Former Prime Minister Sheikh Hasina left the country on August 5 in the face of the student uprising. Through this, almost 16 years of Awami misrule and arbitrariness came to an end. During the tenure of Sheikh Hasina, the banking sector has taken a terrible shape due to the occupation, loan scam and looting.

S Alam Group was the main hero of bank looting during the entire regime of Awami League. The group took over eight banks including Islami Bank. After taking over these banks, they took thousands of crores of loans anonymously. Not only loans, the influential group has opened companies in the names of individuals and organizations to keep the ownership of these banks.

It is known that 82 percent shares of Islami Bank are occupied by 24 individuals and companies in the name of S Alam Group. The group is planning to loot money by selling shares after the fall of the government. Taking these money out will have a big negative impact on the stock market.

In such a situation, investors have demanded action from Bangladesh Bank and Bangladesh Securities and Exchange Commission (BSEC) to prevent the sale of shares of the dominant group.

According to the data of Dhaka Stock Exchange, the number of shares of Islami Bank listed in the capital market of the country is 160 crore 99 lakh 90 thousand 668. Among these shares, 131 crore 89 lakh 12 thousand (about 82 percent) shares of 24 companies in the name of S Alam. S Alam Group is trying to get money by selling these shares. Its current market value is 5 thousand 399 crore 58 lakh 67 thousand taka.

Islami Bank Chairman Ahsanul Alam is one of the individuals in the name of S Alam Group holding share information. He is a nominated director from GMG Builders. In his name, the bank has 2.010 percent i.e. 3 crore 23 lakh 60 thousand 812 shares. Yusuf Abdullah Al Raji is the vice chairman of the bank. He is nominated from BTA Finance Limited. He has 4.9536 percent i.e. 7 crore 97 lakh 51 thousand 778 shares in his name. The bank's vice chairman. Tanveer Ahmed nominated from Paradise International. In whose name there are 2.0099 percent i.e. 3 crore 23 lakh 60 thousand shares. Director of Islami Bank. Zainal Abedin nominated from ABC Ventures Limited. The name of the company is 2.0063 percent i.e. 3 crore 23 lakh 1 thousand 30 shares.

Excel Dyeing and Printing nominated director Prof. Dr. Md. Sirajul Karim. The company has 3.3972 percent i.e. 5 crore 46 lakh 93 thousand 914 shares in its name. From Platinum Endervas Ltd. Director of Policy Prof. Dr. Kazi Shahidul Alam. The name of the company is 2.0053 percent i.e. 3 crore 22 lakh 85 thousand shares. Policy Director Syed Abu Asad from Excelsior Impex Company Limited. The name of the company has 2 percent i.e. 3 crore 22 lakh 334 shares. From Grand Business Limited, director of ethics. Kamrul Hassan. 2.0216 percent i.e. 3 crore 25 lakh 47 thousand 335 shares in the name of the company. Khurshid Ul Alam, Policy Director from Lion Head Business Resources Limited. The company is in possession of 2.0002 percent i.e. 3 crore 22 lakh 2900 shares.

Mohammad Nasir Uddin nominated director from BLU International Limited. This organization has 2.0099 percent i.e. 3 crore 23 lakh 60 thousand shares. Designated Director of Armada Spinning Mills Limited Abu Saeed Mohammad Kashem. The name of the company is 2.0130 percent i.e. 3 crore 24 lakh 8 thousand 339 shares. Nominated Director Shaukat Hossain from Kingsway Enterprises Limited. The company has 4.3975 percent i.e. 7 crore 79 lakh 9 thousand 870 shares in its name. Jamal Mostafa Chowdhury is the nominated director from Uniglove Business Resources Limited. The company has 4.6710 percent i.e. 7 crore 52 lakh 2 thousand 140 shares in its name.

The companies in whose name the shares are held are - 4.8895 percent i.e. 7 crore 87 lakh 20 thousand shares in the name of Solid Oak Insurance PCC Limited, 4.8882 percent i.e. 7 crore 86 lakh 98 thousand 832 shares in the name of Holistic International Limited, High Class Business Enterprise Limited 4.8447 percent i.e. 7 crore 79 lakh 99 thousand 910, 4.8183 percent i.e. 7 crore 75 lakh 74 thousand 595 in the name of Carolina Business Enterprise, 4.8160 percent i.e. 7 crore 75 lakh 36 thousand 393 of Brilliant Business Company Limited, Broadway 4.7562 percent in the name of Impex Company Limited i.e. 7 crore 65 lakh 74 thousand 650, 4.5056 percent in the name of Peaks Business Enterprise Limited i.e. 7 crore 25 lakh 40 thousand, 4.1812 percent in Evergreen Shipping Limited i.e. 6 crore 73 lakh 16 thousand 455, 3.9351 percent of Marathon Trade International Limited i.e. 6 crore 33 lakh 55 thousand 434, 2.5122 percent i.e. 4 crore 4 lakh 45 thousand 986 in the name of Kingston Flower Mills Limited and 2.2781 percent i.e. 3 crore 66 lakh 76 thousand in the name of Percepta Endervas Limited There are 458 shares.

Soon after the fall of the government, when the companies under the name of S Alam Group tried to withdraw large amounts of cash from Islami Bank through cheques, the bank officials blocked them. As a result, it was not possible to raise these funds. Now shareholders have complained to the regulator that the group is trying to cash out by selling their bearer shares.

