Krishibid Group has lodged a formal protest against a report published by TIMES of Bangladesh on Bangladesh Bank’s policy support granted to the group in violation of regulatory rules.
In a letter sent on 13 January, the group claimed that the information used in the report was “incorrect”.
The letter referred to the report headlined “BB bends rules/Wilful defaulter rewarded”, published on 12 January, and described it as an attempt to tarnish the reputation and image of Krishibid Group, which it said has conducted business with distinction for the past 25 years.
The letter alleged that the reporter presented “fabricated” and “motivated” information.
Krishibid Group claimed in the letter that it does not fall under the definition of a “wilful defaulter” under any circumstances. Instead, it said the group had been subjected to political persecution for the past 17 years and had faced harassment at every stage of conducting business.
The letter also described as motivated the portrayal of the group’s managing director as being close to the Awami League, claiming he had never been involved in Awami League politics.
It further said that the managing director neither sought nor intended to seek nomination from the Magura-2 constituency in the 13th parliamentary election.
Referring to a recent certificate issued by Union Bank, the letter claimed that Krishibid Group is currently not a loan defaulter. It also alleged that portraying the group as a defaulter in the report caused reputational damage amounting to nearly Tk100 crore.
The letter was sent by Nikita Talukdar, staff officer to the group managing director of Krishibid Group.
Reporter’s response
The reporter said the report was not based on personal opinion or assumption, but on Bangladesh Bank documents, BRPD circulars, decisions of the policy support committee, documents from the banks concerned, statements by central bank officials and Credit Information Bureau (CIB) data.
None of the information presented was fabricated and every claim was backed by written records or verified sources.
The report’s reference to changes in the political alignment of Krishibid Group Managing Director Ali Afzal was not presented as an allegation, but as a factual sequence based on publicly available information and his own social media posts, photographs, statements and activities.
Before 5 August 2024, he was seen sharing stages with senior Awami League leaders at various events and personally publicising those images.
After 5 August, he was seen meeting central leaders of Jamaat-e-Islami and Islami Chhatra Shibir, attending their programmes as a guest and conducting public outreach activities, images of which he posted himself or through his associates. These facts are publicly verifiable.
The reference to seeking Jamaat nomination from the Magura-2 constituency was based on information from multiple political and local sources and was clearly presented as an attempt, not as a definitive claim. No assumption or intent was attributed anywhere in the report.
The central issue of the report on loan rescheduling was whether Bangladesh Bank provided policy support in violation of its own circulars.
The report stated that Krishibid Group remained classified as a wilful defaulter up to 8 January. The reporter has since confirmed that on 9 January the group succeeded in having its name removed from the wilful defaulter list.
However, as of 21 January, Krishibid Group’s loans remain listed as SMA (Special Mention Account). The group is currently lobbying to have its loans classified as UC, or unclassified.
The report did not newly raise allegations against Krishibid Group relating to investment schemes, cooperatives, housing projects or the stock market. However, statements from multiple victims affected by the group’s activities are being collected and verified separately in the public interest.
If Krishibid Group provides specific documentary evidence in support of its claims – such as updated CIB status, bank certificates, court orders or written decisions from regulators – TIMES of Bangladesh will verify the documents and publish corrections, additions or follow-up reports in line with professional journalistic standards.
