Former chairman of Social Islami Bank PLC, Major (Retd) Dr Md Rezaul Haque, who has recently been appointed as a director in the new board of bank, is facing allegations of nepotism, harassment, improper loan disbursements in exchange for commissions, and involvement in scandals during his previous tenure.
Several past and present officials of the bank, who claim to have suffered under Dr Rezaul Haque's leadership, have expressed their concerns, calling his return to the bank an "ominous sign."
They have noted that since the announcement of his reappointment, rumours have been swirling within the bank. Following his removal as chairman in 2017, many bank officials breathed a sigh of relief; however, they are now reportedly fearful of potential reprisals.
According to some of these affected officials, during his previous tenure, Major (Retd) Dr Md. Rezaul Haque indiscriminately harassed competent and skilled officers, denying them promotions.
Conversely, those who complied with his directives were rewarded with double promotions, leading to a breakdown of internal discipline. Fear of retribution kept anyone from protesting these actions.
In 2017, after the board led by Dr Rezaul Haque was dissolved, bank officials alleged that he used his influence to grant large loans to trusted associates in exchange for hefty commissions.
It was also claimed that he made multiple trips to London each month at the bank's expense to visit his wife and children living there.
At the time, the bank reported irregularities and embezzlement amounting to Tk200 crore, and these allegations were covered by several national dailies.
Further accusations include claims that Dr Rezaul Haque coerced female colleagues into accepting inappropriate advances.
Several female bankers are said to have left the bank due to his misconduct.
Two former bank officials, Najmus Sadat and Humayun Kabir, reportedly aided the former chairman in these unethical activities. These two associates allegedly pressured female staff into complying with Dr Rezaul Haque's demands and even recruited women from outside the bank under the guise of offering them jobs.
There are also allegations that the former chairman misused his power to turn his office into a makeshift guesthouse.
Najmus Sadat, who served as EVP at the principal branch of Social Islami Bank, is accused of irregularities in several loans and investments, leading to his reassignment to the human resources department.
Additionally, it is alleged that he was secretly involved in business with a loan recipient of the bank, a clear violation of employment regulations.
Ultimately, he was dismissed from his position due to these and other disciplinary violations.
Humayun Kabir, another associate of the former chairman, reportedly misused his position as a member of the Awami League's Mirpur Thana Branch to mistreat colleagues and exert undue influence.
His close relationship with the former chairman prevented others from challenging him or Sadat.
Following the fall of the Sheikh Hasina government on 5 August due to a student-led public uprising, the political landscape in Bangladesh shifted. Nobel Laureate and renowned Bangladeshi economist Dr Muhammad Yunus took charge of the interim government and initiated widespread reforms.
As part of these efforts, Bangladesh Bank began reforming the financial sector, appointing new boards to banks to protect customer interests and ensure internal governance free from harassment and discrimination.
On 25 August, Bangladesh Bank dissolved the previous board of Social Islami Bank PLC and appointed five new directors, including former chairman Major (Retd) Dr Md Rezaul Haque.
The other four appointees are former Bangladesh Bank Executive Director Maksuda Begum, Professor Dr M Sadikul Islam of Dhaka University's Department of Finance, former Deputy Managing Director of Rupali Bank PLC Md. Morshed Alam Khandaker, and chartered accountant Md Anwar Hossain.
No allegations have been raised against these four individuals.