There is fear among the shareholders of the bank. They have written to the regulatory body Bangladesh Bank and Bangladesh Securities and Exchange Commission (BSEC) and said, "Since the beginning we are shareholders of Islami Bank, in the past years the banking sector of the country has been operating under a special condition. S Alam Group bypassed the existing laws and regulations of the country very skillfully and took the ownership of the bank by showing the purchase of shares through several companies of the country and abroad with that money through various illegal methods and influence through investment or creation of loans from the bank. In the same process, Islami Bank's long-time shareholders were forced to sell shares held by S Alam Group. By holding these shares, Islami Bank Bangladesh plc, a very important strategic bank of the state, about 82 percent of the total shares of S. Alam.

The letter also said that the new government took power through the mass revolution of the anti-discrimination student movement on August 5. In such a situation, the shareholders want the intervention of the Central Bank and BSEC so that they cannot sell their shares held in the name of S Alam Group in the subsidiary companies of the fascist regime of the past days for the sake of establishing a non-discriminatory society and the economy of the country before the investigation. The letter also demanded to take quick action in the interests of millions of depositors and common shareholders of Islami Bank.

Bangladesh Securities and Exchange Commission (BSEC) Executive Director and Spokesperson Rezaul Karim said, according to the law, the shares of a listed company can be held by the group. However, if any group holds 82 percent shares in violation of the law and the commission finds proof of this, BSEC will take legal action against them.

It is known that this influential group was assisted in bank robbery and share scam by the former governor of the central bank Abdur Rauf Talukder and the former chairman of BSEC Shibli Rubaiyat ul Islam. Both of them resigned after the fall of the government, but the government has not taken any action against them so far.

Abu Ahmed, a capital market analyst and former professor of Economics Department of Dhaka University, told in this context that Islami Bank was a strong bank among Shariah-based banks. S Alam captured and looted it. The bank has been weakened by anonymous loans. Now the government's first task will be to expropriate the bank.

Regarding the holding of shares, he said that they bought the shares to retain the possession of the bank. If you look into it, it will be seen that the shares were bought with a loan from the bank. In other words, he bought the shares of the bank with the money of the bank. Again, the shares of this bank have been mortgaged (lien) and taken loans from many banks. Not paying any money now. So the regulatory agencies should investigate these issues and freeze their shares against loans. At the same time, the ownership of the bank must be changed. For this, the shares have to be transferred or sold. Now we have to see when they are transferring or selling shares, who is buying the shares. We have to be careful about whether these buyers are companies or individuals in the name of S Alam.

Meanwhile, even a decade ago the top bank in the country was Islami Bank Bangladesh Plc. The bank outperformed all other banks in compliance, customer service and financial indicators. It was foremost in collecting local deposits or foreign exchange due to customer confidence. But the situation started to change from 2017. In that year, the S Alam Group, close to the recently departed Awami League government, took control of the ownership and management of Islami Bank as an initiative to 'liberate Islami Bank' due to the political decision of the government. After that, in seven and a half years, this business group and Nabeel Group of Rajshahi have taken out about Tk 50 thousand crores from the bank anonymously. This amount is one-third of the bank's total loans. No rules were followed to withdraw this money. According to the officials concerned, the actual amount of money laundered from the bank is higher than the loan information available so far.

According to information, S Alam Group took control of Islami Bank in 2017. At that time, the bank had a loan of three thousand six crores in the name of S Alam's three companies. The group was a customer of the bank's Khatunganj branch in Chittagong. At that time the total loan of the bank was Tk 61 thousand 641 crore and deposit was Tk 68 thousand 135 crore. Officers were less than 10 thousand. After taking control, new branches were opened and recruitment of Patiyars started with the aim of increasing deposits.

As a result, the bank now has 395 branches across the country. Out of this there are 250 sub branches. At the end of 2023, deposits in Islami Bank increased to 1 lakh 53 thousand 456 crores and loans stood at 1 lakh 60 thousand 26 crores. That is, the bank has issued more money as loans than deposits. This additional money came mainly from Bangladesh Bank.

The regulatory capital of Islami Bank is Tk 10 thousand 414 crores. As a result, Islami Bank can give a maximum funded loan of Tk 1,562 crore and non-funded Tk 1,420 crore to a group. In other words, a group can get a loan of 2 thousand 604 crores. To launder thousands of crores of bank loans, S Alam Group created several groups and opened institutions under different names.

After reviewing the documents received, it was found that the institutions associated with S Alam's name have taken a loan of Tk 14 thousand 167 crore from Islami Bank. And Saiful Alam's daughter's husband Belal Ahmed's Unitex debt is Tk 454 crore. Apart from this, the loan amount of individuals/institutions related to S Alam is 32 thousand 172 crores. These loans are spread in different branches of Chittagong, Rajshahi and capital. Apart from this, the debt of various institutions under Nabil Group of Rajshahi is Tk 3 thousand 545 crores.

After the fall of the government on August 6, the officers appointed by the S Alam Group were thrown out of the bank by the angry bankers. Their protests continued on August 7 and 8. After the takeover of Islami Bank in 2017, there was a demand to cancel the appointment of the executives who were appointed illegally. In such a situation, the Additional Managing Director (AMD) Qaiser Ali, who was promoted during S Alam's tenure, came to the bank and was forced to resign.

The officials demanded to expel the looters from the bank by reconstituting the board of Islami Bank. Besides, Managing Director Monirul Mawla, Additional Managing Director Kausar Ali, Deputy Managing Director Akiz Uddin, Miftah Uddin and other officials appointed during S Alam's tenure demanded expulsion from the bank.