In recent years, Bangladesh's position in the global corruption index has been a major concern. Under the previous regime, the situation deteriorated, especially as people in power and their families became more deeply involved in corruption. While corruption exists in most countries, the question is its magnitude. If it goes beyond a tolerable level, it can severely affect the economy and its growth. There is a general perception that a 10 percent reduction in corruption can positively impact GDP growth by 1 percent, although this relationship varies by country and requires further research.

In Bangladesh, recent corruption scenarios have broken all previous records, becoming a matter of serious concern and an impediment to economic growth and development. Abnormal increases in project costs, especially for mega projects, fake bank loans, bribery for favourable postings in public jobs, undue state benefits and other similar incidents have contributed to this unprecedented situation.

These acts appear to have been carried out with the support of the ruling political party and its allies. Lawlessness and the failure to bring perpetrators to justice have exacerbated the situation. Absence of good governance is also a major factor. Ultimately, vast sums of funds have been siphoned out of institutions and companies, many of which have been crippled. In some cases, there are doubts about whether these crippled enterprises can recover.

When assessing corruption, several key factors are usually considered: 1) who directly or indirectly benefited from the corrupt acts; 2) who authorised the actions; 3) what process lapses or violations occurred; 4) how the government or ruling party participated in or patronised these acts; and 5) the overall governance situation, both in the public and private sectors.

It appears that these corrupt acts have been executed systematically, making it difficult for investigators to identify the culprits and beneficiaries. Evidence can be categorised into three types: a) documentary evidence, b) written statements from individuals involved that point to the ultimate beneficiary, and c) circumstantial evidence. Records and evidence may have been destroyed after the money was obtained, and this possibility cannot be ruled out. In some cases, physical interviews conducted by experienced and certified fraud examiners or forensic auditors can be helpful.

Now the question is how to recover the lost funds and prevent future corruption. Cash, bank balances and other movable or immovable assets acquired in Bangladesh can be relatively easy to recover. However, the challenge lies in the money siphoned out of the country. With strong political and diplomatic relations with some countries, Bangladesh may be able to repatriate some or all of these funds through persistent efforts by experienced and responsible individuals and with the full cooperation of foreign governments.

After repeated bitter experiences under various regimes, Bangladesh needs to implement common policies and practices. All businesses and government officials, including the head of government and their family members, must be under constant scrutiny. All individuals involved in the investigation process should also be strictly monitored. If the head of government and their family members are not involved in corruption, roughly 50 percent of corruption can be eliminated immediately.

By holding corrupt businessmen, politicians and government officials accountable whenever corruption is identified, another 40 percent can be reduced. A 10 percent level of corruption is often considered tolerable in developing countries to maintain a comfortable balance between parties at the field level, but this can also be gradually eradicated.

Let us hope for a corruption-free Bangladesh now and for future generations to build a prosperous nation.

The author is a senior partner at Hoda Vasi Chowdhury and Co and former president of ICAB