Anti-Corruption Commission (ACC) has launched an investigation into widespread allegations of loan scams and misappropriation in the banking sector over the past 15 years, which reportedly weakened the country’s financial system.
On Thursday, the ACC sent a letter to the Bangladesh Bank requesting 23 categories of documents, including records related to three former governors who served during the Awami League’s tenure.
The former governors under scrutiny are Dr. Atiur Rahman, Fazle Kabir, and Abdur Rouf Talukder.
The ACC has also sought detailed loan records of various companies that allegedly benefited from relaxed loan rescheduling policies introduced after 2009. These companies include Beximco Group, MR Group, Ratan Group, Keya Group, Jamuna Group, Thermax Group, Sikder Group, BBS Group, Abdul Monem Group, and Anantex Group, among others. Additionally, documents related to the Basic Bank loan fraud have been requested.
According to ACC allegations, the banking sector was severely damaged through a series of irregularities, including policy manipulation to benefit defaulters, reserve theft, and major loan frauds involving Hallmark Group and S. Alam Group.
Dr. Atiur Rahman, who became governor in 2009, oversaw the period during which the Hallmark scam at Sonali Bank and the Basic Bank fraud occurred. He faced criticism for approving nine new banks under political influence and for restructuring loans for large borrowers like Beximco Group. He resigned following the Bangladesh Bank reserve heist in 2016.
Fazle Kabir took over in 2016. During his tenure, S. Alam Group reportedly took control of multiple banks, including Islami Bank. Several decisions were allegedly made informally, and the central bank’s operations became influenced by vested groups. The government extended his tenure by amending the retirement age from 65 to 67.
Abdur Rouf Talukder became governor in 2022. During his term, the central bank reportedly began printing money to cover deficits, a move that allegedly enabled further looting and capital flight. Access for journalists to the central bank was also restricted, and transparency decreased. He reportedly went into hiding following the fall of the government.
The ACC’s inquiry marks a significant step toward accountability in the financial sector, amid mounting public concerns over banking irregularities.