Noted economist Dr Debapriya Bhattacharya has alleged that Tk 20,000 crore was siphoned off from Bangladesh’s capital market during the 2010–11 crisis, with Tk 15,000 crore of that amount laundered abroad — a move he says occurred under the influence of powerful political actors.

Speaking at a seminar in Dhaka on Saturday, the Centre for Policy Dialogue (CPD) Special Fellow said the manipulation that triggered the market collapse not only devastated small and medium investors but also undermined confidence in the country’s financial sector.

“This was the beginning of systemic abuse. Political influence drove speculative behavior, while institutional manipulation inflated stock prices artificially,” said Dr Bhattacharya during a keynote presentation at a discussion titled "Capital Market in Political Discussions in Bangladesh: Philosophy and Practice", hosted by the DSE Brokers Association of Bangladesh (DBA).

He claimed that legal action was deliberately avoided at the time, saying, “Cases were not filed as per the law. This omission was not an accident — it was intentional.”

Dr Bhattacharya further warned that punishing wrongdoers is essential to restoring investor confidence. “The capital market cannot be repaired with a quick fix. The shock of the collapse affected the broader economy. Not a single IPO came during that period,” he added.

He emphasized that the capital market should be treated as a source of long-term financing, not daily speculation, and called for urgent reforms. “We must come out of this deadlock through mutual trust. If the market still fails to recover, we must accept that a deeper problem exists.”

The event also featured BNP Standing Committee Member Amir Khasru Mahmud Chowdhury as a special guest.

Other speakers included BSEC Commissioner Md Mohsin Chowdhury, Jamaat-e-Islami Central Executive Council Member Md Mubarak Hossain, Policy Exchange Bangladesh Chairman Dr Mashrur Riaz, NCP Joint Convener Dr Tajnuva Jabin, and ICMAB President Mahtab Uddin Ahmed.

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