Nassa Group Chairman Nazrul Islam Majumder is accused of leveraging his political connections to have Tk261 crore in interest waived on a Tk156 crore loan from Janata Bank, as revealed by a Bangladesh Bank investigation. This waiver reduced the loan from Tk417 crore despite violating banking regulations, as none of the allowed reasons for waivers applied in his case. Political pressure reportedly influenced both Janata Bank and Bangladesh Bank to grant the waiver.
Majumder, who has led the Bangladesh Association of Bankers (BAB) for 15 years, is seen as a dominant figure in the banking sector, with some referring to him as an “undeclared mafia” due to his close ties to former Prime Minister Sheikh Hasina. He is also accused of soliciting large donations for Hasina’s relief fund from banks and profiting from an inter-bank football tournament. Consequently, many banking leaders feel trapped by Majumder’s influence, fostering a culture of silence and fear within the industry.
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