36 agreements to trace ‘laundered’ money of 6 industrial groups

Efforts have begun to trace the “laundered” money and overseas assets of six major industrial groups in the country. So far, 10 banks have signed 36 non-disclosure agreements (NDAs) with multiple multinational firms. The total number of agreements will be 59, with the rest currently in process.
Banks have entered into these agreements to recover funds from six industrial groups that became defaulters after taking loans. Based on information obtained through the NDAs, the concerned banks will sign commercial agreements by 30 June to recover the money. Bangladesh Bank is coordinating the effort, according to sources from various banks.

The six groups are: S Alam Group of Mohammad Saiful Alam in Chattogram; Aramit Group of former land minister Saifuzzaman Chowdhury; Sikder Group of late Zainul Haque Sikder; Beximco Group of Salman F Rahman; Orion Group; and Nassa Group. During the Awami League’s 15-year tenure, Nazrul Islam Mazumder—chairman of Nassa Group—served continuously as chairman of the Bangladesh Association of Banks (BAB).

These groups have been accused of various offences, including bank takeover, looting, and financial irregularities. Because of them, five Islamic banks have had to be merged. Several other banks are also unable to return depositors’ money.

The total loans of the six industrial groups amount to Tk 3.35 trillion (324,501 crore). A large portion of these loans has turned into defaults, according to the concerned banks. Meanwhile, total default loans in the banking sector stood at Tk 5.57 trillion at the end of December last year, accounting for 30.60 per cent of total loans—pushing the entire sector into a crisis.

Officials involved in identifying and recovering laundered money said banks will initially focus only on those who have become defaulters and for whom credible evidence of money laundering abroad exists. No action will be taken now against those with regular loans and ongoing businesses. However, businesses that renewed loans under special facilities will come under scrutiny if even one installment defaults.

The institutions signing NDAs are mainly multinational legal and business advisory firms that also work on asset recovery. Bangladesh Bank sources said these firms will receive a portion of the recovered funds, meaning banks will not incur separate costs. Representatives of several international legal firms have already visited Dhaka and expressed interest in working on recovery.

Following the July mass uprising, the Awami League government was ousted on 5 August, 2024. In September of that year, the interim government reconstituted an inter-agency task force to recover and manage assets laundered abroad. The task force—comprising various government and law enforcement agencies—is led by the governor of Bangladesh Bank.

Later, a “joint investigation team” was formed to probe allegations of money laundering and irregularities against the family of ousted Prime Minister Sheikh Hasina and 11 industrial groups. It is led by the Anti Corruption Commission (ACC), with members from the National Board of Revenue’s tax and customs intelligence units and the Criminal Investigation Department (CID) of police. The Bangladesh Financial Intelligence Unit (BFIU) is providing secretarial support, while the ministries of law, home affairs, and foreign affairs are assisting as needed.

The 11 groups under investigation include S Alam, Beximco, Premier, Nabil, Summit, Orion, Gemcon, Nassa, Bashundhara, Sikder, and Aramit groups. Investigations also cover the personal finances of their owners. The joint team has collected data on how much wealth these groups acquired from banks and other sources domestically and what assets they hold at home and abroad. Cases have already been filed against them by the ACC, and courts have ordered the seizure of many of their assets both domestically and internationally.

Although 11 groups were under investigation, a September 2025 meeting of the inter-agency task force shortlisted six groups for the first phase of civil proceedings based on the highest default loans and evidence of money laundering. These six groups account for 77 per cent of the total default loans among the 11 groups. Hence, the decision was taken to sign NDAs to trace their assets.

A meeting chaired by Bangladesh Bank governor Mostakur Rahman was held on 10 March, attended by managing directors of banks affected by laundering.

The meeting noted that Bangladesh is now following parallel legal processes in line with international standards—prosecuting offenders domestically while simultaneously pursuing civil actions abroad to identify and confiscate laundered assets.

It was revealed that Islami Bank was the most affected by S Alam Group. The bank’s chairman had been Saiful Alam’s son, Ahsanul Alam. Other affected banks include the five merged banks, Janata Bank, Rupali Bank, UCB, Southeast Bank, Premier Bank, Mercantile Bank, and Commerce Bank. According to Bangladesh Bank, the group’s direct and indirect loans total Tk 2.25 trillion, much of which is alleged to have been laundered.
Saiful Alam renounced Bangladeshi citizenship in 2020 with his family, but a court later declared that order invalid during the interim government period. BFIU has identified hotels and assets linked to S Alam in multiple countries. Islami Bank has been tasked with recovering these assets and will sign 10 NDAs—three already completed.

Islami Bank Managing Director Mohammad Omar Faruk Khan said, “We have already signed agreements with several multinational firms to trace assets of S Alam Group abroad.”

He expressed hope of recovering part of nearly Tk 700 billion in loans.

United Commercial Bank (UCB) was most affected by Saifuzzaman Chowdhury, whose wife Rukmila Zaman chaired the bank. Other affected banks include Islami Bank, First Security Islami Bank, Social Islami Bank, IFIC Bank, Al-Arafah Islami Bank, NRB Commercial Bank, Bank Asia, and SBAC Bank. UCB, Al-Arafah, and Islami Bank have been assigned recovery responsibilities. UCB has signed six NDAs with a multinational firm.

