Although government banks and organizations hold 51% of the shares in Bangladesh Commerce Bank, the controversial conglomerate S Alam Group has effectively taken control of the bank. They have misused their influence to appoint the bank’s chairman and managing director. Furthermore, the bank owes Tk 13 billion to other banks and financial institutions owned by S Alam Group.
According to sources, S Alam Group did not borrow money directly from Bangladesh Commerce Bank. Instead, the bank provided Tk 6.10 billion to other banks owned by S Alam Group, and the conglomerate withdrew this amount, either under different names or anonymously. In addition, Tk 7 billion remains stuck in financial institutions owned by S Alam and 
Prashanta Kumar Halder, also known as PK Halder. The bank has been unable to recover these funds and is also not receiving interest from many of its investments.
S Alam Group has also been accused of appointing around 600 people, mostly from Patia Upazila in Chattogram, to the bank, leading to a virtual halt in the bank’s operations.
The Takeover by S Alam Group
The government and several state-owned banks were the original shareholders of Bangladesh Commerce Bank, with Bikalpa Dhara Bangladesh’s former secretary general Abdul Mannan, MGH managing director Anis Ahmed, and Anwar Group also holding significant shares until S Alam Group purchased them, either named or anonymously, in 2026. After acquiring these shares, S Alam Group gained complete control of the bank by appointing their own chairman and managing director. Currently, Rashid Ahmed Chowdhury, associated with a private university in Chattogram, serves as the chairman on behalf of S Alam Group, while Tajul Islam, a former deputy managing director of Janata Bank, is the managing director. It is believed that Tajul Islam’s association with S Alam Group began during his tenure at Janata Bank, where the group has loans of about Tk 110 billion.
Under S Alam Group’s control, the number of the bank’s officials has increased from around 400 to 1,000, with new branches, sub-branches, and bill booths opened to accommodate these postings.
Misappropriation of Funds
S Alam Group did not directly siphon money from Bangladesh Commerce Bank but used alternative methods. The bank deposited approximately Tk 6.15 billion in various banks, which the conglomerate then withdrew under different names or anonymously. As a result, Tk 2.30 billion of the bank’s funds are stuck in Islami Bank, Tk 1.40 billion in Union Bank, Tk 1 billion in Social Islami Bank, with the remaining funds withheld in First Security Islami Bank.
Similarly, Tk 7 billion remains stuck in various financial institutions, including Tk 2.90 billion at Aviva Finance, where S Alam Group owner Saiful Islam serves as chairman, Tk 1.54 billion at People’s Leasing owned by PK Halder, Tk 1.47 billion at International Leasing, Tk 710 million at Bangladesh Industries and Finance Company, Tk 200 million at FAS Finance, Tk 90 million at First Lease Finance, and Tk 80 million at Premier Leasing.
When these funds were deposited, Md Tajul Islam was the managing director of Bangladesh Commerce Bank, and Rashid Ahmed Chowdhury was the chairman. Neither responded to calls for comment, and the managing director has not attended the office since the fall of the Sheikh Hasina government. Meanwhile, frustrated bank officials have demanded that irregularities be addressed and forced deputy managing director Abdul Quader to resign.
Former Chief Economist of Bangladesh Bank, Mustafa K Mujeri, has stated that it is clear the funds were misappropriated through indirect methods rather than outright theft, which is why the money has not been returned. He emphasized that the bank’s chairman and managing director must be held accountable and called for immediate intervention by Bangladesh Bank. Mujeri also questioned the inaction of government and state-owned organizations that hold shares in the bank, suggesting that their oversight could have prevented the current situation. He urged that those involved in the corruption be punished to prevent future misconduct.
