A diehard supporter of the Yunus-led illegal regime, Transparency International Bangladesh (TIB) has strongly demanded the cancellation of the appointment of newly appointed Governor Md. Mostaqur Rahman, in the interest of maintaining the independence and impartiality of Bangladesh Bank as the central bank.
TIB Executive Director Dr. Iftekharuzzaman raised this demand at a press conference organized at the TIB office in Dhanmondi on Thursday afternoon, saying that it is very important to ensure a conflict-of-interest-free role in this top position in the country’s financial sector.
A close aide of Prime Minister Tarique Rahman, Md. Mostaqur Rahman was a member of the BNP’s election steering committee.
The TIB, however, kept mum over corruption, nepotism in appointments, and mobocracy during the Yunus regime, when the Anti-Corruption Commission was restructured, ignoring TIB’s recommendations.
Dr. Iftekharuzzaman said that major questions have been raised in the public mind about the transparency and impartiality in the process of appointing the governor of Bangladesh Bank, pointing to the abrupt removal of Dr. Ahsan H Mansur.
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According to him, a person with proven skills and experience in the relevant sector and who does not have any conflict of interest should be appointed to this important position. He also mentioned that the central bank should be kept free from the influence of partisanship, otherwise it will be impossible to restore order in the country’s economy and banking sector.
TIB believes that the current appointment, as it is politically motivated, may undermine the independent entity of the central bank.
TIB says that giving priority to any other issue instead of professionalism in a sensitive institution like the central bank will be detrimental to financial governance in the long run.
The organization has urged the government to reconsider this decision and appoint a qualified and controversial person as the governor.
TIB also informed the press conference that not only the change of the governor but also the overall structural reform of the central bank is needed. An independent policy-making board is necessary to ensure the strict stance that Bangladesh Bank should take to control the non-performing loans of the banking sector and prevent money laundering.
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TIB expressed hope that the government will take these recommendations into consideration and take effective steps to enhance the status and performance of the central bank quickly.
Senior officials of the TIB, who were present at the press conference, urged the government to follow a zero-tolerance policy against corruption in the recent political and economic context of the country.
Notably, the BNP-Jamaat government championed corruption in the 2001-06 period because of Tarique Rahman’s greed for power and money.
Barely a week after assuming power following the February 12 elections, the administration acted without delay on growing complaints from inside the central bank. Senior officials, led by Bangladesh Bank Officers Welfare Council president A.K.M. Masum Billah, publicly condemned Mansur’s high-handed and dictatorial style. They accused him of forcing through questionable decisions, including the purchase of an overpriced luxury Toyota Alphard vehicle (Tk2.08 crore, exceeding government limits), opaque handling of medicine supplies at the medical centre, secretive injection of Tk22,500 crore in newly printed notes into troubled banks with minimal disclosure, and suspicious approvals of large loans and digital bank licenses without adequate oversight or government approval.
These serious charges—spread through viral Facebook posts and supported by staff protests—portrayed a governor more focused on personal whims and secrecy than on institutional integrity, leading to internal chaos, punitive transfers of dissenting officers, and deep distrust across the already fragile banking sector.
In a clear demonstration of responsiveness and resolve, the government refused to protect or delay action against this holdover from the previous Yunus interim regime.
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Finance Minister Amir Khasru Mahmud Chowdhury described the change as a completely normal and necessary procedure for any new government.
“A new government has come. Priorities exist. Changes are happening not just at Bangladesh Bank but across many places—it’s normal and will continue where needed,” he stated.
He stressed that new administrations must align key institutions with their own policies, programs, and reform vision, and that such adjustments ensure the BNP’s agenda is implemented effectively without resistance from bureaucratic holdovers or outdated appointees.
Seven Serious Allegations Against Ahsan H. Mansur
The Bangladesh Bank Officers Welfare Council has formally accused former Governor Ahsan H. Mansur of multiple instances of administrative irregularities, financial rule violations, and conflicts of interest—actions they say severely undermine the central bank’s prestige and governance standards.
