The former government of Muhammad Yunus in Bangladesh is facing mounting accusations of large-scale financial misconduct, with critics alleging that money was channelled into Swiss bank accounts and offshore tax havens including the Cayman Islands and the British Virgin Islands, according to an article published in Bangladesh's Asian Age newspaper. The allegations centre on a sharp spike in Swiss banking deposits linked to Bangladeshi nationals during the period the Yunus administration was in power.

The Swiss Bank Data at the Centre of the Controversy

According to figures cited in the Asian Age report, Bangladeshi deposits in Swiss banks rose by approximately 41 per cent in a single year, climbing to 834.1 million Swiss francs in 2025 from around 590 million Swiss francs in 2024. The article attributes this surge to the period when the Yunus-led administration was in office, characterising it as a 'puppet administration of the Washington administration.'

These figures, the report notes, are drawn from the annual report of the Swiss National Bank. At prevailing exchange rates — pegged at 1 Swiss franc to 152 Bangladeshi taka (BDT) — the total is estimated at approximately 12,678 crore BDT. The 2025 level reportedly marks the highest Bangladeshi deposits in Swiss banks since 2021, and the second-highest over the past decade.

A Narrow Window Into a Broader Problem, Critics Say

Analysts and critics quoted in the article caution that Swiss banking data represents only a partial view of global capital flows. Studies on illicit financial movements suggest that substantial sums are routed to multiple international jurisdictions beyond Switzerland, including the United States, United Kingdom, Canada, Australia, Singapore, Hong Kong, the United Arab Emirates, and Malaysia, in addition to offshore centres such as the Cayman Islands and the British Virgin Islands.

On this basis, some estimates cited in public debate place the total capital outflow from Bangladesh within a single year as high as 200,000 crore BDT. The article itself acknowledges that such figures 'remain subject to verification and methodological scrutiny' and are frequently invoked to illustrate the perceived scale of the challenge rather than as confirmed totals.

Political and Accountability Dimensions

Critics, according to the Asian Age report, argue that the approximately one-and-a-half-year tenure of the Yunus administration represents an unprecedented peak in capital flight and institutional strain. They are calling for rigorous investigation, transparent accounting, and systematic historical documentation of this period.

Notably, the language used in the source article — including the phrase 'puppet administration of the Washington administration' — reflects a sharply partisan framing. These characterisations represent the views of critics cited in the report and are not independently verified claims.

What Happens Next

The debate, as the Asian Age piece observes, is ultimately a broader national struggle over narrative, accountability, and economic sovereignty in Bangladesh. Whether formal investigations will follow remains to be seen, but the scale of the allegations — and the invocation of Swiss National Bank data — has intensified calls for an independent audit of capital flows during the Yunus period. The outcome of that political pressure will likely shape Bangladesh's financial governance discourse in the months ahead.