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The Beximco Group, advised by the former private sector adviser to the Prime Minister, received excessive loans from Janata Bank, amounting to nearly Tk 25,000 crore, of which Tk 18,000 crore has turned into defaulted loans, making Janata Bank home to the highest level of bad loans in the country. Despite warnings and a central bank directive in August 2023 to cease further lending, Janata Bank provided an additional Tk 301 crore to the group. The group’s loan escalated from Tk 5,848 crore in 2019 to Tk 24,892 crore, with the number of affiliated institutions increasing from 9 to 30 during this period. The escalation began after the pandemic, with loans for 20 institutions reaching Tk 15,409 crore in 2021 and Tk 18,900 crore for 28 institutions in 2022. The local branch manager of Janata Bank at that time approved loans without board oversight, leading to severe liquidity issues. The situation prompted a special audit by the Bangladesh Bank to investigate the circumstances surrounding these loans, particularly the mechanisms employed to conceal ownership and facilitate further borrowing.
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