Central Intelligence Cell (CIC) of the National Board of Revenue (NBR) has uncovered a vast network of money laundering that has moved at least Tk40,000 crore out of the country and into properties and accounts overseas.
At the centre of the findings are 52 influential Bangladeshis, whose passports have been seized. Investigators saId they evaded nearly Tk10,000 crore in taxes. Yet their names remain legally confidential — for now.
Properties across continents
From January to April, a CIC special team traced the laundered wealth to Singapore, Malaysia, Dubai, London, New York, Virginia, Florida, and Kuala Lumpur.
The largest holdings were concentrated in Singapore, Malaysia, Dubai, and London. So far, 346 properties registered under both individual and company names have been identified, pointing to what investigators describe as a sophisticated effort to shift assets abroad.
Action under Yunus’s directive
Chief Adviser Professor Dr Muhammad Yunus has directed the Anti-Corruption Commission (ACC) and the Criminal Investigation Department (CID) to file cases on charges of tax evasion, money laundering, and illegal wealth accumulation.
“The looting of the country’s wealth to build assets abroad is a grave act of treason,” Dr Yunus
told investigators at a recent briefing. “To create a prosperous nation for future generations, these individuals must be brought under the law. A strong precedent must be set so that no one dares follow the same path.”
Several individuals have already been sued under these directives.
Industrial groups and political links
The probe points directly to the owners of some of Bangladesh’s top industrial groups. Among those named in CIC reports are S Alam Group, Beximco, Sikder Group, Nassa Group, Orion, and Summit.
Aramit Group, owned by former land minister Saifuzzaman Chowdhury, and IPE Group Managing Director Adnan Imam have also been linked.
Investigators said businessmen who flourished under the Awami League government, along with influential political leaders and MPs, appear on the list.
How citizenships were bought
Beyond offshore assets, the CIC has identified 352 Bangladeshis who purchased foreign passports through investment or cash payments.
Countries include: Antigua and Barbuda, Austria, Dominica, Grenada, Saint Kitts and Nevis, Malta, Saint Lucia, Turkey, and North Macedonia.
In one case, a single passport reportedly cost $1.2 million.
Officials believed the drive to secure second citizenships was linked to fears of domestic crackdowns and a desire to secure safe havens abroad.
Where the money went
Investigators mapped the siphoned wealth to seven major cities across five countries, with concentrations in:
Singapore — high-value commercial properties and business stakes
Malaysia — luxury apartments and resort investments
Dubai — real estate, hotel shares, and shell companies
London — residential properties and accounts in private banks
United States (New York, Virginia, Florida) — apartments, houses, and company fronts
Who’s investigating
To coordinate recovery, the government has formed a special taskforce led by the central bank governor and comprising 11 agencies.
International support has come from:
- Stolen Asset Recovery (STAR) Initiative
- International Anti-Corruption Coordination Centre (IACCC)
- US Department of Justice
- International Centre for Asset Recovery (ICAR)
Officials confirmed that recovered funds will include a commission for the agencies involved.
Manipulated records under Hasina govt
CIC Director General Ahsan Habib said during Sheikh Hasina’s administration, launderers had planted their own personnel inside Bangladesh Bank’s Central Banking System (CBS).
Their role, he said, was to erase and conceal records of illicit transactions. The CIC claimed it had the capacity to recover the deleted data.
Identities remain sealed — for now
Despite mounting pressure, the CIC had not yet released the names of the 52 Bangladeshis identified. Officials said both legal obligations and “strategic reasons” required confidentiality at this stage.
Once full verification of income and tax records is complete, the names will either be published or submitted directly to the Chief Adviser’s Office. That process may take another month.
Ahsan Habib noted that the Tk40,000 crore already traced represents only “a fraction” of the total wealth moved out of Bangladesh. “There are many more assets yet to be traced,” he said.
