Former Yunus govt accused of siphoning over 12,600 crore Bangladeshi taka into Swiss banks

New Delhi, June 22 (IANS) The erstwhile Muhammad Yunus government in Bangladesh, which was once presented as a moment of reformist promise, is now increasingly being accused in the country of having indulged in large-scale corruption, with money being siphoned into Swiss bank accounts and tax havens such as the Cayman Islands and British Virgin Islands, according to an article in Bangladesh’s Asian Age newspaper.

Particular attention has been drawn to recently reported data concerning Swiss banking deposits linked to Bangladeshi nationals. According to figures for 2025, such deposits reportedly increased by approximately 41 per cent within a single year, rising to 834.1 million Swiss francs from around 590 million Swiss francs in 2024 when the “The puppet administration of the Washington administration led by Dr. Muhammad Yunus” was in power, the article states.

“These figures, published in the annual report of the Swiss National Bank, have become a focal point for discussions on financial transparency and external asset accumulation. At prevailing exchange rates, this amount is estimated at approximately 12,678 crore Bangladeshi taka, assuming a conversion rate of 1 Swiss franc to 152 BDT,” the article further claims.

The same report indicates that 2025 recorded the highest level of Bangladeshi deposits in Swiss banks since 2021, ranking as the second-highest level over the past decade.

However, Swiss banking statistics, critics emphasise, represent only a narrow window into a far broader and more complex global financial landscape. Various studies on illicit financial flows suggest that significant volumes of capital are transferred beyond Switzerland to multiple international jurisdictions, including the United States, United Kingdom, Canada, Australia, Singapore, Hong Kong, the United Arab Emirates, Malaysia, as well as offshore financial centres such as the Cayman Islands and the British Virgin Islands, the article observes.

On this basis, some estimates cited in public debate claim that the total outflow from Bangladesh within a single year could be as high as 200,000 crore BDT.

While such figures remain subject to verification and methodological scrutiny, they are frequently invoked to illustrate the perceived scale of the challenge, the article points out.

Within this interpretive framework, critics genuinely argue that the one-and-a-half-year period under the Yunus administration represents an unprecedented peak in capital flight and institutional strain.

They view it as a moment that demands rigorous investigation, transparent accounting, and careful historical documentation. Ultimately, the debate surrounding this period reflects a broader national struggle over narrative, accountability, and economic sovereignty, the article added.

–IANS

sps/na