Bangladesh Bank (BB) Governor Ahsan H Mansur has advised the public against purchasing properties from S Alam Group that do not have bank mortgages, as banks will refund depositors by selling these assets. During a press conference on 28 August, he stressed that any sale of such properties must follow legal procedures, and buyers may face legal challenges.
Governor Mansur also highlighted the gravity of the financial misconduct by S Alam Group, describing it as one of the most systematic bank looting operations he has seen globally. He indicated that a banking commission, which will include international experts and take cues from Sri Lanka’s experience, is expected to be formed within a month.
Regarding Islami Bank, the governor stated that the newly formed board has been instructed to submit a work plan within a week. He warned that the Bangladesh Bank will closely monitor the board’s actions and will not hesitate to make further changes if irregularities are detected.
