The private sector is the primary backbone of the Bangladesh economy, accounting for 90% of the country’s employment. However, it has to constantly navigate various obstacles. Whenever a government comes to power, it seeks to keep private sector entrepreneurs loyal to it.
Bangladesh’s private sector has reached its current position only by overcoming all adversities. From obtaining a licence to securing a gas connection, one must solicit the government. It is nearly impossible to operate a business in the private sector without government cooperation.
Consequently, regardless of which party is in power, entrepreneurs work closely with that government. This is done to save industries, ensure smooth business operations, and protect the livelihoods of millions. In the context of Bangladesh, maintaining good relations with the sitting government is natural. However, whenever there is a change in government, private sector entrepreneurs are labelled as “accomplices” of the previous regime and subjected to new forms of harassment. The new government then coerces businessmen into siding with them. In this way, the development of the private sector is hindered. Due to the tendency to use the private sector politically rather than allowing it to flourish, economic development has failed to reach its desired goals, and despite significant potential, the sector has not evolved appropriately. Had political control over the private sector ceased, this sector could have contributed far more to the economy.
In a democracy, industrial entrepreneurs and businessmen can at least negotiate with those in power to move their institutions forward. But when an unelected government seizes power, its target becomes the destruction of the private sector. In particular, the primary task of two civil-society-controlled unelected governments in Bangladesh seemed to be breaking the backbone of the private sector. The reason is that both these governments were NGO-led administrations backed by foreign agents. If the country’s private sector is strong, Bangladesh becomes economically self-reliant, reducing dependence on foreign aid – which in turn diminishes foreign funding for NGOs. For this reason, the 1/11 government of 2007 declared a war on the private sector immediately after taking power. A policy of suppression was unleashed to destroy the economy.
The 1/11 government attempted to tarnish the image of the country’s leading businessmen by labelling them as “top corrupt suspects” without any evidence. It initiated a heinous “media trial.” How can an individual or an institution be called a top corrupt entity without any proof? During the 1/11 regime, not only did the private sector regress, but the national economy also suffered massive losses. The 1/11 government illegally collected approximately Tk1,200 crore from various entrepreneurs and businessmen at gunpoint through intimidation. This was illegal and unjust. Later, a writ petition was filed with the High Court challenging the legality of this collection. The High Court declared the forced collection of money through fear illegal and ordered the funds to be returned. However, even after the directives of the highest court, the victims have not received their money back.
The interim government of 2024, led by Prof Muhammad Yunus, was as an anti-private sector one as the 1/11 government. This is because this government was also entirely NGO-dependent. There were several influential individuals within the government who were foreign passport holders and agents of various foreign institutions. Although this government came to power through a mass uprising, its actions were conspiratorial and against national interests, much like the 1/11 regime. Just as the 1/11 government conducted media trials against businessmen without evidence, Prof Yunus began a dirty game of character assassination against several industrial groups without any proof. Without proper evidence or investigation, 11 individuals and institutions were identified as money launderers.
On 2 December 2024, the Financial Institutions Division, through a separate letter, informed the Bangladesh Financial Intelligence Unit (BFIU) of the government’s decision to conduct a joint investigation against these companies under the law and anti-money laundering regulations. Subsequently, on 6 January 2025, the leadership and terms of the joint investigation were finalised. A BFIU letter sent to the Anti-Corruption Commission, Criminal Investigation Department of police, and Customs Intelligence stated that information had been found regarding the embezzlement of funds from various banks through corruption, fraud, and forgery by these groups and their related entities, as well as the illegal earning of money through political influence and bribery. Additionally, there were allegations of tax and duty evasion and money laundering under the guise of foreign trade. The letter further stated that updated reports of the search and investigation must be provided to the Inter-Agency Task Force and BFIU to recover and manage assets laundered abroad.
But the question remains: how did the government confirm that these individuals and institutions laundered money? Did they see it in a dream? Or did they discover it through some magic spells? Did the government conduct a neutral, objective, and accurate investigation into these 11 institutions to confirm they laundered money? If so, after more than a year, how much laundered money has the government identified? Not a single penny. Then, for what purpose were these 11 institutions targeted? There is a deep-rooted conspiracy behind this.
Money laundering is undoubtedly a heinous crime. Those who launder the country’s money abroad are enemies of the nation. Everyone wants action to be taken against them. But failing to identify the real money launderers and taking no steps to recover laundered wealth, while instead conspiring to assassinate the character of certain institutions or individuals, is a despicable act. This despicable act was carried out by Prof Yunus government.
Those who were labelled as money launderers without any evidence and socially humiliated have seen no charges proven against them despite investigations. This proves that the allegations of money laundering were fabricated, false, and baseless. This drama was staged solely to damage the private sector, much like during the 1/11 era.
Experts believe there was another motive behind this. Many suggest this drama was staged to shield the true money launderers. Everyone knows who has laundered money from Bangladesh. The chief adviser of the immediate past interim government – Prof Yunus – has billions of dollars in assets and businesses in the United States. How was Grameen America established? Why is there no investigation into this?
At least seven former advisers have houses abroad. There is no information in Bangladesh Bank’s records that they sent money through legal channels. Thus, it is clear that they laundered this money. The ACC found allegations of Tk80,000 crore being laundered by a consumer goods importing institution, yet their name is not on the list of money launderers. The CID had started an investigation against a top garment exporting group for laundering money through over-invoicing, but that investigation is stalled due to an “invisible signal.”
One group laundered at least Tk73 crore to India under the guise of filmmaking in 2020 and 2021. Preliminary investigations by the CID into money laundering revealed this information. Their name is also missing from this list. Thus, upon closer inspection, it is clear that many individuals and institutions accused of money laundering are not under investigation, and their names are not on the list. Then why this list? Who made it?
Is this, then, an attempt to ruin the image of some reputable private sector institutions? Is it the implementation of a blueprint to destroy a few private entities?
Bd-Pratidin English/ AM
