Tk 57,000cr Assets Frozen Linked to Hasina Family, 10 Conglomerates

Bangladesh courts have frozen assets valued at nearly Tk 57,257 crore over the past eight months, allegedly tied to the family of former Prime Minister Sheikh Hasina and 10 major corporate groups.

The freeze follows investigations by a high-powered task force that is currently handling 11 top-priority cases — one concerning Hasina’s family and the others connected to large conglomerates including S Alam, Beximco, Summit, Bashundhara, Gemcon, Orion, Nabil, Nassa, Sikder, and Aramit.

Asset Breakdown

• Total frozen: Tk 57,257 crore

• Movable assets: Tk 43,385 crore

• Immovable assets: Tk 13,872 crore

• Domestic holdings: Tk 46,805 crore

• Overseas holdings: Tk 10,452 crore

The task force was formed on January 6 under the Bangladesh Financial Intelligence Unit (BFIU), after directives from the finance ministry. The move is part of broader efforts by the interim government to recover wealth allegedly siphoned abroad during Hasina’s tenure.

Officials note that most of these funds were transferred to destinations such as the US, UK, Canada, Singapore, Malaysia, Thailand, and Hong Kong. Steps are underway to engage international firms for asset recovery and to coordinate with authorities abroad. Sanctions through the US, UK, and UN are also being considered to prevent asset transfers.

Frozen Accounts and Holdings

Documents reveal that Tk 17,215 crore in bank deposits and stock shares were blocked. This includes:

• Tk 1,679 crore in local currency

• Tk 36 crore in US dollars (around $3m)

• Tk 15,500 crore in BO (beneficiary owner) accounts

Well-known individuals named in connection with the freezes include:

• Sheikh Hasina’s immediate family members, including Sajeeb Wazed Joy and Saima Wazed Putul

• Top industrialists: Mohammed Saiful Alam (S Alam), Salman F Rahman (Beximco), Ahmed Akbar Sobhan (Bashundhara), Saifuzzaman Chowdhury (Aramit), and Obaidul Karim (Orion)

• Entities tied to the Awami League’s research body CRI and its “Young Bangla” initiative

In some cases, overseas authorities have also acted. The UK’s National Crime Agency has already frozen about £260 million (Tk 4,256 crore) linked to two of the cases.

Impact on Businesses

Companies affected say the blanket freezes have disrupted normal operations. For example:

• Orion Group: Reported that personal accounts of directors were seized, with only limited transactions permitted for salaries and raw materials.

• Nassa Group: Said their bank accounts were blocked mainly due to loan defaults, leaving them struggling to pay salaries for over 20,000 workers.

• Summit Group: Issued a statement calling the freezes “baseless” and damaging to Bangladesh’s investment image.

Some of the companies have indicated they may challenge the freezes legally, while others remain silent or have declined to comment.

Wider Context

In October 2024, Bangladesh Bank’s governor stated that $17–18 billion (around Tk 2.2 lakh crore) had been funneled abroad through the banking system alone between 2009 and 2023.

The ongoing investigations, led by the Anti-Corruption Commission with support from the CID, NBR, and BFIU, aim to trace and reclaim these assets both at home and abroad.