Nassa Community Chairman Nazrul Islam Majumder had Tk261 crore in hobby waived on a mortgage from Janata Financial institution, allegedly the spend of his political connections, an investigation by Bangladesh Financial institution has uncovered.
This waiver, on a mortgage of Tk156 crore, allowed Majumder to steer obvious of paying any hobby. As a consequence, the total mortgage quantity, which had ballooned to Tk417 crore with hobby, used to be greatly diminished by the waiver, consistent with sources familiar with the matter.
An investigation by Bangladesh Financial institution uncovered that the hobby waiver used to be granted in violation of favorite banking rules. Significantly, none of the seven permissible causes for waiving hobby utilized to Majumder’s case. No matter this, all kinds of hobby—both charged and uncharged—had been forgiven.
Sources suppose both Janata Financial institution and Bangladesh Financial institution had been compelled to grant the waiver as a result of political tension.
Majumder, a dominant resolve within the banking sector, has held the influential direct of chairman of the Bangladesh Association of Bankers (BAB) for the past 15 years.
In step with several deepest monetary institution chairmen, Majumder’s energy within the sector is unparalleled. “He is an undeclared mafia within the banking sector. No one would possibly per chance well oppose him on chronicle of of his closeness to outmoded Prime Minister Sheikh Hasina,” one chairman acknowledged.
Majumder is also accused of gathering huge donations from varied banks for outmoded Prime Minister Hasina’s relief fund. Reports counsel he solicited Tk 2-3 crore from smaller banks, Tk 4-6 crore from mid-tier banks, and as a lot as Tk 20 crore from greater banks yearly.
He is also presupposed to maintain profited from the inter-monetary institution football match, charging an entry price of Tk25 lakh per participating monetary institution.
Many within the banking industry felt trapped under Majumder’s affect. The total monetary institution chairmen had been successfully hostages. No one dared to talk in opposition to him, acknowledged several chairmen.
