First Security Islamic Exchange (SRL), a company based in Italy and owned by First Security Islami Bank PLC, faces allegations of embezzlement through fraudulent activities. Approximately 800,000 euros, sent by around 2,000 Bangladeshi expatriates, have been withheld by the company. Recently, agents and distressed Bangladeshis from various regions of Italy gathered outside the Bangladesh Embassy in Rome, conducting a sit-in protest.

Reports indicate that First Security Islamic Exchange (SRL), fully owned by First Security Islami Bank PLC, has retained about 800,000 euros (roughly 120 million taka) that was intended for 2,000 Bangladeshi expatriates. Since January 15 of this year, the company has failed to transfer these legitimate remittances. Furthermore, the company’s head office in Rome was closed last March without addressing the issue of the expatriate funds. Consequently, the agents of the company are now facing difficulties due to these actions.

Moreover, the affected Bangladeshis have repeatedly sought the intervention of the Chief Advisor of the Bangladesh Government to help resolve this issue. Despite numerous written complaints submitted to the Rome Embassy and the Milan Consulate Office, no progress has been made. Eventually, the impacted expatriates declared their intention to continuously surround the embassy.

The expatriates affected by this situation have already sent written complaints to the Bangladesh Embassies in Rome and Milan, Chief Advisor to the Bangladesh Government Dr. Muhammad Yunus, President of the Non-Resident Global Remittance Association Ikram Farazi, Financial Advisor Dr. Salehuddin Ahmed, Governor of Bangladesh Bank Ahsan H. Mansur, and Chairman of First Security Islami Bank Abdul Mannan, yet they have not received any resolution.

They insist that this money represents the result of the expatriates’ hard work and should be promptly delivered to the customers. They expressed their concerns, stating that if expatriates feel unsafe even after transferring money through legal means, what assurance do they have in using these legal channels? The expatriates affected claimed that this embezzlement incident occurred under the leadership of the current bank chairman, Abdul Mannan, and the new officials following the rise of the interim government.

The expatriate Bangladeshis cautioned that if a resolution is not reached within the next week, they will implement more severe measures, including a prolonged siege of the embassy and halting remittances through legal channels. They voiced their apprehension that if this situation persists, it could severely tarnish the country’s reputation, and if expatriates continue to face such harassment while sending money through legal means, they may lose the motivation to do so, leading to a resurgence of illegal channels like Hundi.