Monitoring Desk: Another case of large-scale corruption of former prime minister of Bangladesh Sheikh Hasina has surfaced but it is more disastrous for public than other cases because it links with saving of poor public in Islami Bank Bangladesh Limited (IBBL).
According to Delta Voice YouTube Channel, Bangladesh is one of the most densely populated and countries in the world, with a population of nearly 180 million. Poverty, recurring natural disasters, and the worsening impacts of climate change have long posed serious challenges to the lives and livelihoods of its people.
Against this backdrop, Islami Bank Bangladesh Limited (IBBL) was established in 1983 with the aim of alleviating poverty and promoting economic empowerment among the people.
Within a few years, the bank gained public trust, expanded rapidly, and became the most profitable financial institution in Bangladesh as well as a leading Islamic bank in South Asia.
However, after Sheikh Hasina returned to power for her second term in 2009, the Bank reportedly came under political influence and during Hasina’s nearly 16-year uninterrupted rule, Islami Bank faced large-scale financial mismanagement and corruption involving influential businessmen closely linked to her administration.
Among them, S. Alam Group, one of Bangladesh’s leading industrial conglomerates, is alleged to have embezzled more than 800 billion taka — equivalent to over 6 billion US dollars. Following the fall of Hasina’s authoritarian regime in August 2024, after a mass public uprising, the group’s chairman reportedly fled to Singapore, having transferred the looted funds abroad.
On October 6, 2025, Bangladesh Bank (State Bank of Bangladesh) instructed all commercial banks to immediately sign agreements with 12 international asset recovery and law firms to launch a coordinated effort to repatriate money laundered allegedly by former prime minister Sheikh Hasina, her family members, and several major industrial groups. The directive was given on during a meeting with managing directors of 32 commercial banks with Bangladesh Bank Governor Dr. Ahsan H. Mansur in chair. He said that the Criminal Investigation Department (CID) already identified 11 industrial groups under investigation for money laundering including Bashundhara, Nasa, and S Alam groups.
