Salman F Rahman was ‘mafia’ in economic sector

Hemayet Hossain

When we talk about fraud and manipulations in the stock market and banking sector, the name that comes to everyone’s mind is Salman F Rahman. In the 31 years since 1993, there has not been a single scandal in the stock market in which Salman F Rahman was not involved. He has invented new methods of manipulation.

He has always remained unreachable by misusing state power. Among them, in 2006, a fake person named Prince of Saudi Arabia staged a drama to buy silver banks. In this process, Rupali grabbed 900 crore taka from the bank’s shares. In the last three years, he has visibly withdrawn Tk 6,600 crore from the stock market. Out of this, Beximco took 3000 crores from Sukuk Bonds, 1000 crores from IFIC Amar Bond and 20600 crores from Beximco Zero Coupon Bonds. However, this amount will cross Tk 20 thousand crores in 3 years with invisible and unanimous combined.

In 1996, he was involved in the Shinepukur Ceramics and Dohar Securities scandals. He is still a defendant in that case. The case is pending in the Supreme Court. In 2011, the Khondkar Ibrahim Khaled investigation report on stock market manipulation was also credited to him. He then transferred the preference shares of Beximco Pharma. Through this share, he collected Rs 410 crore including premium.

At the same time, Shinepukur raised Tk 286 crore through Ceramics and Beximco Textiles raised Tk 635 crore.

Moreover, he sold the placement shares of GMG Airlines and took Tk 300 crores. The company later disappeared. But the investors did not return the money.

Similarly, he took a loan of Tk 228 crore from Sonali Bank in the name of GMG Airlines. In this case, Salman F Rahman’s Dhanmondi house was mortgaged. Sonali Bank is demanding auction of his house if he fails to pay later. In 2013, he bought a stake of Rs 10 for Rs 75 in Nepal’s loss-making company with the money of IFIC Bank. In the process, Rs 125 crore was smuggled there. In 2011, he collected Tk 1,000 crore from the stock market through IFIC mutual fund by using forged documents.

Salman F. Rahman, Vice Chairman of Beximco Group, was the Chairman of the Awami League and private sector advisor to former Prime Minister Sheikh Hasina. He is also the former Chairman of the Federation of Bangladesh Chamber of Commerce and Industry (FBCCI). In the 2018 and 2024 national parliamentary elections, Salman F. Rahman was elected from Dhaka-1 constituency and became a Member of Parliament from the Awami League. In both elections, he was elected as the Member of Parliament by capturing polling stations through various heinous activities including large-scale vote rigging, occupation of the centre, terrorism and attacks on journalists. He is also accused of looting public funds in the name of development in the Nawabganj-Dohar area.

In addition, there are allegations against Salman that he took over the bank, stole money from the bank depositors in the name of a loan, took illegal benefits from the bank by spreading political influence, laundered money out of the country, defaulted without repaying the bank loan. Not only that, he has also committed serious financial irregularities like extending 17 loans which were not repaid.

Moreover, although he was not a member of the cabinet, he had a great influence at all levels of the government. After the Awami League government came to power in 2009, Salman F Rahman took control of IFIC Bank. Since then, he has been in control of the bank. He has looted a large amount of money from the bank during the dispute. It is to be noted that before 2009, he was removed from the post of Managing Director of IFIC Bank due to several irregularities and allegations of corruption.

Sayan Fazlur Rahman, son of Salman F Rahman, stripped of directorship of IFIC Bank: Sayan Fazlur Rahman, son of Salman F Rahman, stripped of directorship of IFIC Bank due to non-payment. Bangladesh Bank has given this instruction in a letter sent to the Managing Director of IFIC Bank on August 11.

According to the letter, the central bank did not reappoint him as a director due to the default of loans taken from Syan IFIC Bank in the name of Aces Fashions Limited. Earlier on June 27, the 47th annual general meeting of IFIC Bank requested Sayan’s reappointment by the bank’s board of directors. As per Section 15 of the Bank Companies Act, 1991, the central bank rejected the request. Sayan’s father Salman F Rahman is currently the chairman of IFIC Bank.

Illegally Borrowed Tk 22,000 Crores from Janata Bank: Meanwhile, Beximco Group has taken a loan of Tk 21,978 crores from state-owned Janata Bank, in violation of rules.

According to the inspection report of Bangladesh Bank, Janata Bank has given loans of around 22 thousand crore rupees to various institutions of Beximco Group without following the proper rules of the central bank. According to the calculation, they have given loan facility of 949.78 percent of the bank’s capital to only one group.

There is no rule to lend more than 25 percent of capital (funded and unfunded) to a single customer. Despite several letters from the central bank asking for information about the total debt of Beximco Group, the bank did not comply. Instead, the information was kept secret from the central bank. After that, Beximco applied for a fresh loan of Tk 479 crore 36 lakh. Based on this, the issue came up. Because it is not possible for the bank to take such a big decision. So, Janata Bank sought permission from the Central Bank.

According to the inspection report of Bangladesh Bank, 26 companies of Beximco Group were incorporated during the 778th board meeting of Janata Bank on July 25.

No person involved was available to comment on behalf of Beximco Group on the above allegations.