Finance minister Amir Khasru Mahmud Chowdhury on Tuesday told the Jatiya Sangsad that the government had initiated international legal assistance procedures to recover assets allegedly laundered abroad by S Alam Group and Beximco Group.
Responding to a question from lawmaker Hasnat Abdullah during the question-and-answer session in parliament, the minister said that mutual legal assistance requests had been sent to multiple countries under the Mutual Legal Assistance in Criminal Matters Act, 2012.
He said that requests had been forwarded in relation to the S Alam Group to four countries, British Virgin Islands, Cyprus, Jersey and Singapore, while MLARs concerning the Beximco Group had been sent to the United Kingdom and the United Arab Emirates.
Amir Khasru, also the planning minister, described MLARs as a key legal step in criminal proceedings related to recovery of illicitly transferred assets.
He said that joint investigative teams comprising the Anti-Corruption Commission, Criminal Investigation Department, Customs Intelligence and other agencies had already filed cases in Bangladesh over the money laundering activities.
Amir Khasru said that, alongside criminal proceedings, civil legal processes were also being pursued, and four international law firms had been engaged to trace overseas assets linked to the two business groups.
Hasnat urged the finance minister to clarify how many countries Bangladesh had pursued legal action in to recover assets allegedly laundered abroad by S Alam Group and Beximco Group, and how much could be recovered in the current financial year.
He also mentioned that Islami Bank Bangladesh Limited held Tk 96,195 crore in defaulted loans, about Tk 80,000 crore linked to the S Alam Group, while Janata Bank had about Tk 25,000 crore in defaulted loans tied to the Beximco Group.
Replying to queries from the lawmaker regarding large volumes of classified loans associated with the groups, the minister said that asset recovery from illicit transfers was a complex and lengthy legal process.
Amir Khasru said that the recovery could only be possible after receiving responses to MLARs, completion of investigations, identification of proceeds of crime, and confirmation through judicial proceedings either in Bangladesh or abroad.
Citing international experience, he said that other countries facing similar cases had also had to go through prolonged legal procedures before recovering illicitly transferred assets.
The minister further said that it was not possible at this stage to estimate how much money or assets could be recovered in the current or forthcoming financial year, though efforts under the existing legal framework were continuing.
Replying to another question from Hasnat, the finance minister ruled out any possibility of a government compromise with the S Alam Group, saying that legal action was under way to recover funds siphoned off from the banking system.
‘There is no scope for compromise with anyone in economic activities. Those who have taken money from banks and fled are facing legal cases, and efforts are going on to recover the funds,’ the minister told the JS.
The finance minister reiterated that administrations under the Bangladesh Nationalist Party had maintained financial discipline, macroeconomic stability and checked irregularities on the capital market.
Providing further details, he said that authorities had frozen 662 bank accounts linked to individuals associated with the S Alam Group, holding a total of Tk 243.6 crore, alongside Tk 813.56 crore in beneficiary owner accounts.
A total of 27 cases have been filed in Bangladeshi courts over allegations of corruption and illicit overseas transfers, with charge sheets submitted in three cases, the minister said.
Amir Khasru said that courts ordered the seizure of fixed assets worth Tk 4,264 crore, funds amounting to Tk 6,692.34 crore in 2,680 bank accounts, and shares worth Tk 24,810.88 crore in 171 companies linked to the group.
Additionally, court orders had been issued to seize assets abroad, including a residential property, 62 bank accounts and holdings in 14 companies and six trust funds valued at approximately Tk 3,222.70 crore, he said.
In response to another question, the minister said that 11 priority cases of money laundering had been identified, with courts ordering the freezing of assets worth Tk 57,168.09 crore locally and Tk 13,278.13 crore abroad.
Addressing a supplementary question on amendments to the Bank Resolution framework, the minister said that the changes were intended to create opportunities for injecting funds into the banking system rather than facilitating the return of any specific individual or group.
Responding to a separate question from BNP lawmaker Shamsur Rahman Shimul Biswas, the minister said that between the 2008–09 financial year and the FY 2025–26, the government had posted external loans totalling $85,992.64 million, while repaying $22,696.47 million in principal and $8,696.82 million in interest over the same period.
In reply to a question from National Citizen Party lawmaker Akhtar Hossain, the finance minister said that no financing agreement had yet been signed with any party for the implementation of the Teesta Master Plan.
Answering to another question from BNP lawmaker Jalal Uddin, the minister said that customers were currently able to access 24/7 online banking services from home through bank web sites and mobile applications, with 46 banks offering such services.
He said that fees for intra-bank transactions were set by individual banks and published in their schedules of charges, while interbank transaction fees were determined by the Bangladesh Bank, with no plans at present to revise them.
Responding to BNP lawmaker Mohammad Fakhrul Islam, the minister said that the government had taken steps to strengthen macroeconomic stability and reduce vulnerabilities in the financial sector.
He said that the policy interest rate remained at 10 per cent to control inflation, which had declined from 14.10 per cent in July 2024 to 8.24 per cent in March this year.
The finance minister said that a market-based exchange rate regime was currently in place and that foreign exchange reserves stood at $34,873.32 million as of April 15, or $30,201.71 million under the International Monetary Fund’s BPM6 methodology.
Responding to a starred question from Chattogram-16 lawmaker Md Zahirul Islam, the minister informed the JS that the government was not in a position to make any specific decision regarding the reinstatement of dismissed bank officials as the matter remained sub judice.
He said that the Bangladesh Bank had already complied with directives issued by the High Court in connection with the writ petitions filed.
According to the minister, the petitions are related to the dismissal of officials from Shariah-based banking institutions following political changeover after August 5, 2024.
