The financial sector of Bangladesh has been under a lot of strain due to multiple heists and embezzlement by a corrupted syndicate. According to Bangladesh government regulatory authorities, 6 NBFIs are currently facing severe liquidity crisis and they are both unable to return the money to the depositors and failing to attract any sort of businesses. Since these financial institutions are also enlisted in the capital market, shareholders are also facing disastrous losses. One of these NBFIs is Bangladesh Industrial Finance Company Ltd. (BIFC) that was ambushed and taken over in broad day light by now infamous P.K. Halder and his gang of cronies. This specific Institution was performing very well until 2015 when in that year the shareholders were given 20% cash dividend. The problem started after 2015 when an unknown company named “Sukuja Venture Ltd.”& “Kanchi Venture Limited” bought 5% public shares and subsequently appointed two directors with the assistance of few corrupted Bangladesh Bank officials. Even though sponsor shareholders board of directors of BIFC disapproved their appointment, they somehow managed these BB officials and got into the BIFC board. This unknown “Sukuja Venture Ltd.” & “Kanchi Venture Limited” is actually Shell Company that was set by P.K. Halder to purchase shares from the public market with the motive to take over BIFC board for money embezzlement. These two directors fixed by P.K. Halder, conspired with those specific corrupted BB officials and eventually removed the founder directors from the BIFC board. After their removal, the nightmare began for the depositors, borrowers, employees and all stakeholders of this healthy financial institution. Without any check and balance these gang of criminals manipulated and intimidated the BIFC management to artificially make the company insolvent. Independent auditors were surprised to discover that these people in the PK Haldar Controlled board changed the interest rate in different loan accounts without the knowledge of the borrowers to accelerate the deterioration of BIFC. According to recently filed High Court ruling, it has been stated that in last five years, P. K. Halder embezzled around 500 crore taka from BIFC. To cover up their crime, they falsely blamed founder chairman of the board, Major (Retd) Abdul Mannan and his family for the damage of this institution. In reality, Major Mannan and other sponsor directors were forcefully removed from the board in 2015, when BIFC was a profitable financial institution. Finally, the Honorable High Court of Bangladesh removed the P. K. Halder appointed board of directors, which is an initial step to the right direction. Financial experts believe that BIFC should be returned to its sponsor shareholders that includes reputable foreign investors. It is possible for them to turn round this NBFI around to profitability and save the shareholders from financial ruin. At this moment, strong government action is needed to bring stability in our financial sector and restore investors’ confidence.


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