Process started to recover assets laundered by big business groups, says Khasru
Requests sent to 4 countries for S Alam assets, 2 countries for Beximco assets
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Bangladesh has begun legal and diplomatic steps to recover money allegedly laundered abroad by major business groups, finance minister Amir Khasru Mahmud Chowdhury told parliament, insisting there would be “no compromise” in enforcing financial discipline.
Speaking during a question-and-answer session in the Jatiya Sangsad on Tuesday, Khasru said the government had already initiated both criminal and civil proceedings to trace and repatriate illicit assets linked to powerful conglomerates.
The remarks came in response to a question from MP Hasnat Abdullah, who cited large volumes of defaulted loans tied to corporate groups. He claimed that Islami Bank Bangladesh Limited alone held Tk 921.15b in non-performing loans, of which roughly Tk 800b was linked to the S Alam Group. He also pointed to about Tk 250b in defaulted loans associated with the Beximco Group at Janata Bank.
In response, the minister struck a firm tone. “There is no scope for compromise in economic management within BNP politics,” he said, referring to his party, the Bangladesh Nationalist Party. He argued that previous BNP administrations had not faced questions over financial discipline, macroeconomic stability or stock market governance.
Khasru said legal cases had been filed against individuals who had taken money from banks and fled, adding that international professional firms had been engaged to assist in asset recovery.
“The government is working on a government-to-government basis, while recovery firms are also pursuing cases independently. We are hopeful that these funds can be brought back,” he said.
In a written response, the minister outlined that the recovery process hinges on sending Mutual Legal Assistance Requests (MLARs) under the Mutual Legal Assistance in Criminal Matters Act, 2012—a key step in cross-border financial investigations.
As part of ongoing efforts, Bangladesh has already sent requests to four jurisdictions—British Virgin Islands, Cyprus, Jersey and Singapore—regarding the S Alam Group, and to the United Kingdom and the United Arab Emirates in relation to Beximco Group.
A joint investigation team comprising the Anti-Corruption Commission, Criminal Investigation Department, Central Intelligence Cell, and customs intelligence authorities has filed cases in domestic courts. At the same time, four international law firms have been appointed to trace overseas assets linked to the groups.
Officials say both criminal and civil legal routes are being pursued simultaneously, reflecting the complexity of recovering funds moved across multiple jurisdictions.
However, the minister cautioned that asset recovery is a lengthy and uncertain process. Progress depends on responses from foreign authorities, the identification of illicit assets, and successful prosecution in courts either in Bangladesh or abroad.
“Until legal proceedings are completed, it is not possible to estimate how much money can be recovered in the current or next fiscal year,” he said, adding that all available legal avenues would continue to be pursued.
The intervention comes amid growing scrutiny of Bangladesh’s banking sector, where large-scale loan defaults and alleged capital flight have raised concerns about governance, accountability and the resilience of financial institutions.