wealth abroad. John Reed noted incidents where bank directors were reportedly coerced by intelligence officials to resign and hand over their shares to individuals linked to the past regime.
Mushtaq Khan, an economics professor at the University of London, stated that corruption during Hasina's tenure was widely acknowledged, likening some events to a movie plot. He highlighted the control over banks by individuals close to the old regime, with the assistance of the Directorate General of Forces Intelligence.
FT correspondent Susannah Savage emphasized the global nature of kleptocracy and grand corruption, identifying the UK as central to the issue. She pointed out the challenges in asset recovery, which often involves negotiating with those who misappropriated the funds, balancing between the recovery of money and public acceptability in Bangladesh.
Ifty Islam, an adviser to Bangladesh Bank's asset recovery taskforce, described the recovery process as exceptionally complex. Chief Adviser Muhammad Yunus, also featured in the documentary, stressed the importance of gathering concrete evidence and securing support from relevant governments. He underlined the significance of retrieving any possible amount from the estimated $234 billion looted from banking and business sectors.
The documentary concludes with reflections from student leader Hridi, expressing concerns about the ability to fulfill promises made to martyrs, amidst ongoing questions about the influence of accused conglomerates on future governments. Mushtaq Khan noted the difficulty of reforming basic institutions regardless of who assumes power, while Reed cautioned about the potential for Bangladesh to revert to a concentration of political power.