Sunday, 17 August, 2025
Bangladesh’s banking sector, bled dry by years of plunder and political patronage, may finally see a reckoning.
The Bangladesh Financial Intelligence Unit (BFIU) has summoned detailed bank transaction records of nine former top officials of Bangladesh Bank — including three former governors and six deputy governors — as part of a sweeping financial inquiry into alleged mismanagement, corruption, and high-profile scandals during the ousted Awami League regime.
The Bangladesh Financial Intelligence Unit (BFIU) has launched a sweeping probe into nine former top officials of Bangladesh Bank — three former governors and six deputy governors — accused of presiding over an era of record bad loans, mega scandals, and the notorious $81 million reserve heist.
In a confidential letter to all commercial banks on Wednesday, the BFIU demanded full account histories, account opening forms, and all linked documents for the nine men who, critics say, turned the central bank into a rubber stamp for politically connected loan defaulters and shady financial flows during the Awami League’s reign.
The list of former governors under the scanner is a roll call of failed leadership: Atiur Rahman, Fazle Kabir, and Abdur Rouf Talukder.
Atiur Rahman (2009–2016) presided over the 2016 cyber-heist that made Bangladesh a global laughingstock, with $81 million siphoned from the New York Fed account into the Philippines. Not only did the theft happen under his watch, it was concealed from the nation for weeks until foreign media broke the story. His era also saw state-owned banks drowning in bad loans as politically favoured borrowers defaulted with impunity. Atiur slipped out of the country after the Awami League’s downfall last year.
Fazle Kabir (2016–2022) inherited the wreckage but did little to clean house. Instead, he allowed defaulted loans to soar to unprecedented levels, repeatedly granting loan rescheduling facilities that helped politically connected conglomerates stay afloat while taxpayers carried the burden.
Abdur Rouf Talukder, parachuted in as governor in 2022 from his role as senior finance secretary, quickly faced revolt from central bank staff who accused him of bowing to political orders and ignoring a looming liquidity crisis. His resignation came within days of the August 5 collapse of the Awami League government.
The deputy governors are no less controversial. SK Sur Chowdhury, considered a kingpin of the old guard, is now in jail on Anti-Corruption Commission charges, accused of shielding crooked bank directors and obstructing probes. SM Moniruzzaman, Kazi Sayedur Rahman, and Abu Farah Md Naser all quit under public and internal pressure last year over allegations of mismanagement and corruption.
Shockingly, even the watchdog’s own former chiefs are on the list. Md Masud Biswas, who once headed the BFIU, now sits in jail on graft charges. His predecessor, Abu Hena Mohd Razee Hassan, oversaw anti-money laundering compliance during years when Bangladesh became notorious as a global hub for illicit financial flows.
The damage they left behind is staggering: over Tk 1.8 trillion in bad loans, crony-controlled banks on the verge of collapse, and a culture of impunity that allowed public money to be stolen in broad daylight. Banking analysts say the rot in the system was no accident — it was engineered. “This was regulatory capture at the highest level,” said one economist. “The governors and deputies who were supposed to safeguard the financial system instead became its biggest enablers of theft.”
The BFIU’s probe marks the first serious attempt to hold the central bank’s past leadership accountable. Whether it leads to real prosecutions — or becomes just another buried investigation — will test the new government’s resolve to break from the Awami League’s legacy of financial plunder.
Banking analysts say these officials presided over some of the most damaging periods in Bangladesh’s financial history — marked by record non-performing loans, weak oversight over politically connected borrowers, regulatory inaction on rampant loan rescheduling scams, and lax controls that culminated in the 2016 $81 million Bangladesh Bank reserve heist from the New York Federal Reserve account.
Atiur Rahman (2009–2016) is widely criticised for failing to prevent the reserve heist and for the delayed disclosure of the incident, which only came to light weeks later through foreign media. His tenure also saw the ballooning of bad loans in state-owned banks amid allegations of political interference in lending. Atiur fled the country shortly after the change of government last year.
Fazle Kabir (2016–2022) inherited the aftermath of the heist but was accused of maintaining a “status quo” that allowed defaulted loans to reach historic highs, with regulatory forbearance that benefitted politically connected conglomerates.
Abdur Rouf Talukder, appointed in July 2022 after serving as senior finance secretary, faced internal protests from central bank staff accusing him of bending to political pressure and failing to address liquidity crises in several banks. He resigned soon after the August 5 ouster of the Awami League government.
Among the six former deputy governors, SK Sur Chowdhury — a key policymaker during the reserve heist and accused of shielding compromised bank directors — is currently in jail in an Anti-Corruption Commission case. SM Moniruzzaman, Kazi Sayedur Rahman, and Abu Farah Md Naser all resigned under pressure after last year’s central bank staff protests over corruption and mismanagement.
The BFIU list also includes former chiefs of the intelligence unit itself: Md Masud Biswas, now behind bars on corruption charges, and his predecessor Abu Hena Mohd Razee Hassan, who oversaw anti-money laundering compliance during years when Bangladesh faced global criticism for being a hub of illicit financial flows.
Experts say the banking sector’s woes — now burdened by over Tk 1.8 trillion in bad loans — are rooted in years of regulatory capture, political patronage, and compromised leadership at the very top of Bangladesh Bank. The latest BFIU move, they add, could be the first serious attempt to hold the central bank’s past leadership accountable for the culture of impunity that flourished under the Awami League.
