A joint taskforce on money laundering recovery reported on Monday that assets worth Tk 21,000 crore belonging to ousted prime minister Sheikh Hasina, her family members, and 10 major business groups, have been frozen through court orders following the political transition on August 5 in the past year.
The frozen assets include shares worth Tk 17,000 crore and Tk 4,000 crore in cash held in various bank accounts by these individuals and groups.
Besides, 84 people have been banned from leaving the country.
These updates were disclosed during a meeting of the inter-agency taskforce formed to recover and manage assets laundered abroad. Bangladesh Bank governor Ahsan H Mansur chaired the meeting.
The taskforce emphasised filing cases and concluding legal proceedings swiftly to facilitate the recovery process.
The discussion centered on financial irregularities and alleged money laundering involving the Sheikh Hasina family and 10 influential business groups.
The 10 business groups currently under investigation are S Alam Group, Beximco Group, Nabil Group, Summit Group, Orion Group, Gemcon Group, Nassa Group, Bashundhara Group, Sikder Group, and Aramit Group.
Besides investigating these corporations, the financial transactions of the key individuals behind them are also being scrutinised.
Many of these individuals have reportedly renounced their Bangladeshi citizenship.
The interim government has directed the authorities to consider the matter as a top priority.
In response, a joint investigation team comprising the Criminal Investigation Department of the police, the National Board of Revenue, and the Anti-Corruption Commission has launched an extensive probe.
The coordination of the investigation is being led by the Bangladesh Financial Intelligence Unit.
The BFIU, along with financial intelligence units from several other countries, has gathered extensive information as part of the ongoing investigations into money laundering and financial crimes committed by political elites and major business groups.
The information includes details of loans taken鈥攂oth in their own names and through proxies鈥攆rom local banks, the flow of these funds, foreign assets purchased, and deposits in overseas bank accounts. The data also covers bribes, corruption, fraud, and embezzlement.
The joint taskforce is now analysing where tax evasion occurred and where funds were illegally laundered, according to BB officials.
The ACC has already filed cases in most of these instances, and more are currently in the process.
BB officials confirmed that, out of 11 cases under probe, foreign assets have been traced in nine cases.
All of these assets are believed to have been acquired using laundered money. Courts in Bangladesh are currently issuing orders to seize these assets.
The officials said that legal proceedings should be initiated in the respective foreign jurisdictions to confiscate the properties located abroad as asset recovery would only be possible when favourable rulings would be obtained from courts in those countries.
They said that works were underway to draft a special ordinance focused on asset recovery from abroad.
Once enacted, this law will allow the government to engage third-party firms鈥攐n a commission basis鈥攖o trace and legally repatriate foreign assets acquired using the laundered money, they said.
