Bangladesh Lost $234 Billion to Illicit Financial Outflows Over 16 Years, Law Minister Says

Bangladesh's Law, Justice and Parliamentary Affairs Adviser, Advocate Md. Asaduzzaman, has said that $234 billion was illicitly transferred abroad through documented channels over the past 16 years, citing a report published by Time magazine.

Speaking as the chief guest at the inauguration of a training program for newly enrolled lawyers at the Chattogram District Bar Association auditorium on Sunday, he said the massive capital flight had severely undermined the country's economy and development.

Quoting the Time report, Asaduzzaman said that an average of $16 billion was siphoned out of Bangladesh annually during the period. He alleged that the funds were invested in bank accounts and assets overseas under the names of Bangladeshi individuals. He further claimed that corruption had become institutionalized under the previous government, with large sums of public money embezzled in the name of development projects and transferred abroad.

As an example, he referred to an LGED project in Pirojpur, alleging that although documents showed contracts worth BDT 3.5 billion had been executed, no roads were actually built. He claimed that not even basic construction materials had been used and that the entire allocation had been misappropriated. According to him, many similar fraudulent projects facilitated the transfer of public funds overseas.

The event was chaired by Chattogram District Bar Association President Tariq Ahmed and attended by Chattogram City Mayor Dr. Shahadat Hossain, Member of Parliament Abu Sufian, senior judges, the Chattogram deputy commissioner, and other judicial and legal officials.