The government has launched an unprecedented enforcement drive to seize domestic assets from dozens of powerful individuals, including former ministers and lawmakers, top business leaders, bank owners, and members of influential families, after identifying more than Tk40,000 crore in undisclosed foreign wealth linked to them.
The authorities are moving to claim an equivalent value from the individuals' local holdings as a penalty for offshore assets not declared under Bangladesh law.
Several tax zones in Dhaka have already issued notices to more than 50 individuals and institutions. Some of the accused sent representatives to clarify the origins of the foreign wealth. However, most explanations were deemed "unsatisfactory."
Officials say if the accused fail to pay up within the stipulated time, or choose not to file appeals, the government will proceed with recovery measures under the Public Demands Recovery Act.
First phase: Notices and explanations
Tax zones issued preliminary notices asking the accused to explain the source of their foreign assets. When their responses failed to meet legal requirements, authorities moved to the next stage.
Second phase: Formal demands
After rejecting the explanations, tax zones formally demanded penalties equal to the market value of the assets traced abroad.
A tax commissioner said each accused individual has been given one month to either pay the penalty or file an appeal. If they appeal, the matter will enter the legal process, and it is difficult to say how long that may take, he said.
Final phase: Forced recovery
If the individuals neither appeal nor make voluntary payments, authorities will send additional notices and then initiate confiscation measures under the Public Demands Recovery Act, allowing the state to seize domestic properties.