Islami Bank Bangladesh Limited managing director Mohammed Monirul Moula has remained absent in the office since Sunday as he has been barred by a group of officials from entering the office on allegations of continuing his support to controversial S Alam group.
Islami Bank officials claimed that Monirul Moula, who was the closest ally of the S Alam Group, allowed fresh loans to the group, sparking anger among the bank鈥檚 staff.
Some officials reportedly pressured him to resign on December 19. Since then, Monirul Moula has not been seen at the office.
The S Alam Group, a major conglomerate with alleged ties to the ousted Awami League-led government, reportedly took nearly Tk 90,000 crore from Islami Bank alone, often using shell companies and anonymous entities.
A significant portion of these loans was approved during Monirul Moula鈥檚 tenure as managing director. Monirul is accused of playing a key role in facilitating these loans to S Alam鈥檚 shell companies.
Despite being aware of Monirul鈥檚 alleged misconduct, the reconstituted board, led by newly appointed chairman Obayed Ullah Al Masud, allowed him to remain in his position raising questions about the intentions of the restructured board.
Both Moula and chairman Masud could not be reached for comment.
On December 19, the Anti-Corruption Commission filed a case against 58 individuals, including S Alam鈥檚 son Ahsanul Alam, former Islami Bank chairman Ahsanul Alam and Mohammed Monirul Moula, for allegedly embezzling Tk聽1,092 crore through loan fraud.
Monirul Moula rose to prominence in the bank after the S Alam Group took control of Islamic Bank in 2017.
Initially promoted as additional managing director, he was later appointed as managing director in December 2020 by the board, which was dominated by S Alam鈥檚 allies.
The S Alam Group, a close ally of the deposed Hasina-led government, is accused of looting a significant amount of money from the banking sector with alleged government backing. The Hasina-led government fell on August 5 following a student-led mass uprising.
In the aftermath, the Bangladesh Bank freed Islami Bank from S Alam鈥檚 control and restructured the bank鈥檚 board, appointing Obayed Ullah Al Masud as chairman in August.
However, the decision to retain Monirul Moula despite his alleged involvement in financial irregularities has drawn criticism and raised concerns about the bank鈥檚 governance.
