DE News Desk :
Defaulted loans linked to 10 major business conglomerates under investigation have surged to Tk 51,663 crore, according to the latest figures from the Bangladesh Financial Intelligence Unit (BFIU) and Bangladesh Bank as of December 2024.
These groups collectively owe Tk 3.56 lakh crore, raising alarm over widespread financial irregularities and deep-rooted institutional failures.
Financial analysts blame years of unchecked lending practices, regulatory lapses, and political patronage — now being unearthed through an ongoing probe launched by the interim government.
In January 2025, the government initiated a high-powered joint investigation to probe financial crimes including loan default, money laundering, and embezzlement.
The probe targets 10 powerful business entities with close ties to the previous Awami League-led administration, as well as financial activities linked to the family of former Prime Minister Sheikh Hasina.
The task force comprises officials from the Criminal Investigation Department (CID), the National Board of Revenue (NBR), and the Anti-Corruption Commission (ACC), coordinated by the BFIU.
Investigators are also reviewing personal financial records of key stakeholders, several of whom have reportedly renounced Bangladeshi citizenship in an apparent effort to evade legal consequences.
The groups under scrutiny include:
S Alam Group, Beximco Group, Nabil Group, Summit Group, Orion Group, Gemcon Group, Nassa Group, Bashundhara Group, Sikder Group, and Aramit Group.
No direct loans have been found in the names of Sheikh Hasina or her immediate family members, authorities confirmed. However, assets and financial links are under examination.
Among the 10 conglomerates, eight have formally defaulted on loans. Beximco Group tops the list with Tk 20,516 crore in default out of a total borrowing of Tk 53,042 crore.
S Alam Group poses the most complex case, with total borrowings of Tk 2,25,029 crore across 10 banks and one non-bank financial institution. Investigators say nearly half of these loans were issued to obscure or fictitious entities. Defaulted loans at Janata Bank and Union Bank amount to Tk 11,850 crore.
Bashundhara Group holds the second-largest amount of defaulted loans, totaling Tk 7,811 crore from its total loan exposure of Tk 34,938 crore.
Nabil Group follows with Tk 7,000 crore in defaults from Tk 9,405 crore borrowed — representing the third-highest figure.
Other notable defaults include:
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Sikder Group: Tk 2,094 crore (out of Tk 10,233 crore)
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Orion Group: Tk 1,461 crore (out of Tk 10,012 crore)
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Gemcon Group: Tk 193 crore (out of Tk 2,113 crore)
In a related case, entities linked to former land minister Saifuzzaman Chowdhury have defaulted on Tk 638 crore, though officials suggest his total loan exposure — largely secured through influence over United Commercial Bank — may exceed Tk 7,000 crore.
As part of a broader crackdown, the government has frozen and attached assets worth Tk 1,75,625 crore, tied to the 10 groups and individuals associated with the Hasina family.
According to BFIU, this includes:
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Tk 1,30,758 crore in domestic immovable assets
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$164 million in foreign immovable assets
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Tk 42,614 crore in frozen domestic movable assets
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$20.78 million in movable foreign assets
These include holdings in banks and listed companies, luxury real estate, and large deposits.
The Bangladesh Bank, in collaboration with international partners, is pursuing asset recovery under Mutual Legal Assistance Treaties (MLATs).
Central bank governor Ahsan H. Mansur said at a recent press conference that although legal proceedings may take four to five years, several foreign governments have pledged cooperation — contingent on Bangladesh fulfilling legal and procedural requirements.
The government plans to use recovered funds to recapitalise struggling banks, compensate depositors, and finance social welfare initiatives for low-income groups.
Bangladesh’s banking sector remains under significant strain, with total non-performing loans (NPLs) rising to Tk 3.45 lakh crore by December 2024 — an increase of Tk 2 lakh crore within a year.
NPLs now account for nearly 20% of total outstanding loans — the highest in South Asia.
Experts link the crisis to prolonged data manipulation and lenient loan rescheduling policies under the previous administration, which allowed politically connected borrowers to keep loans “regular” on paper while eroding the financial health of banks.