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30-494: The Farmers Bank Limited was established in 2013 and was granted a licence due to the political links of its founder Muhiuddin Khan Alamgir . In January 2016, Bangladesh Bank appointed an observer to The Farmers Bank Limited who had found evidence of irregularities with the distribution of 4 billion taka loans. Farmers Bank used its security deposit money with Bangladesh Bank to payback interbank short-term loans to four banks for

60-736: A MoU at the Bangladesh Bank (BB) headquarters, under which the EXIM Bank will 'take over' the Padma Bank. It is learnt that after the merger it will operate under the name EXIM Bank . Muhiuddin Khan Alamgir Muhiuddin Khan Alamgir (born 1 March 1942) is a Bangladeshi politician. He is a Jatiya Sangsad member representing the Chandpur-1 constituency since 2008, and was Minister of Home Affairs from 2011 to 2013. He

90-644: A special audit on Bangladesh Bank. Alamgir's son Jalal Alamgir , an educationist in Massachusetts, died in an accident on 3 December 2011 at Pattaya, Thailand. Bangladesh Inland Water Transport Authority The Bangladesh Inland Water Transport Authority ( Bengali : বাংলাদেশ অভ্যন্তরীণ নৌপরিবহন কর্তৃপক্ষ ) also known as BIWTA is the authority which controls the inland water transport in Bangladesh . It's also responsible for managing development and maintenance of inland water transport system. The department

120-505: A stay order on his bail verdict on 28 May 2020. Mahabubul Haque Chisty was shown arrested in five cases related to the embezzlement of money from The Farmers Bank Limited. On 26 July 2018, Chisty's bail application was rejected by Bangladesh High Court. Anti-Corruption Commission filed charges against 18 individuals including the CEO of the Bank, Chowdhury Mustaque Ahmed, for embezzling 300 million taka from

150-791: A three months deadline to sort out the liquidity crises and asked its directors to inject cash into the Bank. Md Ehsan Khasru was appointed managing director of The Farmers Bank Limited on 5 January 2018. Minister of Finance, Abul Maal Abdul Muhith , announced on 8 March 2018 that Investment Corporation of Bangladesh and state owned Banks will take over 60 percent of The Farmers Bank Limited. On 24 March 2018, Bangladesh Bank disclosed that their investigation of The Farmers Bank Limited had found 5 billion taka loans were given to 11 companies violating banking rules in Bangladesh. The Central Bank blamed Muhiuddin Khan Alamgir and Mahabubul Haque Chisty, ex-chairman of The Farmers Bank Limited executive committee, over

180-589: A total of 7 billion taka in December 2017. This resulted in Farmers Bank falling short of the Mandatory Statutory Liquidity Requirement. The four banks were Agrani Bank Limited , Janata Bank Limited , Sonali Bank Limited , and NRB Bank Limited . Farmers Bank distributed loans to companies that never filed a loan application. The Bank distributed loans before their approval. By 2017, the bank

210-513: A wealth statement that he was forced to write while in jail and without access to lawyers or any documents. During the trial in July 2007, seven prominent persons, including well-known economists of Bangladesh and the United States, testified to his honesty. The summary tribunal set up by the military-led caretaker government convicted him of graft and sentenced him to 13 years imprisonment. All in all,

240-620: Is also an economist, civil servant, and writer in Bangladesh. Alamgir taught at the university until 1965. Joining the civil service that year, he served in numerous positions, for a total of 32 years. He held several positions with the Finance Ministry, in addition to regional posts. Beginning in the late 1990s, he was appointed to political positions when the Awami League was in power. He was detained without charges and tortured during 2002. An international effort helped obtain his release. He

270-549: The Bangladesh Telecommunication Regulatory Commission , Bangladesh Power Development Board , Bangladesh Climate Trust Fund , Bangladesh Petroleum Corporation , Chittagong Port Authority , Jiban Bima Corporation , Mongla Port Authority , Petrobangla , and Sonali Bank . Bangladesh Textile Mills Corporation successfully recovered its deposits with the bank. For Justice Surendra Kumar Sinha and 10 others were indicted on 13 August 2020 over

