Three families top BASIC Bank default list

The names of a few families have repeatedly emerged in the loan scam of state-owned BASIC Bank.

The top loan dodgers, who have defaulted on loans in billions of taka, are from three families. These are the families of the former president of the Chittagong Chambers of Commerce (CCC) Murshed Murad Ibrahim, former Farmers Bank’s chairman Mahbubul Chisty and Dhaka’s automobile businessman Wahidur Rahman, revealed a parliament standing committee meeting on Sunday.

A total of 628 businesses, including those of the three families, have Tk 65.38 billion default loans with the state-owned bank.

According to a report on BASIC Bank disclosed in the meeting, half of the borrowers of the bank had become defaulters, creating a capital crisis of over Tk 30.8 billion in the state-owned bank.

Bangladesh Bank’s former deputy governor Khandakar Ibrahim Khaled said, “What happened in the BASIC Bank is a criminal offence. I can’t understand why the former chairman of the bank (Abdul Hai Bacchu) was not brought to the book.”

“I hope the Anti-Corruption Commission will comply with the High Court order in this regard,” he added.

The report shows that the bank has some 11 clients who have on an average Tk 1 billion in default loans each, raising the amount to Tk 12.56 billion in total.

Also,30 other businesses have Tk 21.04 billion in default loans with the bank.

IG Navigation Limited owned Jatiya Party’s reserved seat MP Mahjabin Murshed, wife of the former CCC chief Murshed Murad Ibrahim. The IG Navigation defaulted Tk 1.20 billion on loans while Murshed’s brother Faisal Murad Ibrahim’s Bay Navigation has Tk 1.16 billion in default loans.

MRF Trade House, business of Rashed Murad Ibrahim, another member of the Murad Ibrahim family, owes the bank Tk 5.8 million in default loan.

Another business of the family, Crystal Steel and Ship Breaker, defaulted Tk 1.13 billion on loans.

Murshed Murad Ibrahim could not be reached after repeated phone calls and text messages.

The brothers of hers Mahbubul Haque Chisty alias Babul Chisty — Jamalpur’s Majedul Haque Chisty alias Shamim Chisty and Mahmudul Haque Chisty — also have billions of taka default loans.

Shamim Chisty’s business house, Well Tex, tops the list with Tk 1.29 billion default loan.

His two businesses, Abid Dying and Anan Shacks have Tk 4.4 million and Tk 1.5 million default loans respectively.

Dhaka’s automobile businessman Wahidur Rahman and his wife borrowed billions of taka from several banks, including Basic Bank.

Their business house, New Auto Define, borrowed Tk 1.02 billion and Fiaz Enterprise borrowed Tk9.4 million, but failed to repay.

Other than the businesses of the three families, Delta System defaulted Tk 1.28 billion on loans, Profusion Textile Tk 1.11 billion, Maa Textile Tk 1.11 billion, Confidence Shoes Tk 1.08 billion and ARSS Enterprise Tk1.29 billion.

Source: Prothom Alo


  1. Why, why, why are we returning tp the pre 1971 scenario where 22 families systematically plundered the wealth of Pakistan, created the model which exploited East Pakistan (now Bangladesh) and laid the seeds of our independence movement, which resulted in the defeat of Pakistan’s establishment (political, military and business). Will this be the future fate of this country and this Government, where it has allowed Bangladeshi business people to recreate the same model, to strip the Banks of their depositors cash, the factories of their assets and to hide behind their political, legal and media connections. Will our Government not learn from historical lessons and drag these defaulters to court, strip them of their invulnerability and throw these families and their defaulting relatives behind permanent bars.

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