In a stunning revelation that has sparked widespread public outrage and demands for accountability, deposits by Bangladeshi nationals in Swiss banks have surged 33-fold over the past year, raising serious concerns about capital flight, illicit wealth accumulation, and the financial integrity of the country’s new regime.
According to data released by Swiss banks late Thursday night, funds deposited by Bangladeshi citizens stood at 17.7 million Swiss francs at the end of 2023. By the end of 2024, this figure had risen to 589.5 million francs—equivalent to nearly BDT 8,784 crore.
Swiss banks, once synonymous with secrecy, now disclose the nationality of account holders while still withholding individual identities. This shift has fuelled speculation in Bangladesh about the real beneficiaries of the dramatic rise in foreign deposits.
The Awami League, now in opposition, has pointed fingers at members of the interim administration—installed following what it calls a “so-called July-August revolution”—accusing them and their allies of amassing sudden and unexplained wealth. The party has demanded an immediate investigation into how such vast sums were transferred abroad in just a few months after the change in government.
Sources in India’s Ministry of External Affairs (MEA), citing a confidential report from intelligence agencies operating in Bangladesh, have also raised concerns about the financial dealings of several prominent figures within the interim government. The report highlights the suspicious accumulation of cryptocurrency by top advisers, student leaders, and insiders involved in the uprising that ousted former Prime Minister Sheikh Hasina in August 2024.
According to the intelligence report, several high-ranking individuals have accumulated millions of dollars’ worth of cryptocurrency, primarily via Binance, the world’s largest crypto exchange.
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Among those under scrutiny is Shafiqul Alam, Press Secretary to Chief Adviser Mohammad Yunus. Evidence reportedly shows he holds 93.06 BTC (Bitcoin), worth around $10 million (BDT 100 crore). Former student leader and now government adviser Nahid Islam is said to possess 204.64 BTC, approximately $19 million (BDT 220 crore).
Another key figure is Asif Mahmud Sajib Bhuiyan, a student leader-turned-adviser currently heading the powerful Local Government, Rural Development (LGRD) Ministry. He reportedly holds 113 BTC, valued at about $12 million.
Perhaps the most baffling case involves Sarjis Alam, a major figure in the July uprising who holds no official post and has no known source of income. Despite this, he allegedly possesses wealth amounting to $7.76 million and receives full state privileges, including military escorts.
Khan Talat Mahmud Rafy, another student activist with no official designation, is similarly reported to hold 11.09 BTC—an unusual sum for someone of his public profile. He, too, reportedly enjoys full state benefits.
Repeated attempts to contact some of the individuals named, including Shafiqul Alam, went unanswered.
Economic experts warn that this sharp rise in offshore deposits comes at a precarious moment for Bangladesh, already battling inflation, joblessness, a foreign exchange crisis, and depleting reserves.
“This kind of capital flight severely undermines public trust and weakens the economy at a time when it can least afford it,” said a Dhaka-based economist, adding, “It is essential that both domestic and international institutions step in to investigate, ensure transparency and pursue asset recovery if wrongdoing is found.”
With the identities of depositors still unknown and no official response from the interim government, pressure is mounting from civil society groups, economists, and international observers for immediate transparency and cooperation with Swiss authorities and cryptocurrency platforms.
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