Published: 12:15 AM, 10 June 2026
BAB Under Nazrul Transferred BDT 1243 Crore to Sheikh Hasina
This picture shows former Prime Minister Sheikh Hasina accepting Corporate Social Responsibility (CSR) funds from Nazrul Islam Mazumder, ex Chairman of Bangladesh Association of Banks (BAB). -Photo: Then Exim Bank
Bangladesh Association of Banks (BAB), under the presidency of notorious financial fraudster Nazrul Islam Mazumder, donated BDT 1243 crore to former Prime Minister Sheikh Hasina's funds and her family members from 2015 to 2024 wearing the camouflage of Corporate Social Responsibility (CSR), according to a forensic audit. Nazrul Islam Mazumder often claimed that he is Sheikh Hasina's close crony. This bank bandit abused the country's financial sector in every immoral way cashing on his hand-in-glove alliance with ousted Premier Sheikh Hasina. In particular the names of Bangabandhu Sheikh Mujibur Rahman Memorial Trust and Suchona Foundation have glared up through investigations following August 2024. BAB exploited its member banks for paying huge sums of grants to Nazrul Islam Mazumder for swelling up Sheikh Hasina's coffers, auditors have disclosed. Inquiries show that from 2015 to 2024, more than 30 private banks paid the above extorted amount to Sheikh Hasina coming under compulsion from ex BAB President Nazrul Islam Mazumder.
Bangladesh Bank's regulations show that banks are supposed to extend 30 percent CSR funds for healthcare services, another 30 percent funds for education and 20 percent money for climate adaptation. The rest of the CSR funds have to be spent for underprivileged people. Nazrul Islam Mazumder got hold of big sums of money through BAB for celebrating Bangabandhu's 100th birth anniversary. BAB also paid large sums of money for Bangladesh Olympic Association, Bangladesh Football Federation and Sheikh Russell National Children Council, latest inquiries have unfolded. Sheikh Hasina was Bangabandhu Memorial Trust chairperson while her daughter Saima Wazed Putul founded and headed Suchona Foundation. Anti-Corruption Commission (ACC) filed cases against Saima Wazed Putul during March 2025 suing her for abusing power from World Health Organization (WHO) Southeast Asian Regional Director post. Saima Wazed Putul also faces allegations of compelling private banks through Nazrul Islam Mazumder to pay 33 crore 5 lakh taka to Suchona Foundation, fraudulence and concocted documents.
The unseated Awami League government declared March 2020 to March 2022 as Mujib Borsho. Mujib Corner was installed in various offices during that time. Nazrul Islam Mazumder forced private banks during those years to sponsor the Mujib Borsho events. Audit reports have revealed that banks paid 173 crore taka for Mujib Borsho alone. Another 75 crore taka was obtained from private banks for organizing sports programs and making films on Bangabandhu's lifesketch. The forensic audit is being conducted by A Kashem and Co. Nazrul Islam Mazumder was arrested after Sheikh Hasina's downfall in August 2024 and Mazumder was removed from BAB around the same time. BAB high-ups took initiatives following Sheikh Hasina's removal to examine the extortions and embezzlements carried out by Nazrul Islam Mazumder. 29 private banks have meanwhile provided information to the investigators about Mazumder's sinister financial misdeeds. Another 12 private banks are still to unveil their findings to BAB scrutiny team.
Mutual Trust Bank Managing Director and Chief Executive Officer Syed Mahbubur Rahman said that Nazrul Islam Mazumder started grabbing money from private banks during 2014. Initially bank owners were not willing to pay so much money to the toppled government's fund but later on the banks' top executives were placed under heavy pressure and intimidation from law and order forces and thus they had to bow down to Nazrul Islam Mazumder's unlawful enforcement to provide enormous funds to Sheikh Hasina's accounts. It may be added that Nazrul Islam Mazumder forced newspapers and online portals to disable investigative reports from websites on his corruption and anarchy exercising evil influence on intelligence officials when Sheikh Hasina was in power.
Association of Bankers Bangladesh (ABB) former President Anis A Khan said that he witnessed the then BAB President's undue intervention in private banks' financial programs but nobody dared to speak against Nazrul Islam Mazumder at that time due to his close ties with Sheikh Hasina. Anis A Khan further said that such extortions by Nazrul Islam Mazumder plunged private banks into severe financial losses and damage.
Dr. Mostafizur Rahman, Distinguished Fellow of Center for Policy Dialogue (CPD), commented that CSR money was misused for political purposes in the past. These funds should have been spent for the betterment of marginalized masses. Dr. Mostafizur Rahman stated that such monetary vices could be done due to absence of integrity in banks and financial institutions.
The auditors have identified another 494 crore taka which was mishandled during Sheikh Hasina's tenure. Some other anomalies have been detected by the auditors like overtime bills without documents, business transactions done by means of credit cards, vague expenses for meetings and training programs, raising honorariums without approvals, fake invoices etcetera. Even funds were taken from private banks in the name of aiding Palestinians but this money was actually handed over to specialized schools for autistic children under indirect signals from Saima Wazed Putul. Audit findings have highlighted that Nazrul Islam Mazumder regularly paid immense amounts of bribes to different morally perverted law and order officers and intelligence high-ups during Sheikh Hasina's ruling period.
Professor Anu Muhammad, Jahangirnagar University told The Asian Age that the present government should take strong steps so that the offences committed by Nazrul Islam Mazumder can't be repeated. He remarked that state machineries should not be inflicted with political influence and the financial regulators should work without fears or favours to crack down on corrupted loan scammers and illegal money transfer masterminds.
Caretaker government's former Adviser Dr. Hossain Zillur Rahman said that without accountability and transparency in banks and financial administration, objectives to build up good governance and rule of law in any sector cannot be achieved.