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In a letter to the governor, the council listed seven specific allegations and demanded the formation of a high-powered, impartial investigation committee drawn from members of the Board of Directors.
BFIU Money Laundering Allegations
The governor allegedly directed regular sharing of sensitive frozen account information from the secretariat to the Bangladesh Financial Intelligence Unit (BFIU). Despite no provision for storing such data in the governor’s office, it is claimed the information was leaked to a syndicate via family members and the private secretary. In return, monetary dealings allegedly took place to reactivate frozen accounts, violating the Money Laundering Prevention Act.
Irregularities in Luxury Vehicle Purchase
A luxury Toyota Alphard worth nearly Tk2 crore was bought in violation of government austerity measures and the eight-year vehicle replacement rule. An existing operational vehicle was already available for the governor, yet proper public procurement rules (PPR) were bypassed and state-owned Pragati Industries was ignored.
Allegations Of Using Four Vehicles
While the governor’s contract permits only two vehicles, four vehicles are allegedly under family control, with fuel and maintenance expenditures exceeding approved limits.
Withdrawal Of PS Allowance
An additional director serving as the governor’s private secretary receives a Tk50,000 monthly car maintenance allowance, despite using an official vehicle—an unauthorised financial perk.
Conflict Of Interest In Digital Bank Licenses
Due to prior business connections, the governor allegedly rushed to award digital bank licenses to a particular group, disregarding single-group ownership restrictions under the Bank Companies Act. The process was halted only after objections from officers during board meetings.
Misuse Of Medical Facilities
Despite sufficient stock at the bank’s medical centre, fake “no-stock” slips were used to buy medicines externally and withdraw funds via fabricated bills.
Questions on CSR Fund Usage
Donations from the central bank’s CSR fund to Nilphamari Government High School, Chuadanga’s Khalil-Malik Foundation, and a girls’ school in Tangail lacked transparency and violated policy guidelines. Personal connections in these grants are cited as clear conflicts of interest.
Demand For Investigation
The council emphasised that these allegations tarnish the central bank’s image and insisted on a robust, independent probe committee involving board members.
Since assuming office on August 14, 2024, Dr. Mansur had been active in restoring discipline, controlling non-performing loans, strengthening supervision, and driving policy reforms. He took tough positions on restructuring weak banks, replacing boards, and enhancing internal monitoring—earning praise from reform advocates but resentment from sections of the banking industry.
He was the founder director and executive director of the Policy Research Institute of Bangladesh before joining the central bank.
Recently, officers branded him “autocratic,” leading to show-cause notices against three staff members and several transfers—moves that fueled intense debate in banking circles. The governor’s removal came shortly after.
Who Is The New Governor?
Md. Mostaqur Rahman is a garment businessman whose own company received a massive Tk89 crore loan rescheduling just weeks before his appointment.
He is a certified cost and management accountant. He is a chartered accountant from the Institute of Cost and Management Accountants of Bangladesh. He earned his bachelor’s and master’s degrees in accounting from the University of Dhaka.
He has been associated with the export-oriented garment industry for a long time and has been active in the activities of industry organisations, especially the Bangladesh Garments Manufacturers and Exporters Association (BGMEA). He also served on the board of directors of the Chittagong Stock Exchange Limited in the past.
In this context, the debate has begun over whether the appointment of an active industrialist to the top position of a regulatory institution like the central bank would create a conflict of interest.
Mutual Trust Bank rescheduled Tk89 crore in stressed loans for Hera Sweaters Ltd, a garment exporter owned by the new governor, with a 10-year repayment facility with a two-year grace period in December last year under the central bank’s special loan rescheduling policy.
The facility was meant for firms hit by factors beyond their control, including political unrest, currency volatility, and an economic slowdown. Documents seen by The Daily Star show Hera Sweaters had sought a 15-year rescheduling facility with a two-year grace period and a lower interest rate.