In a bombshell revelation that has sent shockwaves through Bangladesh’s political and economic circles, Dr. Mamunur Rashid, a renowned economist based in the UK, has accused the Muhammad Yunus-led interim government and its associates of embezzling a staggering $200 billion in public funds over the past 17 months.
This claim, made during a recent in-depth interview with journalist Masuda Bhatti, paints a grim picture of systemic corruption, deliberate economic sabotage, and foreign influences aimed at perpetuating the regime’s hold on power amid upcoming elections.
Dr. Rashid, a Reader at Canterbury Christ Church University, previously taught at the University of Kent and has extensive experience in behavioural finance. He described the army- and West-backed interim government’s actions as a calculated effort to weaken Bangladesh’s economy, ensuring that any incoming elected administration would struggle to govern effectively.
“The Yunus gang has engaged in embezzlement of close to $200 billion since August 2024,” Rashid asserted, emphasising that this figure encompasses inflated project costs, undisclosed loans, and outright looting of national resources. He clarified that much of this amount has already been siphoned out of the country, leaving Bangladesh in a precarious financial state.
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Surging Debt And Hidden Borrowings: A recipe for disaster
Central to Dr. Rashid’s analysis is the interim government’s aggressive borrowing spree, which he claims has ballooned domestic debt by 31% compared to the final year of Sheikh Hasina’s administration. Under Hasina, debt levels remained stable despite major infrastructure investments, but the Yunus regime has borrowed heavily from local banks and other sources without transparency.
“The government hid domestic borrowing statistics for six months—from July to December 2025—preventing the public from knowing the true extent,” Rashid explained. He highlighted how Bangladesh Bank’s publication of these figures was inexplicably halted, raising suspicions of deliberate concealment.
This opacity, according to Rashid, is part of a broader strategy to destabilise the economy. He pointed to the restructuring of the National Board of Revenue (NBR), splitting it into policy and implementation departments, as a move that has exacerbated revenue shortfalls.
“These steps were taken so that no new government can survive economically,” he said, noting that Bangladesh’s tax-to-GDP ratio has plummeted below 6%, insufficient even to cover government salaries. Development projects, traditionally funded through loans, have been halted or mismanaged, diverting funds elsewhere.
Project Overruns And Arms Deals: Billions vanished
Dr. Rashid provided specific examples of alleged embezzlement, estimating that the Rooppur Nuclear Power Plant alone has seen additional costs of Tk70,000-80,000 crore (approximately $6-7 billion) through inflated contracts and material wastage.
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“In Rooppur, Tk24,000-25,000 crore in extra costs, plus Tk18,000-19,000 crore in burned raw materials at the airport, and another Tk26,000-27,000 crore in exchange rate manipulations,” he detailed. Similar overruns plague metro rail projects (Tk16,000-17,000 crore added) and other infrastructure, contributing to the overall $200 billion figure.
He also criticised extravagant expenditures, such as the purchase of $14 billion in arms from Pakistan shortly after the regime took power in August 2024. “These arms arrived by ship, and immediately after, eight bodies were found in a trawler—yet no accountability,” Rashid noted. Other embezzlement includes spectrum allocations causing losses of Tk666 crore, cricket-related loss of Tk300 crore for not playing the ICC T20 World Cup, and election-related fundraising of Tk57,000 crore without proper accounting.
Rashid singled out key figures, including student coordinator-turned-adviser Asif Mahmud Shojib Bhuyain, accusing him of misappropriating Tk30,000-40,000 crore alone. “Just one coordinator has embezzled that much in 15 months,” he said, underscoring the scale of individual involvement.
Foreign Hand And Regime Change: A geopolitical plot?
Dr. Rashid linked the economic plunder to broader geopolitical manoeuvres, alleging US involvement in the 2024 regime change. Citing former US President Donald Trump’s admission of $50 million invested in Bangladesh and activist Farhad Mazhar’s statements, he claimed the interim government was installed to serve foreign interests.
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“Deals handing over ports like Chittagong to foreigners require legal mandates that only a prolonged regime can provide,” Rashid argued. He suggested the simultaneous ‘Yes’ vote referendum on election day is designed to create division, allowing the government to extend its rule through a national unity setup.
He criticised efforts to empower Jamaat-e-Islami, dismissing claims that it would counter China as “laughable.” “To deal with China, you’d need good relations with India, which the Awami League had—not Jamaat,” he said. Rashid portrayed the Yunus administration as a tool for foreign powers to exploit Bangladesh’s vulnerabilities, securing military, logistic, and economic benefits for the next 200 years.
Economic Fallout: From boom to bust
Under Sheikh Hasina, Bangladesh enjoyed sustained 7% GDP growth for six years, reaching $450 billion by her ouster. Dr. Rashid forecasts this year’s growth at a historic low of 2.5-2.8%, far below World Bank’s initial 5.5% projection (now revised downward). “We’ve lost 15-17 billion dollars in potential GDP alone,” he said, attributing declines to halted production, lost garment orders to India, Vietnam, and Sri Lanka, and reduced U.S. benefits in ready-made garments (17% of GDP).
Unemployment is rising, micro-crimes are increasing, and sectors like textiles face shutdowns from February 1, 2026, due to lack of support. Rashid warned of a “debt trap” reminiscent of NGO policies, where perpetual loans ensure dependency. “In the modern era, the easiest way to destroy a nation is to bury it in debt it can’t escape,” he stated.
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Criticisms Of Opposition And Past Leaders
Rashid didn’t spare the opposition, questioning BNP leader Tarique Rahman’s lavish London lifestyle funded by alleged money laundering. “An asylum seeker with no business—how does he own properties worth thousands of crores?” he asked, noting Rahman’s affidavit shows only Tk7,00,000 annual income.
He contrasted this with General Ziaur Rahman’s “financial cleanliness,” despite his “cold-blooded” actions, and accused Tarique of masterminding the 2004 grenade attack without facing justice.
Path To Recovery
For hope, Dr. Rashid advocated lifting the indemnity ordinance protecting the regime, drawing parallels to post-1975 Bangladesh. “After Bangabandhu’s assassination, India wasted 15 years—no development until 1990,” he said. “Remove indemnity, try the culprits, restore law and order—only then can economic stability return.”
As Bangladesh approaches elections, Dr. Rashid’s analysis underscores a nation at a crossroads, grappling with corruption, foreign meddling, and economic ruin under the interim government. With $200 billion allegedly embezzled—equivalent to nearly half the pre-regime GDP—the revelations demand urgent scrutiny and action to safeguard the country’s future.
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