Yaqeen Blog

For 15 years, while the "connected generation" in Bangladesh struggled with skyrocketing electricity bills and frequent blackouts, a massive web of corruption was siphoning billions out of the country. On December 20, 2025, as the interim government’s "White Paper" on the economy reveals the full extent of the damage, the numbers are nothing short of catastrophic.

According to a government-commissioned review, between 2009 and 2024, an estimated $234 Billion (approx. £180 Billion) was illicitly siphoned from the state—with the energy sector serving as the primary "conduit" for this grand theft.

1. The "Speedy" Law: A Shield for Corruption

The backbone of this heist was the Quick Enhancement of Electricity and Energy Supply (Special Provision) Act 2010, commonly known as the "Indemnity Law."

• The Loophole: This law allowed the government to sign massive energy deals without competitive bidding (tenders).

• The Result: Contracts were handed directly to "crony capitalists" at inflated prices. The review committee, headed by Justice Moinul Islam Chowdhury, confirmed that this law was enacted specifically to facilitate organized corruption.

• Capacity Charges: The government paid over Tk 1.05 trillion ($10–12 Billion) in "capacity charges"—essentially paying private power plants just to stay idle.

2. The Alleged Conspirators & Key Actors

The investigation points to a "nexus" of political elites, high-level bureaucrats, and specific business conglomerates who benefited from these non-competitive deals.

3. Where Did the Money Go? The "Missing Billions"

The laundered funds didn't just disappear; they were moved into luxury real estate and offshore accounts in global financial hubs.

• The UK Property Empire: A joint investigation by The Guardian and Transparency International identified over £400 million in UK property linked to regime insiders.

• The "Hundi" System: Investigators believe the majority of the $16 Billion annual outflow was moved through informal "Hundi" networks to avoid central bank detection.

• Frozen Assets: As of late 2025, the UK's National Crime Agency (NCA) has already frozen approximately £90 million in assets linked to Bangladeshi elites.

4. Impact on the People: 25% Higher Bills

The corruption didn't just affect the government; it hit every Bangladeshi household.

• Inflated Prices: Organized corruption in the power sector caused electricity prices to rise by at least 25%.

• Stranded Capacity: Billions were spent on plants with no fuel supply, leading to massive debt and subsidies while the public suffered from load shedding.

• Industrial Crisis: Today, the textile industry—the backbone of the economy—is operating at only 50% capacity due to the energy debts left behind by the previous administration.

The "Wildcard" to Watch: Yaqeen News™ Investigative

At Yaqeen News™, we are following the money. Our upcoming series, "The Energy Files," will track the specific bank accounts and shell companies used to launder your electricity bills into London mansions. We are committed to "Clarity for the Connected Generation" as Bangladesh fights to recover its stolen billions.

Minimal Sources & Live Data (2025)

• Official Findings: Prothom Alo: Organised corruption in power sector - Review Committee

• Investigative Report: Transparency International UK: Returning Bangladesh's Missing Billions

• Global Exposure: Financial Times: Bangladesh's Missing Billions - Stolen in Plain Sight

• Legal Action: BSS News: ACC files case against S Alam for laundering Tk 10,500 crore