The Anti-Corruption Commission (ACC) of Bangladesh has initiated a comprehensive investigation into alleged financial misconduct spanning the 15-year rule of the Awami League, which ended with the ouster of former Prime Minister Sheikh Hasina in August 2024. The probe targets individuals, financial institutions, and industrial groups accused of contributing to widespread economic mismanagement, including loan defaults and money laundering that reportedly destabilized the nation’s financial system.
The ACC is scrutinizing the roles of former Bangladesh Bank officials, including three ex-governors—Atiur Rahman, Fazle Kabir, and Abdur Rouf Talukder—and four former deputy governors, for their alleged involvement in banking sector irregularities. The commission has requested detailed records on loan policies, disbursements, and money laundering activities from 2009 to 2024, focusing on major conglomerates such as Beximco Group, S Alam Group, and Abdul Monem Ltd, among others. A government-commissioned white paper estimates that $234 billion was siphoned out of Bangladesh during this period, with funds allegedly funneled to countries like the UAE, UK, and Canada through trade misinvoicing and other illicit means.
Public sentiment, as reflected on social media, highlights frustration over the scale of the alleged corruption, with many calling for swift accountability and recovery of laundered funds. The ACC has formed multiple teams to investigate, and a report is expected once the probe concludes. The interim government, led by Muhammad Yunus, faces pressure to reform the banking sector and strengthen institutions like the ACC to prevent future financial crimes. The investigation also coincides with legal actions against former Awami League leaders, including cases against Mahbubul Alam Hanif for amassing illegal wealth worth over Tk 32 crore.
The probe underscores the challenges of addressing systemic corruption in Bangladesh, with the banking sector’s non-performing loans reaching Tk 211,391 crore by June 2024, a sharp rise from Tk 22,480 crore in 2008. The interim government has been urged to prioritize recovering stolen assets and implementing reforms to restore public trust in the financial system.
Published in SouthAsianDesk, July 20th, 2025
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