According to Bangladesh Bank, Aramit Group’s loans amount total Tk 170 billion, nearly all defaulted. Saifuzzaman Chowdhury’s assets in the UK were seized in 2025 by the National Crime Agency. Saifuzzaman’s brother Anisuzzaman Chowdhury and sister-in-law Imrana Zaman Chowdhury have already transferred ownership of three properties in London worth about GBP 30 million (Tk 4.9 billion).

Janata Bank was most affected by Beximco Group, owned by former prime minister’s adviser Salman F Rahman. Beximco took around Tk 250 billion from Janata Bank. Almost entire amount was defaulted. Moreover, IFIC Bank, National Bank, Sonali Bank, Rupali Bank, Agrani Bank, AB Bank, UCB, Padma Bank, Dutch-Bangla Bank, BASIC Bank, and five merged banks were also victim of Beximco Group. Altogether, Beximco’s loans amount to Tk 530.4 billion, major portion of which is defaulted.

Janata and National Bank are leading recovery, signing 11 NDAs—nine already completed.

Asked, Janata Bank managing director Mujibur Rahman told Prothom Alo, “We have already completed all procedures subject to approval from the board of directors. Bangladesh Bank has given fresh instructions to move the process forward. We hope that through this, it will be possible to recover a portion of Beximco’s defaulted loans.”

National Bank has been the most affected by the Sikder Group. The bank remained under the control of the Sikder family for one and a half decades. In addition, the five merged banks, AB Bank, Janata Bank, IFIC Bank, Agrani Bank, and Premier Bank have also suffered losses. The Sikder family has multiple companies and substantial investments in the United States, United Arab Emirates, Thailand, the United Kingdom, Singapore, and Switzerland. IFIC and Agrani Bank have been assigned responsibility for recovering laundered funds. All nine NDAs have been completed by these two banks.

The total loans of the Sikder Group amount to Tk 102.33 billion. According to the concerned banks, almost all of these loans have become defaulted.
The five merged banks have been affected due to the Nassa Group. The group’s chairman, Nazrul Islam Mazumder, himself was the chairman of EXIM Bank. Other affected banks include National Bank, IFIC Bank, Al-Arafah Islami Bank, UCB, Southeast Bank, Bank Asia, Pubali Bank, and Standard Bank. National Bank, IFIC Bank, and Al-Arafah Islami Bank have been assigned responsibility for recovering laundered funds. These banks will sign 12 NDAs to trace the group’s assets, of which eight have already been completed.

The total loans of the Nassa Group amount to Tk 92.14 billion. According to bank sources, almost all of these loans have become defaulted.

When asked, IFIC Bank chairman Mehmood Hossain told Prothom Alo, “In line with Bangladesh Bank’s advice, we have signed agreements for information. Commercial agreements will follow. We are hopeful that a portion of the defaulted loans can be recovered through this.”

Social Islami Bank, Islami Bank, Janata Bank, Agrani Bank, Rupali Bank, AB Bank, UCB, Al-Arafah Islami Bank, Mercantile Bank, Premier Bank, Sonali Bank, and Meghna Bank have been affected due to the Orion Group. Agrani Bank and UCB have been assigned responsibility for recovery.

These two banks will sign 10 NDAs to trace laundered assets, of which one has been completed.

A progress report prepared in mid-2025 on the investigation of 11 groups stated that the total loans of Orion and its related entities amount to Tk 100 billion.

The same report mentioned that Bashundhara Group’s loans are about Tk 350 billion, Nabil Group’s Tk 94.05 billion, Gemcon Group’s Tk 21.13 billion, and Summit Group’s Tk 13.35 billion. The report did not specify the loan amount of Premier Group.

Emails were sent to the six industrial groups to obtain their statements regarding the investigation and agreements to trace funds.

Representatives of some institutions were also contacted by phone. However, no responses were received. Some of the group leaders are in prison, while others are fugitives abroad.

Among the remaining five industrial groups, statements from two were obtained. In a written statement to Prothom Alo, Summit authorities said they firmly assert that neither the company nor its shareholders have ever been involved in any illegal business activities or irregularities, whether in Bangladesh or internationally. No authority in Bangladesh has formally informed them of inclusion in any such list. They have always had full confidence that any review or investigation would prove that allegations of money laundering or financial irregularities against Summit Group have no basis.

Nabil Group chairman Aminul Islam told Prothom Alo, “All loans taken by our company from banks are regular. My business is running well. I am obligated to repay all loans.”

Experts believe that bringing back money laundered abroad is difficult but not impossible. Transparency International Bangladesh (TIB) Executive Director Iftekharuzzaman told Prothom Alo that efforts must continue following proper procedures. It will have to be proven in the courts of the countries where the money was laundered. Overall, the process is lengthy, but recovering laundered money is not impossible.

There is also a discussion within the government about the possibility of reaching settlements with the accused. On that issue, Iftekharuzzaman said that allowing reduced sentences as part of “plea bargaining” (a negotiated legal process) could be acceptable to recover laundered funds. However, it must follow international best practices, ensure equal standards for all, and adhere to specific legal procedures. Otherwise, banks involved in laundering could, in reality, collude with offenders and provide them another layer of protection. In return, the state would gain nothing, and the offenders could even emerge as “heroes.”