It defies belief that, as per a review of the Centre for Policy Dialogue (CPD), more than Tk92,000 crore have been embezzled from the banking sector through 24 major loan scams in the last 15 years.

The scale of these financial frauds is simply staggering, and the repercussions are being felt across all sectors of society. Quite literally, billions have vanished. The question that looms large is not just about the theft itself but the all-too-familiar culture of impunity that shields the perpetrators from facing the consequences of their actions.

A closer look at the perpetrators of these embezzlements tell us of powerful entities with connections in the right places. The lack of accountability for such blatant theft sends a dangerous message that those in positions of power can act with impunity and can get away with anything and everything.

To say the impact on the Bangladesh economy is devastating would be an understatement. Bangladesh is already facing a scarcity in resources -- and resources that could be invested in infrastructure, education, and healthcare are siphoned off into the pockets of these corrupt individuals and entities. 

Foreign investors, admittedly wary of the endemic corruption, are naturally hesitant to engage with a system where the rule of law appears to be non-existent. The country's economic growth is therefore stifled, and the gap between the rich and the poor widens as ill-gotten gains concentrate in the hands of a privileged few.

Bangladesh stands at a crossroads -- a choice between perpetuating a culture of impunity that strangles our economic potential or embracing a future where the rule of law prevails and those that steal from the nation face the consequences for their actions. What we do will define who we become.

(This article was first published by Dhaka Tribune, Bangladesh).