Staff Reporter :
In a startling revelation, Hasan Mohammad Tareq, a recently suspended assistant manager of International Leasing and Financial Services Ltd (ILFSL), has exposed a series of irregularities implicating some of the highest-ranking officials within the institution, sending shockwaves through the financial world.
Tareq has lodged serious accusations against several superiors, including Deputy Managing Director (DMD) Mashiur Rahman, directly to the board of the firm.
He claims to have been coerced into committing financial irregularities over a seven-month period, jeopardizing the firm’s integrity.
The gravity of these allegations has prompted swift action from regulatory bodies, with both the Bangladesh Bank and the Anti-Corruption Commission launching formal investigations alongside ILFSL’s internal team.
In a surprising development, a private television investigative report has also implicated a top official of ILFSL in the ownership of a crocodile farm in Bhaluka, Mymensingh.
The report alleges that in exchange for facilitating the purchase of the crocodile farm, former DMD Mashiur Rahman received an Audi Q5, previously used by notorious financial scammer Prashant Kumar (PK) Halder.
The saga took another twist when Tareq was summoned to a meeting of ILFSL’s Board of Directors on February 12, 2024, alongside a delegation from the Bangladesh Bank.
In the meeting, he reiterated his allegations against DMD Mashiur Rahman and HR Incharge Jasim Uddin, demanding accountability.
Despite claims of innocence from accused officials, investigations into International Leasing and Financial Services Ltd (ILFSL) have revealed troubling irregularities, including financial discrepancies and breaches of protocol.
The Bangladesh Bank’s Financial Integrity and Customer Services Department are actively probing complaints made by Hasan Mohammad Tareq, facing obstacles and resistance along the way.
In response to mounting pressure, ILFSL issued showcase notices to Deputy Managing Director Mashiur Rahman on May 15, 2024, presenting damning evidence of misconduct and negligence.
The notice highlights several instances of alleged misconduct during Rahman’s tenure, both internally and externally.
Notably, Rahman’s approval of a sub-deed of sale by auction for Reptiles Farm Limited’s mortgaged property on December 20, 2023, led to reputational damage following a televised report titled “In the Face of the Crocodile Farm” on March 15, 2024, jeopardizing the reputation of Chairman Nazrul Islam Khan.
Moreover, ILFSL points out discrepancies regarding a loan disbursement memo related to Saifan Agro, a loan customer, who transferred Tk 12 lakh to their bank account on January 04, 2024, without proper documentation.
During the absence of the managing director from April 02, 2024, to April 18, 2024, Deputy Managing Director Mashiur Rahman was entrusted with regular duties.
However, he suspended several employees and officials during this period, disrupting ILFSL’s internal operations and causing panic among employees, as stated in the show cause.
Additionally, the notice highlights Rahman’s alleged negligence towards ILFSL’s HR Manual and Service Rules/Employment Rules, demonstrated by unilateral decisions, questionable promotions, and intimidating behavior towards committee members during investigations.
Rahman has been given seven working days to provide a satisfactory explanation for his actions, failing which may result in administrative action as per ILFSL’s policies.
These developments underscore the urgency for accountability and transparency within ILFSL to address the identified irregularities and restore trust in the institution.
When questioned about these matters and Tareq’s termination, Jasim Uddin Khan, HR Incharge of International Leasing, acknowledged Tareq’s proficiency in his role.
However, he clarified that Tareq’s termination stemmed from alleged irregularities.
Jasim recognized that Tareq’s subsequent accusations were unfounded.
Regarding the timing of the termination, Jasim admitted the sensitivity of terminating Tareq over an issue resolved seven months prior.
When approached, DMD Mashiur Rahman dismissed all of Tareq’s allegations as false.
He stated that Tareq was terminated after an investigation into a customer’s complaint, which revealed misconduct.
According to Tareq, he joined ILFSL’s SME Department in 2016 and was later transferred to the recovery department in May 2022, where he served as an assistant manager until his termination.
During Rahman’s tenure as acting managing director, Tareq alleges he was pressured in various ways, including being asked to spy on colleagues.
After Mashiur Rahman was appointed as the acting managing director of the organization, he started to tempt Tareq in various ways, including removing the current head of the Recovery Department and giving Tareq the post, and asking him to spy on the conversations of all the officers on the floor of the office.
Tareq said, “In the meantime, one of the defaulting borrowers in Chittagong is Yakub Synthetic Fibers Limited, which owes more than Tk 1.29 billion to four other syndicate lender members, including ILFSL.
On the contrary, 80 percent of the land was mortgaged in Shikal Baha Mauza under Karnaphuli police station.
As the market value of the said land seemed too high, in collaboration with the customer, Mashiur told me over the phone to find a way to free it by calling me in the office or outside the office on WhatsApp and advised me to hide various information.”