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An estimated $234b was allegedly plundered from Bangladesh during Sheikh Hasina’s 15-year reign as the prime minister, according to a documentary by the Financial Times. 

The documentary, titled ‘Bangladesh›s Missing Billions, Stolen in Plain Sight’, was published on Thursday at the UK-based Financial Times.

The FT talked to protesters, politicians, business people, and experts about how the money was taken out of the country and what, if anything, can be done to get it back.

The documentary started with placing Hasina’s dramatic fall from power as the context, featuring student leaders Rafia Rehnuma Hridi and Rezwan Ahmed Rifad, along with FT›s South Asia bureau chief John Reed, commodities correspondent Susannah Savage, Spotlight on Corruption deputy director Helen Taylor, and Westminster lobby reporter Rafe Uddin.

According to the documentary, the stolen wealth was channeled abroad through over- and under-invoicing of trade, informal transfer systems such as hundi and hawala, and property deals in the United Kingdom.

The documentary stated that London, in particular, emerged as a favoured destination as a lot of money allegedly stolen from Bangladesh has ended up in the UK.

The UK is particularly attractive because of its huge financial sector and also a particularly attractive property market.

The documentary also stated that members of Sheikh Hasina and Sheikh Rahana’s families, including Tulip Siddiq, have been accused by Bangladeshi authorities of corruption probes of embezzling funds from infrastructure projects.

Moreover, the documentary also named former land minister Saifuzzaman Chowdhury and S Alam Group chair Mohammed Saiful Alam for their alleged roles in moving wealth abroad.

John Reed, the FT South Asia bureau chief, said that they heard stories of bank directors being taken away in some cases at gunpoint by intelligence officials and being forced to resign their positions after signing over their shares to people close to the old regime.

Mushtaq Khan, economics professor at the University of London, said that corruption was no secret during Hasina’s tenure. 

‘Some of the things that happened under the old regime are like a movie plot. I’ve got several friends who were imprisoned in a famous prison that has been recently uncovered called the House of Mirrors, or the Hall of Mirrors, because the only person you would see inside there was yourself,’ he added.

People close to the old regime took control of the banks with the help of the Directorate General of Forces Intelligence, he added.

Susannah Savage, an FT correspondent, said, ‘It’s tempting for us to think of kleptocracy and grand corruption as something that happens far away. But the important thing is to understand that kleptocracy and grand corruption are a global problem, and the UK is at the heart of that problem.’

Knowing that money has been stolen is one thing, but getting it back is something else. One of the problems of asset recovery is that it often involves settlements – cutting a deal with whoever stole the cash. It becomes a balance between getting the money back and what is acceptable to the Bangladeshi public. Criminal prosecutions require a very high standard of evidence, she added.

Ifty Islam, an adviser to Bangladesh Bank’s asset recovery taskforce, described the process as one of the most complicated in history. 

Chief Adviser Muhammad Yunus was also featured in the film.

‘People say you can’t get all of them. I said, whatever amount we can get. We have to find concrete evidence, follow the track, and get the support of relevant governments,’ he added.

He also stated that one estimate indicated $234 billion was looted from the banking and business sectors through various means.

‘This is probably the biggest money plundering from any country in the world,’ he added.

Susannah said that international cooperation would be crucial for the Yunus administration to take action, as it has happened in the UK.

Yet questions remain over whether the conglomerates accused of moving money abroad will continue to wield influence over any future government. 

Reed said, ‘While Bangladesh’s revolution seems like a turning point, it’s also possible that the country could revert to a situation where one group has too much political power.’

Mushtaq Khan said, ‘Reform of the basic institutions that are now center stage, and I think it will be very hard to push that back whoever comes to power.’

However, the documentary closed with a reflection from Hridi: ‘Our greatest fear is that we may not be able to fulfil the promises we made to our martyrs.’