Salman F Rahman granted bail in case over assault of BIFFL CEO for refusing Tk1,400cr loan

Former prime minister Sheikh Hasina's private industry and investment adviser Salman F Rahman has been granted bail in a case filed over the alleged assault, death threats and forced resignation of a former senior official of Bangladesh Infrastructure Finance Fund Limited (BIFFL).

The case alleges that the official was targeted after refusing to approve loan facilities worth around Tk1,400 crore for Teesta Solar, a company linked to Salman F Rahman, and other entities of the Beximco Group.

Dhaka Metropolitan Magistrate Mahbub Alam granted him bail on a Tk5,000 bond after a hearing today (24 August).

The defence lawyer, Md Sajibul Islam, confirmed the matter, saying the allegations in the case were entirely false and that most of the charges were bailable.

Former Bangladesh Infrastructure Finance Fund Limited (BIFFL) CEO SM Farmanul Islam filed the case with the Dhaka Metropolitan Magistrate Court on 15 September 2024. The court subsequently ordered the PBI to investigate the allegations.

The case initially named 12 people as accused, including Salman F Rahman, Abdur Rouf Talukder, and Abu Hena Md Rahmatul Muneem.

Later, the investigating officer named a total of six people, including Abdur Raf Talukdar, as accused in the case. Of them, the main accused, Abdur Raf Talukdar, former NBR chairman Abu Hena Md Rahmatul Muneem, Salman F Rahman, Md Monirul Islam Khan, and Khandaker Anwarul Islam are out on bail. The other accused, Sazzad Hossain, is absconding.

On 17 August, the court ordered that Salman F Rahman be shown arrested in the case after taking cognisance of the PBI investigation report.

According to the complaint, while Farmanul Islam was serving as BIFFL's CEO, he came under pressure to provide large-scale loans and investment facilities to companies linked to Salman F Rahman's interests.

In particular, a proposal was made to provide around $185 million, equivalent to about Tk1,400 crore, in financing for the Teesta Solar project, allegedly in violation of institutional policies.

Farmanul refused to approve the financing, citing the company's rules and procedures, according to the complaint.

The complaint further alleged that pressure on him intensified after he rejected the proposal.

He was allegedly pressured to make an advance investment of Tk200 crore in zero-coupon bonds of a company linked to Salman F Rahman and to provide loans worth hundreds of crores to various Beximco Group companies without collateral.

Farmanul also rejected those proposals, citing complications over defaulted loans reflected in Credit Information Bureau (CIB) reports, according to the case statement.

The complaint alleged that at BIFFL's 80th board meeting on 28 July 2019, the accused confronted Farmanul after he refused to approve the requested loan and investment facilities.

He was allegedly assaulted, grabbed by the collar, and physically harassed before being threatened with death and forced to sign a resignation letter.

The complaint also alleged that his official mobile connection was disconnected, access to his institutional email was blocked, and the keys to his personal vehicle were taken away.

He was also allegedly threatened with being implicated in a case filed by the Anti-Corruption Commission.

Following its investigation into allegations of fraud, abuse of power, assault, extortion and intimidation, the PBI submitted a charge sheet to the court.

The court subsequently took cognisance of the charge sheet and issued summons against the accused. Arrest warrants were later issued after the accused failed to appear before the court.

Accused Monirul Islam Khan and Khandaker Anwarul Islam subsequently surrendered before the court and were granted bail.