Bangladesh’s Anti-Corruption Commission (ACC) has requested transaction records from the Bangladesh Financial Intelligence Unit (BFIU) concerning former Prime Minister Sheikh Hasina, her son Sajeeb Ahmed Wazed Joy, her younger sister Sheikh Rehana, and Rehana’s daughter and Tulip Siddiq.
The ACC has sent a letter to the BFIU requesting all documents related to local and international financial transactions involving Hasina, her son Sajeeb Wazed Joy, her younger sister Sheikh Rehana, and Rehana’s daughter Tulip Siddiq, a UK lawmaker.
Whatever project was introduced in Bangladesh, Sheikh Hasina, her cronies, and her family members received a minimum 30% cut from the infrastructure, rail, roads, ports, and civil aviation projects.
Tulip Siddiq and Sajeeb Wazed- Ponzi Scheme Promoter
Ms Siddiq and Mr Wazed were two Ponzi scheme promoters who used money from Bangladeshi tax payers to pay the first ‘dividend’. Bangladeshis were convinced that the investment was real, so they felt comfortable and invested more.
Eventually, all Ponzi schemes fall apart. They collapse when new investor deposits can no longer support ‘dividend’ payments to existing investors or when the pool of new investors dries up.
Because scheme seems so good, Bangladeshis often encouraged to invest more. Ponzi scheme promoters targeted community groups, society and country as a whole. The schemes have 160 million victims.
Madam 30 percent: mega development scams
Various projects include Mirsarai Economic Zone, the Khurushkul Special Shelter Project, the Ashrayan-2 project, the Mirsarai BEPZA Economic Zone, the installation of a water treatment plant and deep tube wells at Bangabandhu Sheikh Mujib Industrial City, establishment of an Indian economic zone in Mirsarai, a development project at Bangabandhu Sheikh Mujib Industrial City in Mirsarai, and two modern fire station projects in the same area.
Highlighted projects that Sheikh Hasina and her family embezzled money from:
- Rooppur Nuclear Power Plant
- Padma bridge project
- Adani Power supply contract
- Digital passport project
- National Identification Card (NID)
- Metro Rail Project
- Purbachal land plot
- Chittagong Port and Terminal contract
- the Akhaura-Agartala cross-border rail link
- Khulna-Mongla port rail line
- Maitree super thermal power plant
Money laundering schemes
In a letter from ACC’s headquarters on December 24, the investigation team sought detailed information on all accounts operated in the suspects’ names, including offshore bank account details.
The US intelligence agency, FBI, also confirmed the matter through their London representative and found evidence of serious financial irregularities and money laundering committed by Joy.
It has also been mentioned that Linda Samuels, Senior Trial Attorney of the Department of Justice, contacted Special Agent La Prevot and found that $300 million was siphoned from Bangladesh to various bank accounts in the United States.
On Tuesday, the ACC began looking into claims involving Sheikh Hasina, her sister Sheikh Rehana, her son Sajeeb Wazed Joy, and her niece Tulip Siddiq.
The investigation is focused on the Rooppur project and other projects, such as the Ashrayan project.
Various sources, including the ACC, have claimed that Sheikh Hasina personally embezzled billions from the Rooppur Nuclear Power Plant. Sajeeb Wazed Joy and Tulip Siddiq are said to have helped in the Ponzi scheme. In return, Tulip Siddiq and other family members, including Sheikh Rehana, reportedly received 30% of the stolen money.
The Rooppur Nuclear Power Plant is one of Bangladesh’s most extensive and expensive projects. When finished, it is expected to provide 20% of the country’s electricity.
The construction budget was $12.65 billion, which some experts believe is excessively high.
Global Defence Corporation previously reported that Tulip Siddiq, along with Sheikh Rehana and Tarique Ahmed Siddiq, set up a shell company called “Prochchaya Limited” in 2009 and another company, “Jumana Investments,” in the US to facilitate money laundering.
Tulip’s uncle, Tariq Ahmed Siddique, the former security advisor to Hasina, his wife and daughter are stakeholders in a fake company named Prochchaya Limited (Incorporation Certificate Number C-75659/09, dated Mar 25, 2009).
“This company, in affiliation with a slash fund cheat fund company named Destiny Group, had laundered around $900 million to different countries, including the United Kingdom and has opened a company named Zumana Investment & Properties Limited [Incorporation Certificate Number 7417417, dated Oct 25, 2010] in the United Kingdom by investigating dirty money,” the summary read.
These companies allegedly worked with Destiny Group, a fraudulent fund, to launder $900 million across various countries, including the UK.
Additionally, the investigation team initially demanded personal documents of the individuals concerned by summoning records from the Election Commission and the Immigration and Passport Office.
Reportedly, the ACC has begun investigating allegations of embezzlement involving Sheikh Hasina, her son Sajeeb Ahmed Wazed Joy, her sister Sheikh Rehana, and Rehana’s daughter Tulip Siddiq in nine projects, including the Rooppur Nuclear Power Plant and special housing projects, amounting to $7 billion between 2009 and 2023. The commission is also investigating a separate allegation of laundering $300 million against Sheikh Hasina and her son, Sajeeb Wazed Joy.
Hasina, 77, fled by Bangladesh Air Guard’s C-130 transport aircraft on August 5 into exile in India, infuriating many Bangladeshis determined that she face trial for alleged “mass murder”.
Shafiqul Alam, the chief adviser’s press secretary, said yesterday that the interim government was probing graft allegations against Hasina.
“There is a white paper that shows how much money has been siphoned off from Bangladesh. Every year, $16 million has been laundered. This is the money of the people of Bangladesh. And you have seen how the banks have been looted. We are investigating this matter with utmost seriousness,” Shafiqul added.
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