Tk20 tr siphoned off to 17 countries

Staff Correspondent:

There is hardly anyone who hasn’t heard the tale of “Ali Baba and the Forty Thieves”. While Ali Baba may be fictional, for the last fifteen and a half years, the people of Bangladesh have lived through a real-life version of that legend – witnessing the plunder of the country by “Darvesh Baba” and his cohorts. Under Sheikh Hasina’s regime, the nation saw its own version of this fable unfold – not in fabled Arabia but in stark reality, where the “darvesh” was none other than Salman F Rahman, the then prime minister’s “cashier adviser”.

The Anti-Corruption Commission (ACC) is currently investigating large-scale corruption, looting, and money laundering that occurred under the previous fascist government.

Numerous cases have already been filed, with many others under active investigation. These probes have identified 40 top-tier looters from the Awami League era, with charges involving embezzlement of over Tk20 trillion – almost all of it laundered abroad. The stolen funds were siphoned off to 17 countries, including the UAE, UK, USA, Singapore, Malaysia, Thailand, Switzerland, Turkey, and several island nations.

Beyond these 40 key individuals, at least 500 former ministers, MPs, and bureaucrats are accused of corruption. The top 40, however, are believed to have operated with the most impunity – draining the economy dry. Each of them is accused of laundering or embezzling at least Tk150 billion.

At the centre of this vast corruption network was Salman F Rahman, who served as the Prime Minister’s Adviser on Private Investment. He is known to have orchestrated Bangladesh’s infamous stock market scams, allegedly pocketing around Tk200 billion according to a government probe. Despite this, no action was taken against him. He looted vast sums from several banks and laundered the money abroad. Dubbed the “shadow prime minister of kleptocracy”, he was colloquially known as the “Darvesh”. He alone is believed to have stolen over Tk1 trillion.

Following the fall of the Awami League government, a White Paper Commission was formed, identifying the top culprits. Based on findings from the commission, ACC investigations, and investigative journalism, this report compiles the list of 40 top plunderers, with “Darvesh Baba” – the “Ali Baba” of this saga – at the helm. Each of these 40 individuals faces substantiated allegations of corruption and money laundering.

Notable among them is Sheikh Hasina’s younger sister, Sheikh Rehana, who reportedly owns Tk1.06 billion worth of assets in Dhaka alone, and is believed to have laundered another Tk370 billion abroad.

Hasina’s son Sajeeb Wazed Joy has little domestic property but is suspected to have laundered at least Tk300 billion overseas over the past 15 years. Her daughter Saima Wazed Putul faces allegations of laundering Tk180 billion, with domestic assets worth Tk1.17 billion frozen. Rehana’s son Radwan Mujib Siddiq is accused of laundering Tk270 billion. Additionally, CRI – a foundation he owns – is under scrutiny for illicit transactions totalling Tk9 billion.

Tarique Ahmed Siddique, Rehana’s brother-in-law and former military adviser to the ousted prime minister, faces allegations of embezzling and laundering Tk420 billion. He reportedly holds passports from six different countries.

Sheikh Helal, Sheikh Hasina’s cousin, is also implicated, with preliminary investigations uncovering domestic assets worth Tk7.86 billion. Tk3.6 billion in his bank accounts has been frozen. He is suspected of laundering an additional Tk200 billion abroad.

Her another cousin, Sheikh Selim, reportedly owns assets worth Tk5.42 billion in Bangladesh, with vast holdings overseas. Preliminary findings suggest Tk170 billion in offshore assets, with properties located in Fiji, Mauritius, and Barbados.

Sheikh Fazle Noor Taposh, former mayor of Dhaka South and a close relative of Sheikh Hasina, is suspected of laundering around Tk120 billion – primarily to London and Singapore. His elder brother, Sheikh Fazle Shams Parash, chairman of Jubo League, is also suspected of laundering around Tk100 billion. Several other close relatives of Sheikh Hasina – including Abul Hasnat Abdullah, his son Sadiq Abdullah, and Sheikh Sohel (younger brother of Sheikh Helal) – have also amassed significant illicit wealth and laundered money abroad.

Almost all members of Sheikh Hasina’s former cabinet were reportedly corrupt. Among them, Obaidul Quader – who served as minister for road transport and bridges for years – is alleged to have laundered over Tk500 billion, with illicit properties traced to Singapore, Malaysia, and Dubai.

Former home minister Asaduzzaman Khan Kamal reportedly accumulated Tk7 billion worth of assets domestically, some of which have been seized by court order. He is accused of laundering an additional Tk180 billion overseas.

Former finance minister AHM Mustafa Kamal and his family are said to have laundered nearly Tk370 billion, with most funds funnelled to Dubai, and further assets hidden in the UK, Canada, and Malaysia.

Former health minister Zahid Maleque is accused of laundering Tk130 billion, with declared domestic assets amounting to Tk45.2 billion. The bulk of his offshore assets are believed to be in the US and Canada.

Former state minister for power and energy Nasrul Hamid Bipu is reportedly the most prolific money launderer among ministers. He is believed to have acquired domestic assets worth Tk96 billion, most of which are now frozen by court orders. He allegedly laundered Tk57 billion to at least 12 countries, including Dubai, the UK, USA, and Canada.

Former state minister for ICT Zunaid Ahmed Palak is accused of laundering Tk70 billion, with Tk32.2 billion worth of assets seized inside Bangladesh.

Former land minister Saifuzzaman Chowdhury is also on the list of top offenders, with alleged money laundering amounting to Tk220 billion. The majority of his funds were reportedly funnelled to the UK, with further assets in Dubai, the USA, Canada, and various island nations.

Other ministers who, according to preliminary probes, laundered over Tk100 billion include former energy adviser Dr Tawfiq-e-Elahi, former state minister for information Mohammad Arafat, former state minister for foreign affairs Shahriar Alam, former Dhaka North mayor Atiqul Islam, and former law minister Anisul Huq.

It was not only politicians – numerous bureaucrats also amassed massive fortunes abroad during Sheikh Hasina’s rule. By turning a blind eye and rewarding loyalty, Hasina enabled rampant corruption among her administrative machinery.

Prominent among these officials are former principal secretary and SDG coordinator Abul Kalam Azad; Dr Ahmad Kaikaus, also a former principal secretary; former cabinet secretary and political adviser Kabir Bin Anwar; ex-home secretary Jahangir Alam; former secretary Abdul Malek; former Bangladesh Bank governors Abdur Rouf Talukder and Fazle Kabir; ex-civil aviation secretary Mohibul Haque; former IGP Benazir Ahmed; ex-DB chief Harunur Rashid; former principal secretary Dr Kamal Naser Chowdhury; and former WASA MD Taqsem A Khan.

Central to much of this money laundering operation were five elite businessmen – dubbed the “Pandava Five” – who acted as intermediaries and enablers. They are Md Aziz Khan, Nazrul Islam Majumder, Nafiz Sarafat, and most prominently, Salman F Rahman.

Under Salman’s leadership, this kleptocratic “cabinet of thieves” was formed and functioned with impunity. In this way, the wealth of Bangladesh was pillaged and a kleptocracy firmly entrenched.