Tulip Siddiq, the UK’s Economic Secretary to the Treasury, is under investigation in Bangladesh over allegations of her involvement in a multi-billion-euro corruption scandal. Bangladesh’s Anti-Corruption Commission (ACC) is examining claims that Siddiq and members of her family embezzled €4.7 billion from funds allocated to the Rooppur Nuclear Power Plant, a Russian-backed project designed to address Bangladesh’s energy shortages.
The inquiry, which implicates Siddiq alongside her mother Sheikh Rehana and her aunt, former Bangladeshi Prime Minister Sheikh Hasina, sheds light on allegations of financial misconduct, Russian influence in South Asia, and the complex intersection of politics and international development projects.
The Rooppur Nuclear Power Plant and Allegations
The Rooppur Nuclear Power Plant, the first of its kind in Bangladesh, is a flagship infrastructure project aimed at meeting the country’s rising energy demands. The deal for the plant was signed in 2013 between then-Prime Minister Sheikh Hasina and Russian President Vladimir Putin, with an estimated project cost of €11.7 billion. Russia financed 90% of the project through a state loan, with the remaining costs covered by Bangladesh.
Reports allege that €4.7 billion of the project’s funds were misappropriated through embezzlement schemes involving members of Hasina’s family. The siphoned funds are said to have been laundered through international banking channels, including Malaysian banks, and routed to various countries, including the United Kingdom.
Court documents indicate that Siddiq, then a Labour councillor in the UK, facilitated key meetings between Bangladeshi and Russian officials, helping to finalise the deal. She was also present at the Kremlin during the signing ceremony, alongside her aunt Sheikh Hasina and President Putin.
The ACC’s investigation follows a petition filed in Bangladesh’s High Court, which highlighted allegations of financial mismanagement and the use of shell companies to divert funds. The documents claim that Siddiq and her family members received 30% of the misappropriated funds as kickbacks.
Russia’s Strategic Influence
The Rooppur project is part of Russia’s broader strategy to expand its influence in South Asia and beyond through energy diplomacy. By financing and constructing large-scale nuclear power plants, Russia has positioned itself as a key partner for developing nations. This approach strengthens Moscow’s geopolitical standing while creating long-term dependencies through financial and technical ties.
In Bangladesh, the Rooppur plant was seen as a symbol of modernisation and a means to alleviate energy shortages. However, the allegations of embezzlement and financial misconduct cast a shadow over the project and raise questions about the transparency of Russian-backed infrastructure initiatives.
Tulip Siddiq’s Political Ties
Tulip Siddiq’s familial connection to Sheikh Hasina, who ruled Bangladesh for over 15 years, has brought her political career under scrutiny. Hasina’s administration faced widespread criticism for human rights abuses, including alleged extrajudicial killings and repression of political opposition. She was ousted from power earlier this year following months of protests and fled to India with Siddiq’s mother, Sheikh Rehana.
Siddiq has previously described Hasina as a “role model” and maintained close ties with the Awami League, her aunt’s political party. Siddiq’s role as a UK spokesperson for the party and her presence at key diplomatic events, such as the Rooppur signing ceremony, have drawn criticism from opposition figures and raised concerns about potential conflicts of interest.
The ACC investigation also implicates Siddiq’s maternal cousin, Sajeeb Wazed Joy, who resides in the United States, and her paternal uncle Tariq Siddiq. Both are named in court filings as possible beneficiaries of the embezzlement.
Political Fallout in the UK
The allegations against Siddiq come at a sensitive time for Keir Starmer’s Labour government. As City Minister, Siddiq is responsible for combating corruption in Britain’s financial sector, making the accusations particularly damaging.
The Labour Party and the Treasury have declined to comment on the matter, while sources close to Siddiq have dismissed the allegations as politically motivated. They argue that the investigation is part of a campaign by Bangladesh’s current government to tarnish the reputation of the Hasina family.
