Chowdhury Ashik Mahmud Bin Harun, the so-called “Executive Chairman” of the Bangladesh Investment Development Authority (BIDA), has displayed incompetence and deceit, exposing himself as the architect of empty promises and fiscal folly in line with the path shown by fraudster Dr. Muhammad Yunus, the so-called Nobel Peace Prize winner.
Appointed amid controversy by the interim government, this UK citizen was airlifted from abroad like some imported saviour, only to deliver a masterclass in failure. His tenure, marred by false assurances of investment booms, reckless spending on endless foreign jaunts, and blatant abuse of power, has left Bangladesh’s economy gasping for air.
And let’s not forget his tainted lineage: he is the son of Harun Chowdhury, a disgraced former bureaucrat infamous for massive corruption scandals involving land grabs and money laundering, who now lounges in the UK, evading justice while his progeny wreaks havoc back home.
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Chowdhury’s appointment itself reeks of nepotism and favouritism. Plucked from obscurity overseas, where he allegedly built a reputation as a serial fraudster and liar, he was handed the reins of BIDA despite zero proven track record in revitalising economies. Critics have long whispered that his familial ties to corruption paved the way, with his father’s shadowy legacy casting a long, dirty shadow, according to an investigative report by the daily Kaler Kantho.
Harun Chowdhury amassed illicit wealth through kickbacks and patronage before fleeing to the UK, leaving behind a trail of embezzlement that continues to burden the nation. Yet, the interim government saw fit to install his son in a position of immense authority, a decision that now smells of cronyism at its worst.
From day one, Chowdhury peddled grandiose illusions of an investment renaissance. He organised lavish summits, boasting of billions in incoming funds and painting himself as the “magic” man who would flood the country with foreign capital. Remember the April investment conference, where over 400 delegates from 50 countries were wined and dined at taxpayer expense?
Chowdhury crowed about securing Tk3,100 crore in proposals, but where are those investments now? Vanished into thin air, just like his credibility. Instead of delivering, he’s presided over a catastrophic decline: FDI net figures may have ticked up to $1.69 billion in 2024-25, but new equity capital plummeted to a measly $550 million—the lowest in five years, even worse than during the Covid-19 era.
BIDA’s own registration data tells a damning story of deceit. Investment proposals nosedived by 58% to Tk66,000 crore in 2024-25, compared to over Tk105,000 crore during the pandemic-hit 2019-20. Domestic proposals cratered from Tk124,000 crore to Tk52,000 crore.
Private investment as a share of GDP slipped from 23.51% to 22.48%, capital machinery imports dropped by 19%, and private sector credit growth has stagnated below 7% for months, far worse than under the previous regime. Factories are shuttering, jobs are vanishing, and Chowdhury has the gall to call this a “miracle”? It’s a miracle he hasn’t been sacked yet for such blatant gaslighting.
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But Chowdhury’s sins extend far beyond hollow rhetoric. He’s burned through public funds on recurrent foreign trips, jetting off for “roadshows” and “summits” that amount to nothing but extravagant photo-ops.
Crores of taka—hard-earned by Bangladeshi taxpayers—have been squandered on these global escapades, all while the economy at home crumbles under insecurity, bank crises, and a lack of trust. Why the endless globetrotting? To peddle more “investment fairy tales” that evaporate upon scrutiny, leaving the nation bamboozled and broke. This isn’t leadership; it’s leaching off the public purse for personal glory.
Worse still is Chowdhury’s abuse of power, which has drawn widespread condemnation. He’s been accused of mocking military honours in a shocking display of arrogance, alongside other figures in the Yunus circle. Allegations of fraud, nepotism, and collusion swirl around him, with critics like business leaders and economists decrying his focus on “high-value deals” like handing ports to foreigners—deals shrouded in controversy and bereft of transparency.
As Policy Exchange Bangladesh’s Masrur Riaz aptly put it, bold reforms were expected, but Chowdhury delivered zilch. No structural changes, no easing of bureaucratic knots, no relief from sky-high interest rates or energy costs. Instead, he’s prioritised flashy announcements over real progress, turning BIDA into a propaganda machine.
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Compare Bangladesh’s pitiful $1.5 billion FDI in 2024 to neighbours: India raked in $27 billion, Indonesia $21 billion, Vietnam $20 billion—even crisis-hit Pakistan surged ahead. Chowdhury’s excuses about post-uprising challenges ring hollow; he’s had 18 months to turn the tide and failed spectacularly. Business chambers like the Bangladesh Chamber of Industries echo the frustration: With 15%+ loan rates, soaring utilities, and rampant red tape, who would invest under this clown’s watch?
It’s high time to call Chowdhury what he is: a fraudulent imposter riding on his corrupt father’s coattails and abusing authority to mask his ineptitude. Bangladesh deserves better than this charlatan and his parade of broken promises. If the interim government has any spine left, they’ll boot him out before he drains the last drop from the nation’s coffers.
Many Degrees, But Fewer Achievements
Chowdhury was born in Chandpur. However, due to his father’s posting, he spent his childhood in Jashore. He completed his school and college at Sylhet Cadet College. After passing HSC, he was admitted to the Institute of Business Administration (IBA) of Dhaka University.
After graduation, he joined British American Tobacco as a regional officer in February 2007. In August 2006, he joined Standard Chartered Bank and worked there as a manager in the Lending Strategy and Financial Planning department until March 2011. He co-founded the first sports bar in Bangladesh called The Bench.
In October 2012, Chowdhury joined American Airlines in London as a financial and strategic analyst and resigned as head of finance for Europe and Asia in May 2019. He also worked as a visiting professor at the Bangladesh University of Professionals. He served as an adviser to Muhammad Yunus’ Grameen Telecom Trust.
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He was an associate director of the real asset finance department of the multinational The Hong Kong and Shanghai Banking Corporation (HSBC) in Singapore. Although the office is in Singapore, he spends a large part of the month in Bangladesh and India. He has also received an award for professional achievement from the British Council in Bangladesh.
Until October 2024, he was the associate director of Infrastructure Finance Investment Banking.
After the Yunus-Jamaat clique captured power, Chowdhury was appointed as the executive chairman of BIDA in September 2024.
Chowdhury went to the UK to study in 2011. There, he did his first skydive on September 19, 2012. Since 2012, he has jumped from the sky about fifty times.
After training for a year in the UK, he was licensed as a private pilot. Then he completed a long training course on skydiving under the Thai Sky Adventure Company. He obtained a skydiver’s license. With this license, he can go skydiving in any country in the world. Chowdhury has entered the Guinness World Records for his attempt to jump with the flag of Bangladesh from a flying plane. The record in the Guinness Greatest Distance Freefall with a Banner/Flag section was held by Indian skydiver Jitin Vijayana. He made that record his own in July last year.
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