The Bangladesh Bank has hired global accountancy firms EY, Deloitte, and KPMG to conduct an "asset quality review" of banks alleged to have lost Tk 2 trillion ($16.4 billion) to influential businesspeople linked to the former Awami League government, according to the Financial Times (FT).

Governor Ahsan Mansur mentioned that the Bangladesh Financial Intelligence Unit has formed 11 teams to trace and reclaim assets suspected of being acquired through embezzlement. These teams will also assist in prosecuting those responsible.

The review will focus on 10 major businesses and individuals, including former prime minister Sheikh Hasina and her relatives, and conglomerate S Alam Group, led by Mohammed Saiful Alam.

The investigations will also cover six banks, five of which have shares linked to S Alam, the report says.

Mansur said that KPMG's Sri Lanka office is assisting with the review, while EY and Deloitte have yet to comment.

"We aim to determine asset performance, identify defaulters, and conduct forensic audits," he said.

The Anti-Corruption Commission (ACC) has already filed cases against several individuals, including Alam's sons, for allegedly embezzling Tk 11.3 billion through loans.

A Dhaka court has ordered the seizure of properties connected to the case.

Alam's lawyers, however, have denied the allegations, calling them "baseless" and threatening international arbitration if disputes remain unresolved, as per the FT report.

The Yunus administration is collaborating with global agencies, including the US Treasury and UK anti-corruption units, to recover funds.

"We are encouraged by the response from the international community," Mansur told FT. "Politicians are aware of it and hopefully they will be under public pressure at home to support this cause."