300-475: The Bank. Anti-Corruption Commission sued the chairperson of S. A. Group and six others with Gulshan Police Station over the embezzlement of loans from Farmers Bank. The Farmers Bank Limited was renamed to Padma Bank Limited in December 2019. Former Chairperson of the Bank Muhiuddin Khan Alamgir , who is also an Awami League politician, member of Parliament, and former Minister of Home Affairs,

330-453: The Bank. In October 2018, Anti-Corruption Commission announced that its investigation had found involvement of two businessmen in embezzling 40 million taka from The Farmers Bank Limited. On 10 December 2019, they filed charges against 11 including former Chief Justice of Bangladesh, Surendra Kumar Sinha . In April 2018, Anti-Corruption Commission detained Mahabubul Haque Chisty and three others, including his son Rashedul Haque Chisty, over

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360-481: The High Court overturned Alamgir's conviction and sentence. Alamgir faced controversy when he became the chairman of The Farmers Bank Limited while he was a government minister. Previous ministers resigned from their post to avoid conflicts of interest. When Bangladesh bank fined his bank, he as the chairman of the parliamentary standing committee on the public accounts asked Comptroller and Auditor General to conduct

390-449: The court-ordered deadline. In December 2002 the BNP government filed a sedition case against Alamgir for his role in a widespread protest in 1996 against the elections of the previous year. On 4 February 2007, Alamgir was arrested from his home by civil and military police; the government had called a state of emergency in Bangladesh. Eventually the government charged him with corruption based on

420-415: The embezzlement case by Special Judge of Court-4 of Dhaka, Judge Shaikh Nazmul Alam. Muhiuddin Khan Alamgir denied allegations of embezzlement from his bank following reports by from media organisations. He also denied reports that he charged commissions on loans from The Farmers Bank Limited. Padma Bank requested Bangladesh Bank waive a 1.44 billion taka fine it imposed on the bank for failure to maintain

450-629: The faculty of the Department of Economics at the University of Dhaka in 1962. In 1965 Alamgir joined the Civil Service of Pakistan . Among other posts prior to the independence of Bangladesh, he served as the subdivisional officer at Naogaon . He was serving the Pakistani government as deputy commissioner of Mymensingh when the 1971 war of liberation broke out. During Awami League rule in 1997, Alamgir

480-542: The final list of its 298 candidates to contest the 2024 national election which did not include Alamgir. After BNP was returned to power in 2001, the party sought revenge for Alamgir's role in causing it to lose power in 1996. The government arrested Alamgir in 2002, detaining him without charges. He was tortured while in police custody. According to the American Association for the Advancement of Science , one of

510-409: The government appointed three constituted authority of this institution on November 4, 1958. After independence of Bangladesh this department was named as Bangladesh Inland Water Transport Authority. Today, an appointed advisory committee advise in respect of all related development, maintenance, and operations of inland water transport and of inland waterways in Bangladesh. This article about

540-526: The government filed six cases against Alamgir between February 2007 and October 2008. On 21 October 2008, Alamgir was released on bail after being held in prison for 20 months by the military-backed caretaker government. In December 2008, the Awami League coalition won two-thirds of the seats in Parliament; Alamgir was among those elected while he was still on bail. As a result of an appeal, on 13 July 2009,

570-598: The government to release him. Professional and human rights organisations also pushed for his release, including the American Association for the Advancement of Science, Amnesty International , Asian Human Rights Commission , Committee of Concerned Scientists , New York Academy of Sciences , Organisation mondiale contre la torture (World Organisation Against Torture), 1997 Nobel Peace Prize Winners Physicians for Human Rights, Scholars at Risk , and South Asia Forum for Human Rights . Thousands of individuals from around

600-418: The groups that fought for his release, Alamgir later reported in court that Every evening at midnight, the police would enter his cell and blindfold him. He was taken to a separate room where masked men interrogated and tortured him. They beat him with lathi (bamboo sticks) and glass bottles filled with water. He reported that he was beaten severely on his buttocks, feet and other muscular parts of his body, and

630-444: The loan embezzlements. The 11 companies are Apollo Trade International, Advanced Development Technologies, Abeda Memorial Hospital, Al-Faruque Bags, NAR Sweaters Ltd, Bangladesh Development Company, Mac Trading, Index Housing, Mollik Aquaculture Farm, Messers Premjoy, and Nahar Farmers Group. M/S Roseburg Auto Rice Mills Ltd, owned by Sherpur District Bangladesh Nationalist Party leader Md Hazrat Ali, embezzled almost 700 million taka from

