The Bangladesh government has requested the United Kingdom’s assistance in investigating the overseas assets of key figures from the regime of former prime minister Sheikh Hasina.
The Financial Times reports that the new interim government, led by Nobel laureate Muhammad Yunus, is cracking down on alleged corruption under Hasina’s leadership, following her ousting in a mass student uprising last month.
The investigation forms part of a broader crackdown on corruption as Bangladesh attempts to recover substantial amounts of wealth allegedly siphoned from the country’s banking system during Hasina’s two-decade rule.
Bangladesh Bank Governor Dr Ahsan H Mansur told the Financial Times that his administration is probing the diversion of approximately Tk2,05,218 crore (around £13 billion) in assets overseas.
Mansur revealed that the government suspects these funds have been laundered to several countries, with a particular focus on the UK, where they believe a £150 million property portfolio tied to Saifuzzaman Chowdhury, the former land minister, may be located.
This move comes after years of accusations against Hasina’s government involving corruption, vote-rigging, and rights abuses.
Mansur emphasized that the probe was at an early stage but said that the UK has been “very helpful” in offering technical support to trace the wealth.
While the UK has not confirmed the specifics of the request for assistance, it is reported that officials from the UK’s High Commission in Bangladesh met with Mansur to discuss the matter.
Extensive property acquisitions in UK
The investigation focuses heavily on Saifuzzaman Chowdhury, whose portfolio of properties in the UK includes high-profile real estate in central London, such as the Emerson Bainbridge House in Fitzrovia and 61 properties in Tower Hamlets, as well as a Co-op supermarket site in Bristol.
Records indicate that these acquisitions were made largely between 2019 and 2022, during Chowdhury’s tenure as land minister in Hasina’s government.
The financing of these property acquisitions remains unclear, although registered charges at Companies House suggest the use of mortgage debt.
Chowdhury, in response to the allegations, maintains that his wealth is legitimate, citing his long-standing involvement in international business.
His lawyer, Ajmalul Hossain KC, has described the investigation as part of a “witch-hunt” orchestrated by the new government.
Diplomatic concerns
Hasina fled to India last month following student protests that led to the collapse of her government.
Her precise whereabouts remain unknown, and she has not responded to the allegations.
The ongoing investigation has raised diplomatic concerns for the UK, particularly given the involvement of Tulip Siddiq, Sheikh Hasina’s niece and a key figure in the UK’s Labour government under Prime Minister Sir Keir Starmer.
While there is no suggestion of wrongdoing on Tulip’s part, the proximity of the investigation to her family could complicate the political landscape in both countries.
Mansur has indicated that Bangladesh will be seeking similar assistance from other countries where they believe diverted funds may be held, including the United States, Singapore, and the UAE.
He also signaled the administration’s intention to take a comprehensive approach to tracing and recovering the stolen assets, stressing that “a heist of this order could not have taken place without the knowledge of the prime minister.”
Widespread corruption and international scrutiny
Transparency International and other watchdog organizations have long scrutinized the overseas wealth of Hasina’s government officials, particularly in the real estate market.
The interim government has emphasized that recovering the diverted wealth is a top priority.
Shafiqul Alam, Yunus’s press secretary, told the Financial Times that efforts to bring back the stolen money are critical for restoring public trust and ensuring economic stability.
Mansur has further indicated that beyond the recovery of stolen funds, his administration will implement tighter controls to prevent future abuses of the financial system.
Former information minister Mohammad Ali Arafat told the Financial Times that an investigation would exonerate the former prime minister and her associates.
“They’re trying to frame it as massive corruption and place the blame squarely on the former prime minister,” Arafat said.
“But it’s good this will follow due process... They’ll need to prove it.”
Meanwhile, the UK government, adhering to its long-standing policy, declined to comment on whether the Bangladesh government had made a mutual legal assistance request.