Nearly two and a half lakh crore taka of money and assets of 10 industrial groups, including the Sheikh family, have been seized under legal proceedings on charges of looting and smuggling. The government will use this money to form a ‘Loot Money Management Fund’.
These were announced at a briefing after a meeting on Monday (May 19) chaired by Chief Advisor Professor Muhammad Yunus on the issue of bringing back laundered money.
Present at the time were Bangladesh Bank Governor Dr. Ahsan H. Mansur, Press Secretary to the Chief Advisor Shafiqul Alam and Bangladesh Financial Intelligence Unit (BFIU) Chief AFM Shahinur Islam.
Press Secretary Shafiqul Alam said that Sheikh Hasina and her family, along with 10 industrial groups, have financial attachments worth Tk 1,30,758 crore. Movable properties worth Tk 164 million (Tk 2,000 crore in local currency) and Tk 42,614 crore are in a frozen state. In addition, movable properties worth Tk 253 crore (Tk 2.7 million) have been seized abroad. A ‘loot money management fund’ will be formed from this money, which will be managed by the government.
The investigation by 11 investigation teams formed by the government has revealed various types of corruption, including irregularities in bank loans, tax evasion and money laundering, against the Sheikh family, including 10 industrial groups. Among these, the S Alam Group has found the most irregularities and laundered money. Several cases have already been filed in these incidents. The government has taken the initiative to formulate a special ordinance to bring back money laundered abroad. Along with this, work is also underway to determine which international organization will be given the responsibility to recover this money.
An experienced expert team formed by the World Bank to recover laundered money is assisting in this process.
Bangladesh Bank Governor Dr. Ahsan H. Mansur said that the fund (Loot Money Management Fund) will be formed through court decisions and amendments to the law if necessary. There are plans to form two types of funds for bank compensation and for use in charitable works.
The governor said, “Our goal is to establish a fund. With the money we can compensate the banks. Because the banks have suffered huge losses. Their money has been looted. Besides, the remaining money, which is non-bank related, which was acquired through corruption, the government will take it to another fund and spend it on public welfare. Everything will be done legally. None of it will be outside the law.”
Regarding the return of laundered money, Ahsan H. Mansur said, “We have no experience in how to bring back the money. But we know the international experience. Usually, it takes 4 to 5 years to do this. But some immediate measures can be taken in the meantime. The assets they have abroad can be frozen. That can be done relatively within a year. First, the legal process has to be completed in our country, then the request has to be made abroad through the correct procedure. Which is called Mutual Legal Assistance (MLA). We are now in this process. We are sending requests.”
