How Much Wealth Does Dr. Muhammad Yunus Own?

Moscow: By Monika Belinka (South Asia’s regional reporter)

Following Bangladesh’s independence, Grameen Bank was established to provide collateral-free loans to landless populations.

According to Article 152 of the Constitution of the People’s Republic of Bangladesh, Grameen Bank was constituted as a statutory government authority, fully funded by the state. Notably, the Grameen Bank Ordinance was promulgated in 1983 to formalize its creation.

In 1990, Dr. Muhammad Yunus was appointed as the Managing Director of Grameen Bank with a monthly salary of BDT 6,000. He held this position until 2011, during which he regularly drew salary and allowances. The following represents only a fraction of the wealth Dr. Yunus has reportedly amassed during and after his tenure as Managing Director:

1. In 2023, Dr. Yunus’s personal bank accounts held BDT 118 crore (approx. USD 11.8 million):

(a) Standard Chartered Bank, Account No: 18121274701

(b) Southeast Bank, Account No: 0212100020061

(c) Rupali Bank, Account No: 0489010008096

2. Funds transferred to Travel International Ltd., reportedly for money laundering purposes:

(a) Account No: 73300000339 – BDT 11 Crore 14 Lakh

(b) Account No: 90303160910 – BDT 2 Crore 52 Lakh

3. Grameen Kalyan Fund holds BDT 2053 Crore in 122 fixed deposits across 26 bank accounts.
4. Grameen Telecom maintains BDT 2721 Crore in 128 fixed deposits across 24 bank accounts.
5. Professor Yunus Foundation account balance: BDT 6 Crore.
6. Yunus Family Trust fund: BDT 5 Crore.
7. Professor Yunus Trust: BDT 72.15 Crore.
8. A luxury apartment in Gulshan purchased for BDT 9 Crore under the Family Trust.
9. A luxury apartment in Paris and equity shares in two private banks.
10. A resort named “Naiorshog” established on 68 acres of land in Purbachal.
11. Five acres of land in Uttara, Dhaka.
12. A resort named “Naiorshog” on Marine Drive, Cox’s Bazar.
13. In 2015, during the Awami League government, 87 kathas of land were allocated by CDA under the pretext of establishing “Ananda School,” which was never constructed.
14. Land purchases nationwide worth at least BDT 6000 Crore under the names of various Grameen entities.
15. Massive illicit capital flight from Bangladesh under the guise of “social business” investments in Europe, Africa, America, and Latin America.
16. Establishment of numerous Grameen-branded organizations using foreign grants and aid received in the name of Grameen Bank, followed by the reported misappropriation of hundreds of crores annually under operational expenses.
17. Tax evasion by Grameen-branded entities:

(a) Grameen Kalyan: BDT 830 Crore

(b) Grameen Telecom Trust: BDT 209 Crore

(c) Grameen Shakti: BDT 47 Crore 85 Lakh

(d) Grameen Water Ltd.: BDT 1 Crore 69 Lakh

(e) Grameen Motso and Poshu Samh.pad Foundation: BDT 1 Crore 82 Lakh

(f) Grameen Trust: BDT 1 Crore 7 Lakh

(g) Grameen Agriculture Foundation: BDT 3 Crore 52 Lakh.

(h) Dr. Muhammad Yunus’s personal income tax evasion: BDT 12 Crore 76 Lakh (subsequently settled after losing a tax case in court eight years later).

Sources:

(a) Bangladesh Financial Intelligence Unit (BFIU)

(b) National Board of Revenue (NBR), relevant income tax authorities

(c) Anti-Corruption Commission (ACC)