Recently ousted Prime Minister’s Advisor on Private Industry and Investment, Salman F Rahman, has begun revealing critical information during his remand interrogation by law enforcement. Under intense questioning, he has disclosed various schemes related to financial embezzlement, leaving investigators astonished by the scale and complexity of the operations.
According to investigators, Salman F Rahman has emerged as the mastermind behind these significant financial crimes. Former Law Minister Anisul Huq, who has also been arrested, is undergoing similar questioning. It has been revealed that Anisul Huq played a pivotal role in orchestrating the use of force to suppress the anti-discrimination student movement. During his interrogation, Anisul Huq indicated that former Home Minister Asaduzzaman Khan Kamal and former Bridge Minister Obaidul Quader hindered any resolution to the student movement, citing their aggressive stance.
During the pandemic, a fund was established to provide 200 crore takas to each bank. However, banks were reportedly coerced into investing these funds into Sukuk bonds. This intervention by Bangladesh Bank allowed the banks to divert their funds into these bonds, which had a detrimental effect on the stock market, causing the Dhaka Stock Exchange’s index to drop by approximately 1,200 points within just six months. Subsequently, Salman F Rahman’s company was permitted to issue another bond worth 1,000 crore takas, raised through IFIC Bank under the name Sripur Township Limited. The funds were raised under the “My Bond” initiative, with IFIC Bank serving as the guarantor. Despite widespread criticism for using a bank financed by depositors to benefit his own company, neither Bangladesh Bank nor the Bangladesh Securities and Exchange Commission took action against Beximco. Additionally, in April, his company received approval to issue a zero-coupon bond to raise another 1,500 crore takas.
Salman F Rahman has reportedly pressured various banks to purchase this bond. Notably, his name appeared in the 2011 investigation report by a committee led by former Deputy Governor of Bangladesh Bank, Khondkar Ibrahim Khaled, which examined the 2010 stock market manipulation. Leveraging his influence, Salman F Rahman successfully pushed through the issuance of preference shares for Beximco Pharma, raising 410 crore takas, including premiums. Around the same time, he raised 286 crore takas through Shinepukur Ceramics and 635 crore takas through Beximco Textiles. In 2013, using IFIC Bank’s funds, he acquired shares of a loss-making Nepalese company at an inflated price, resulting in the laundering of 125 crore takas. Additionally, in 2011, he raised 1,000 crore takas from the stock market under false pretenses through IFIC Mutual Fund. Salman F Rahman is also implicated in the Shinepukur Ceramics and Doha Securities scandals of 1996, a case currently under trial in the High Court.
Embezzlement of 900 Crore Takas from Rupali Bank Shares: In mid-2006, the Privatization Commission initiated the sale of state-owned Rupali Bank. Saudi Prince Bandar Bin Mohammed Abdul Rahman Al Saud placed a bid of 450 million USD for 93% of the bank’s shares. Amid the sale speculation, Salman F Rahman acquired shares of Rupali Bank at 400 takas each.
It was later revealed that the so-called Saudi prince did not exist, and the entire transaction was orchestrated to fraudulently acquire Rupali Bank shares. The share price of Rupali Bank subsequently soared to 3,400 takas, allowing Salman to illicitly gain 900 crore takas.
Interrogation of Tuku and Palak: In addition, former Deputy Speaker Shamsul Haque Tuku, former ICT Minister Zunaid Ahmed Palak, and Dhaka University Chhatra League General Secretary Tanvir Hasan Saikat are currently being interrogated in connection with the murder of a rickshaw puller during the quota reform movement in Paltan.
While in custody, Salman, Anisul, Tuku, Palak, and others are receiving three meals a day provided by the Detective Branch (DB). Their meals consist of lentils, bread, and vegetables in the morning, and rice, fish, meat, lentils, and vegetables for lunch and dinner. They are being treated as regular detainees without any special privileges. Medicines and clothing have been provided from outside according to their requests.
