President was ‘Partner in Looting’

Badiul Alam Majumdar, Secretary of Sujan, has alleged that when S. Alam took control of Islami Bank Bangladesh PLC in 2017, the current President Mohammed Shahabuddin was involved as a representative director of JMC Builders and was, in his words, “a partner in the looting”.

He claimed that, as an alleged accomplice of those responsible, the President should be facing legal consequences rather than residing at Bangabhaban.

“I leave behind the question of whether we, as a nation, can maintain our sense of self-respect and whether we can speak with our heads held high,” he said.

He made the remarks at a roundtable discussion organised by Voice for Reform on Saturday.

Badiul Alam Majumdar said that restoring confidence in the banking sector requires urgent attention to three major priorities.

First, he said, those responsible for financial crimes must be identified and given exemplary punishment.

Referring to S. Alam, he remarked that the name had become not just an individual identity, but “a method” of financial misconduct.

Second, he stressed the need for systemic reforms to prevent such irregularities from recurring.

He said expanding cashless transactions was essential so that loans taken under fictitious identities could not be transferred through hundi channels.

Third, he called for institutional reforms, particularly strengthening the independence of Bangladesh Bank, arguing that greater autonomy for the central bank could help prevent such activities.

He also expressed concern over recent violence at University of Dhaka, saying tensions had recently escalated there, while similar incidents had been continuing in Chattogram for a long time.

Warning of serious consequences, he said that if effective solutions were not found, universities could turn into battlegrounds.

He added that the quality of education had already been steadily declining and cautioned that, over time, this could make education increasingly irrelevant.

To address the situation, he said, the law must be followed strictly and the existing rules and regulations applicable to registered political parties must be properly enforced.