B Mirror Report:  The Sikder family’s business empire has come under renewed scrutiny amid allegations of extensive influence over the banking sector during the Awami League era. According to reports, following political proximity in 2009, Zainul Haque Sikder took control of National Bank, marking the beginning of what critics describe as a period of unchecked dominance in the institution’s management and lending practices.

Over the years, multiple managing directors were reportedly removed from National Bank, while members of the Sikder family were appointed to key board positions in violation of regulations. Allegations have also emerged of irregular lending practices, including syndicated approvals, commission-based loans, fictitious borrowing, and inflated property rentals involving bank assets. The family’s control reportedly extended across several financial institutions, raising concerns about governance and compliance.

Following the deaths of key family members including Zainul Haque Sikder in 2021, his wife Monowara Sikder earlier this year, and Rons Haque Sikder recently the fate of nearly Tk 12,000 crore in outstanding loans linked to Sikder-related entities has become a major concern for banks. Officials say the group’s declared domestic assets appear insufficient compared to its liabilities.

The Bangladesh Bank has identified at least 11 banks exposed to Sikder Group-linked loans, including National Bank, IFIC, Janata, Agrani, AB Bank, Exim Bank, and several Islamic banks. A joint investigation team is currently working to trace alleged money laundering and overseas assets. Authorities have reportedly identified investments in countries including Canada, the United States, the United Kingdom, Switzerland, Thailand, and the UAE.

As part of recovery efforts, several banks have signed agreements with foreign legal firms to assist in tracking and repatriating assets. The Bangladesh Financial Intelligence Unit (BFIU) also froze accounts of 14 family members in 2024. Investigators continue to examine alleged irregular loans, including a reported $136 million in international credit card transactions between 2017 and 2021.

Officials say the ongoing investigation remains focused on asset recovery and accountability, while the banking sector continues to assess potential financial exposure linked to the group.