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Bangladesh’s banking sector, bled dry by years of plunder and political patronage, may finally see a reckoning.
The Bangladesh Financial Intelligence Unit (BFIU) has summoned detailed bank transaction records of nine former top officials of Bangladesh Bank — including three former governors and six deputy governors — as part of a sweeping financial inquiry into alleged mismanagement, corruption, and high-profile scandals during the ousted Awami League regime.
The Bangladesh Financial Intelligence Unit (BFIU) has launched a sweeping probe into nine former top officials of Bangladesh Bank — three former governors and six deputy governors — accused of presiding over an era of record bad loans, mega scandals, and the notorious $81 million reserve heist.
In a confidential letter to all commercial banks on Wednesday, the BFIU demanded full account histories, account opening forms, and all linked documents for the nine men who, critics say, turned the central bank into a rubber stamp for politically connected loan defaulters and shady financial flows during the Awami League’s reign.
The list of former governors under the scanner is a roll call of failed leadership: Atiur Rahman, Fazle Kabir, and Abdur Rouf Talukder.
Atiur Rahman (2009–2016) presided over the 2016 cyber-heist that made Bangladesh a global laughingstock, with $81 million siphoned from the New York Fed account into the Philippines. Not only did the theft happen under his watch, it was concealed from the nation for weeks until foreign media broke the story. His era also saw state-owned banks drowning in bad loans as politically favoured borrowers defaulted with impunity. Atiur slipped out of the country after the Awami League’s downfall last year.
Fazle Kabir (2016–2022) inherited the wreckage but did little to clean house. Instead, he allowed defaulted loans to soar to unprecedented levels, repeatedly granting loan rescheduling facilities that helped politically connected conglomerates stay afloat while taxpayers carried the burden.
Abdur Rouf Talukder, parachuted in as governor in 2022 from his role as senior finance secretary, quickly faced revolt from central bank staff who accused him of bowing to political orders and ignoring a looming liquidity crisis. His resignation came within days of the August 5 collapse of the Awami League government.
The deputy governors are no less controversial. SK Sur Chowdhury, considered a kingpin of the old guard, is now in jail on Anti-Corruption Commission charges, accused of shielding crooked bank directors and obstructing probes. SM Moniruzzaman, Kazi Sayedur Rahman, and Abu Farah Md Naser all quit under public and internal pressure last year over allegations of mismanagement and corruption.
Shockingly, even the watchdog’s own former chiefs are on the list. Md Masud Biswas, who once headed the BFIU, now sits in jail on graft charges. His predecessor, Abu Hena Mohd Razee Hassan, oversaw anti-money laundering compliance during years when Bangladesh became notorious as a global hub for illicit financial flows.
The damage they left behind is staggering: over Tk 1.8 trillion in bad loans, crony-controlled banks on the verge of collapse, and a culture of impunity that allowed public money to be stolen in broad daylight. Banking analysts say the rot in the system was no accident — it was engineered. “This was regulatory capture at the highest level,” said one economist. “The governors and deputies who were supposed to safeguard the financial system instead became its biggest enablers of theft.”
The BFIU’s probe marks the first serious attempt to hold the central bank’s past leadership accountable. Whether it leads to real prosecutions — or becomes just another buried investigation — will test the new government’s resolve to break from the Awami League’s legacy of financial plunder.
Banking analysts say these officials presided over some of the most damaging periods in Bangladesh’s financial history — marked by record non-performing loans, weak oversight over politically connected borrowers, regulatory inaction on rampant loan rescheduling scams, and lax controls that culminated in the 2016 $81 million Bangladesh Bank reserve heist from the New York Federal Reserve account.
Atiur Rahman (2009–2016) is widely criticised for failing to prevent the reserve heist and for the delayed disclosure of the incident, which only came to light weeks later through foreign media. His tenure also saw the ballooning of bad loans in state-owned banks amid allegations of political interference in lending. Atiur fled the country shortly after the change of government last year.
Fazle Kabir (2016–2022) inherited the aftermath of the heist but was accused of maintaining a “status quo” that allowed defaulted loans to reach historic highs, with regulatory forbearance that benefitted politically connected conglomerates.
Abdur Rouf Talukder, appointed in July 2022 after serving as senior finance secretary, faced internal protests from central bank staff accusing him of bending to political pressure and failing to address liquidity crises in several banks. He resigned soon after the August 5 ouster of the Awami League government.
Among the six former deputy governors, SK Sur Chowdhury — a key policymaker during the reserve heist and accused of shielding compromised bank directors — is currently in jail in an Anti-Corruption Commission case. SM Moniruzzaman, Kazi Sayedur Rahman, and Abu Farah Md Naser all resigned under pressure after last year’s central bank staff protests over corruption and mismanagement.
The BFIU list also includes former chiefs of the intelligence unit itself: Md Masud Biswas, now behind bars on corruption charges, and his predecessor Abu Hena Mohd Razee Hassan, who oversaw anti-money laundering compliance during years when Bangladesh faced global criticism for being a hub of illicit financial flows.
Experts say the banking sector’s woes — now burdened by over Tk 1.8 trillion in bad loans — are rooted in years of regulatory capture, political patronage, and compromised leadership at the very top of Bangladesh Bank. The latest BFIU move, they add, could be the first serious attempt to hold the central bank’s past leadership accountable for the culture of impunity that flourished under the Awami League.
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