"Tk 2.80 Trillion Looted from Development Projects Over 15 Years, Reveals White Paper"

Over the past 15 years, around USD 60 billion (Tk 7.20 trillion) has been allocated through Bangladesh’s annual development program (ADP), but approximately USD 14 billion (23%) to USD 24 billion (40%) — or Tk 1.61 trillion to Tk 2.80 trillion — has been squandered or looted in the name of development projects, according to a white paper committee on the state of the country’s economy.

The funds were misappropriated by influential political figures and their associates, who exploited political connections to extract bribes, inflate costs, and divert money. A report from the committee uncovered extensive corruption and inefficiency, detailing the mismanagement and financial misdeeds within development projects over the years.

Committee head Debapriya Bhattacharya emphasized that many projects were initiated without proper economic feasibility, driven by political motivations. The execution of these projects often saw delays, inflated budgets, and selective awarding of contracts to favored individuals. High-profile projects, like the Padma Bridge Rail Link and the Cox’s Bazar-Dohazari railway, raised doubts about their necessity and financial feasibility, with questions surrounding inflated costs and low utilization.

The committee’s report also raised concerns about the Rooppur Nuclear Power Plant and other large-scale projects, where costs repeatedly escalated. For example, the cost of the Cox’s Bazar-Dohazari railway tripled from the original estimate. In addition, many projects resulted in unused infrastructure, such as empty government buildings and a seven-star guesthouse in the Karnaphuli Tunnel project.

Under the Awami League governments, the size of the ADP grew substantially, rising tenfold from Tk 280 billion in 2009 to Tk 2.79 trillion in the current fiscal year, with significant portions of these funds being misused.