‘Shah Alam regularly took money from Premier Leasing MD’

Bangladesh Bank Executive Director Shah Alam has allegedly been paid by Premier Leasing and Finance Limited (PLFL) Managing Director Abdul Hamid Miah regularly to cover up loan irregularities of the financial institutions.

ASM Shafiqul Islam Manik, the founder of PLFL, made the complaint in a letter sent to the Bangladesh Securities and Exchange Commission (BSEC) on February 8.

When asked, Abdul Hamid Mia denied the complaint against him. “It is completely false, fabricated and baseless. The loan irregularities were disbursed before I was appointed here,” he told Business Insider Bangladesh.

In response to the letter, the BSEC started to investigate the allegations.

According to the letter, the Premier Leasing MD took the financial advantage by arranging various fake people and documents, and to avoid the irregularities, he voluntarily applied for resignation.

Abdul Hamid Mia bribed Shah Alam every month to hide the misdeeds and did not take installments of loans with different companies and individuals such as Western Marine, Delta Millers, SA Group, Biswas Textile, ADVAS, Major MA Mannan and so on, said the letter.

BSEC spokesperson Mohammad Rezaul Karim told the media that there was a complaint about the MD of Premier Leasing. He said the matter is being investigated by the concerned department of the commission.

The Bangladesh Bank recently barred the PLFL from accepting the resignation letter submitted by Abdul Hamid Mia. The PLFL’s financial health deteriorated due to the significant rise of bad loans scam during the tenure of the managing director.

The PLFL’s board was ordered not to receive the letter of resignation of its MD as he failed to return money to depositors, according to a letter from the central bank.