Amid ongoing economic turmoil, key figures who once positioned themselves as champions of democracy and played a leading role in the ousting of former Prime Minister Sheikh Hasina appear to have amassed significant wealth in just over six months since the fall of the neighbouring country’s elected government, according to sources from India’s Ministry of External Affairs (MEA).
At a time when Bangladesh is grappling with severe economic distress, rising inflation, and soaring unemployment, an intelligence report submitted to the MEA has raised concerns over the rapid financial gains of several interim government officials and student leaders.
The report highlights the accumulation of substantial cryptocurrency holdings by key advisers, government officials, and student leaders who were instrumental in the July 2024 uprising—the movement that led to Hasina’s removal as Bangladesh’s last democratically elected leader.
According to an MEA official, investigations have revealed significant deposits in accounts on Binance, the world’s largest cryptocurrency exchange, belonging to these individuals.
One case detailed in the report involves Shafiqul Alam, the current Press Secretary to the Chief Adviser of the interim government, Mohammad Yunus.
“Evidence suggests he has accumulated 93.06 BTC, equivalent to approximately $10 million USD or 100 crore Bangladeshi Taka (BDT). Similarly, Nahid Islam, a former student leader turned government adviser, allegedly holds a Binance balance of 204.64 BTC, translating to over 220 crore BDT (roughly $19 million USD),” said an MEA official.
Shafiqul could not be contacted for his reaction as calls to his phone went unanswered.
Another figure under scrutiny is Asif Mahmud Sajib Bhuiyan, a student leader-turned-adviser who has secured the influential Local Government, Rural Development (LGRD) Ministry.
He is reported to have amassed 113 BTC, valued at around $12 million USD.
However, the most striking case is that of Sarjis Alam, who played a key role in the July uprising but holds no official government position and has no visible source of income.
“Despite this, he has reportedly accumulated a staggering $7.76 million USD. What raises further questions is that despite lacking a formal government role, Alam enjoys full state privileges, including military protocols, for reasons that remain unclear,” the MEA official stated.
Another name drawing attention is Khan Talat Mahmud Rafy.
“Like Sarjis, he holds no official government position but enjoys full state protocols. Rafy has reportedly accumulated 11.09 BTC, an astonishing amount for an ordinary Bangladeshi student leader,” the source added.
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