Shibir President Speaks on Mega Projects Amid Allegations of $234 Billion Money Laundering

Nurul Islam Saddam, President of Bangladesh Islami Chhatra Shibir, has alleged corruption and the plundering of funds surrounding major mega-projects during the tenure of the previous government. He claims that approximately $234 billion in illicit financial flows left Bangladesh between 2009 and 2023.

He made these remarks on Wednesday, September 16, while addressing a reception ceremony for students who achieved GPA-5 in the SSC, Dakhil, and equivalent examinations at the Shilpakala Academy in Narayanganj city.

Nurul Islam Saddam stated his belief that massive corruption and the siphoning off of funds occurred under the guise of large-scale projects. He argued that the sheer scale of expenditure in mega-projects created greater opportunities for corruption. While this represents his political stance and allegation, he did not present a specific breakdown of the exact amount laundered from each individual mega-project.

The figure of $234 billion he cited originates from a white paper on the state of Bangladesh's economy published in 2024. That report estimated the total illicit financial outflow from Bangladesh between 2009 and 2023 to be approximately $234 billion, averaging about $16 billion annually.

However, the white paper did not attribute this entire $234 billion solely to money laundering from mega-projects. The report calculated the aggregate illicit financial flow based on data from Global Financial Integrity and specific assumptions. Trade-based price manipulation, irregularities in the financial sector, and various forms of illegal transactions were identified as potential sources.

According to the white paper, it is estimated that an average of approximately Tk 1.80 lakh crore (1.8 trillion Taka) was illegally siphoned out of the country annually during this period. The report noted that this average figure is equivalent to about 3.4 percent of Bangladesh's current GDP.

In his speech, the Shibir President claimed that a portion of the laundered funds alone would have been sufficient to construct multiple large-scale infrastructure projects comparable to the Padma Bridge. However, this was a comparison made by him personally; the white paper on the economy did not draw a direct comparison between the $234 billion figure and the number of Padma Bridges. Nurul Islam Saddam also spoke about the quality of the country's healthcare and education systems. He alleged that many politically and financially influential individuals send their children abroad for education and seek medical treatment overseas. He remarked that if public representatives utilized government services just as ordinary citizens do, it would create pressure to improve the quality of the relevant institutions.

Addressing the students, he stated that the crisis of honesty and patriotism in Bangladesh is more significant than the crisis of merit. He urged the youth to cultivate themselves by combining educational qualifications with morality and patriotism.

Meanwhile, the figure regarding the illicit financial outflow of $234 billion was subsequently discussed in the National Parliament. In April 2026, Prime Minister Tareq Rahman cited data from a white paper in Parliament, stating that an estimated $234 billion had been illegally siphoned out of the country between 2009 and 2023, and that initiatives were underway to strengthen information exchange and legal cooperation with various nations to recover these funds.

In other words, although the $234 billion figure was an estimate contained in a government-commissioned economic white paper, the report did not conclude that the entire amount was laundered through mega-projects. The claim linking money laundering to mega-projects originated as a political allegation made by the Chhatra Shibir president.