The rise and fall of the Sikder Group

On 7 May, 2020, a bank’s managing director was shot at in an attempted murder by a loan applicant. This shocking and widely discussed event involved the Sikder Group. One of its companies had applied for a loan of Tk 5 billion from EXIM Bank, but the assets shown as collateral were undervalued.

When the bank refused to inflate the value of the mortgaged assets, the then managing director Mohammad Haidar Ali Miah and additional managing director Mohammad Firoz Hossain were attacked. The attack was allegedly carried out by Ron Haque Sikder and his brother Dipu Haque Sikder, sons of the group’s then chairman Zainul Haque Sikder.

The two brothers reportedly forcibly confined the senior bank officials in a Banani residence, tortured them, and made them sign blank papers—an unprecedented incident in the country’s banking sector. The incident triggered widespread outrage after becoming public. These allegations were included in a case filed by EXIM Bank with the Gulshan police station.

Soon after, the brothers fled to Bangkok on a specially chartered air ambulance, posing as patients. At the time, allegations surfaced that some top brass from the Awami League had facilitated their departure.

This episode exemplifies how one of the country’s major conglomerates displayed brute power. Beyond such incidents, the group has been accused of securing businesses through political connections, looting funds in the name of loans, laundering money abroad, and amassing vast wealth.

The Sikder Group began its journey in the 1950s. Its founder, the late Zainul Haque Sikder, started with real estate. After Bangladesh’s independence, the business expanded.

At one point, Zainul Haque Sikder moved to the United States, where he began small-scale businesses before returning to Bangladesh. Over time, he and his family expanded investments across multiple countries, though the sources of these funds remain unclear.

Due to close ties with top leadership of the Awami League, the group began receiving special favors after 2009. Its proximity to the former prime minister’s family further accelerated its growth. Using bank loans, the group invested in sectors such as power and real estate. It even took control of National Bank Limited soon after the Awami League came to power. However, internal disputes over board positions began in 2021, leading to the appointment of Zainul Haque Sikder’s wife Monowara Sikder as chairperson.

Overall, during the previous Awami League group, the group expanded rapidly through alleged bank takeovers, loan irregularities, and money laundering.

The group defaulted on billions in loans and built substantial assets abroad. Leveraging political influence, it secured power plant business and even entered politics. Zainul Haque Sikder’s daughter Parveen Haque Sikder served as a Member of Parliament in a reserved seat for women.

The fall began after Zainul Haque Sikder died on 10 February, 2021, at a hospital in Dubai. He had remained chairman of National Bank until his death. To manage internal disputes, Monowara Sikder was made chairperson, but she also passed away two months ago in the United States.

More recently, Ron Haque Sikder also died in the United Arab Emirates.

Following the fall of the Awami League government in August 2024, members of the Sikder family began leaving the country permanently. Since 5 August, 2024, they have not appeared publicly.

Most family members had already acquired foreign citizenships. Zainul Haque Sikder and his wife were US citizens, while many of their children and grandchildren hold citizenship in other countries and are now settled abroad—though many still serve as directors in the group’s companies.

During the interim government period, investigations were launched into corruption, irregularities, and tax evasion involving ten major conglomerates, including the Sikder Group. Authorities froze assets and more than 200 bank accounts belonging to Monowara Sikder, Ron Haque Sikder, Rick Haque Sikder, Parveen Haque Sikder, and others.

According to the Anti-Corruption Commission, the family embezzled public deposits and amassed vast wealth under their own names and through proxies. Cases are ongoing in court. At present, most of the group’s companies are effectively inactive.

The Sikder family holds assets across Bangladesh in sectors including banking, insurance, power, healthcare, education, real estate, construction, hospitality, tourism, and aviation. Their largest current business is PowerPac Holdings. According to its website, the group operates in Thailand, Singapore, Canada, and the United States.

Earlier, Prothom Alo investigations have revealed that the group owns hotels, restaurants, and real estate in countries such as Thailand, Dubai, Canada, the US, the UK, and Switzerland.

In 2005, Ron and Rick Haque Sikder launched their first Koi restaurant in Bangkok’s Sukhumvit area. Over time, the family expanded into hotels, clubs, spas, and entertainment centers across Thailand.

In the United States, they have businesses in cities like Arizona and Las Vegas, including real estate, restaurants, and refueling stations. They are also reported to own a restaurant in Trump Tower.

Financial sector insiders say the group’s expansion in Bangladesh accelerated after 2009, when it received multiple power projects and gained control over National Bank—after which its foreign assets also grew.

The group’s outstanding loans now exceed Tk 55 billion. More than Tk 15 billion is tied to its power sector companies. Major lending banks include First Security Islami Bank, Social Islami Bank, Union Bank Limited, Global Islami Bank, and EXIM Bank.

Last month, Finance Minister Amir Khasru Mahmud Chowdhury presented a list of the country’s top 20 loan defaulters in parliament. Two Sikdar-owned entities—PowerPac Mutiara Keraniganj Power Plant Ltd and PowerPac Mutiara Jamalpur Power Plant Ltd—ranked 13th and 14th.

Another example of irregularities involves personal spending. After fleeing the country, Ron and Dipu Haque Sikder reportedly spent around Tk 710 million abroad using National Bank credit cards. However, according to Bangladesh Bank regulations, the maximum spending limit is Tk 1 million without collateral and Tk 2.5 million with collateral.

The Anti-Corruption Commission has filed case against the two brothers and three former managing directors of National Bank over this issue.

Thus, the Sikder Group’s dramatic rise has given way to a fall. Despite major investments in infrastructure, power, and healthcare, serious questions remain about loans, governance, and accountability.

Backed by political patronage, the group expanded aggressively, often disregarding regulations. Its owners allegedly laundered money abroad and accumulated vast wealth. Many family members, now holding foreign citizenships, remain beyond the reach of authorities.