All eyes on Chief Advisor Dr Muhammad Yunus

TDS Desk

The nation’s economy has been critically weakened by rampant money laundering. While expatriate workers tirelessly send their hard-earned money to support the economy, corrupt officials and business elites smuggle funds abroad to enjoy lavish lifestyles in foreign countries. Over the years, at least Tk17 trillion has been laundered out of Bangladesh.

Prominent destinations include Dubai, Canada, Malaysia, and Singapore, where these individuals invest in luxurious villas and apartments. Meanwhile, many banks that were victims of their looting are on the brink of bankruptcy.

Despite regime changes, the top perpetrators remain untouched. Even though groups like Summit have established financial empires abroad using embezzled money, efforts to recover these funds have so far been limited to exchanging official letters.

At a time when recovering laundered money has become a governmental priority, fresh reports have revealed the purchase of 847 luxurious properties in Dubai, including flats and villas. Former Land Minister Saifuzzaman Chowdhury alone owns 137 apartments in Dubai.

A report compiled from the Foreign Real Estate Investment database has uncovered even more shocking facts. Sources, including Bangladesh Bank and international media, confirm that the country’s economy is in critical condition. The financial instability caused by loan defaults and scandals, compounded by a dollar shortage, shows no signs of abating. Yet, under-invoicing and over-invoicing in trade and digital currency transactions have facilitated large-scale embezzlement, making money laundering the talk of the nation.

DUBAI BECOMES THE HUB FOR STOLEN MONEY

Dubai, a luxurious haven, has become a hub for money laundered out of Bangladesh. Investigations reveal that 134 Bangladeshis have collectively purchased 847 properties in prime Dubai locations. These include 338 flats, 70 villas, 45 hotel apartments, and 357 commercial spaces, such as offices and shops.

The properties range from the iconic Burj Khalifa, where Bangladeshis own 77 apartments, to other high-end areas like Palm Jumeirah, Marina Dubai, and Al Habiyah Third. Some of these apartments cost Tk40 crore each.

The investigation found that former Land Minister Saifuzzaman Chowdhury tops the list with 137 properties in Dubai, worth at least Tk550 crore. Other names include Rubaiya Laskar (32 properties), Ashiqur Rahman Laskar (30 properties), and former senior officials and businessmen, many of whom own multiple luxury flats and villas in Dubai’s elite areas.

In addition to Dubai, laundered money has been traced to Canada, Malaysia, and Singapore. Summit Group’s owner Aziz Khan is a notable figure in this regard, ranking among Singapore’s top billionaires. According to Forbes, he owns assets worth $1.12 billion, yet Bangladesh Bank has no record of legitimate capital transfer for this wealth.

Similarly, allegations include nine properties in New York under Awami League leader Abdus Sobhan Golap’s name, and houses in Canada and Europe owned by former ministers, MPs, and bureaucrats.

While organisations like OCCRP (Organised Crime and Corruption Reporting Project) and Norway’s E24 have exposed such illegal property purchases, the Bangladeshi government’s efforts to recover these funds have largely been ineffective.

Bangladesh Bank has acknowledged that 17 trillion Taka has been laundered, affecting GDP growth by 2–3% annually. However, the recovery remains negligible.

WILL DR. YUNUS TAKE CHARGE?

In this context, Dr. Muhammad Yunus, who recently assumed the role of Chief Adviser in the interim government, is seen as a beacon of hope. Analysts believe that his global network could facilitate the recovery of significant amounts of stolen wealth. If achieved, this would play a crucial role in stabilizing the economy.

Although time-consuming, experts remain optimistic about recovering some of the money through bilateral government agreements and international collaboration. Without immediate action, however, the dream of reclaiming this wealth may remain out of reach.