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660-745: The money laundering of 1.6 billion taka embezzled from the Bank. The other two accused are Muhammad Masudur Rahman Khan, First Vice President of The Farmers Bank Limited, and Zia Uddin Ahmed, Senior Vice President of The Farmers Bank Limited. They were questioned by the Anti-Corruption Commission in detention. Rashedul Haque Chisty received bail from Judge KM Emrul Kayesh on two cases concerning The Farmers Bank Limited on 18 May 2020. He also received Metropolitan Magistrate Md Sarafuzzaman Ansary and Judge Al Asad Md Ashifuzzaman on cases related to The Farmers Bank Limited on 19 May 2020. Bangladesh High Court issued

690-450: The required cash reserve ratio and statutory liquidity ratio in December 2020. Bangladesh Bank waived 890 million taka from the fine. Bangladesh Securities and Exchange Commission initiated an investigation of Padma Bank Limited following allegations that the bank Chairman Chowdhury Nafeez Sarafat had misused 1 billion taka from the bank by former bank chairperson Mohiuddin Khan Alamgir. In March 2024, The EXIM Bank and Padma Bank signed

720-453: The world wrote letters to the government about his case. The High Court disputed the government's rationale for the former minister's detention without charge; in an unprecedented step, the Court issued an ultimatum to the government, demanding that it release Alamgir or risk having the High Court free him by force. The government released Alamgir on 18 September 2002, an hour before expiration of

750-673: Was arrested, charged and convicted in 2007 under a military caretaker government , and imprisoned until October 2008. In addition to writing and publishing development economics textbooks and numerous articles on this topic, Alamgir published his memoir My Days in Jail (2003). Alamgir was born in 1942 in Kachua, Chandpur. completed his master's in economics from the University of Dhaka . Later he earned his master's and Ph.D. in development economics from Boston University . Alamgir started his career joining

780-491: Was first established in 1958 by the former East Pakistan government as East Pakistan Inland Water Transport Authority (EPIWTA). It was established for overall control, management, and development of inland water transports in the entire region. This agency was introduced on October 31, 1958, with the ordinance called the East Pakistan Inland water Transport Authority Ordinance 1958 (E.P. Ordinance, NO LXXV of 1958). Later

810-695: Was invited to join the cabinet as the State Minister for Planning. He also served stints in charge of the Civil Aviation Ministry and the Science and Technology Ministry. He was the initiator of the Fifth Five-Year Plan, which shaped Bangladesh's development policy from 1997 to 2002. On 13 September 2012, during the administration of Sheikh Hasina of the Awami League, Alamgir accepted a ministerial post. On 26 November 2023, Awami League announced

840-552: Was removed from his post at the bank. The managing director, AKM Shamim, of the Bank was also forcefully removed from his post at the Bank by Bangladesh Bank. The Bank had failed to pay back money to depositors and had to receive a bailout from the Government of Bangladesh worth 8.15 billion taka. Padma Bank failed to return 170 million taka fixed deposits to Bangladesh Inland Water Transport Authority Employees’ Pension Fund. The Bank also owes money to 18 government organizations such as

870-464: Was sodomized with the bottle. In addition, he was denied freshwater and his diabetes medicine. He reported that the police demanded that he sign a typed document. When he refused to sign, they continued to beat him. A widespread international campaign pressured the government to stop the torture and to release Alamgir. Prominent politicians, such as United States Senator Edward Kennedy , United States Representative Frank Pallone, Jr. , and others urged

900-549: Was virtually broke according to The Daily Star . Bangladesh Telecommunication Company Limited recovered 350 million taka from The Farmers Bank Limited on 1 November 2017 after the bank refused twice to allow them access to the funds. The Bank sought support from Bangladesh Bank due to a liquidity crisis. Bangladesh Bank refused to help until there was a change in the board of directors. On 22 November 2017, Bangladesh Bank provided 960 million taka repo loan to Farmers Bank due to its liquidity crises. Bangladesh Bank also provided it with

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