Depositors demand Bangladesh Bank intervention over ILFSL funds stuck for seven years

Individual depositors of International Leasing and Financial Services Ltd (ILFSL) have demanded immediate intervention from Bangladesh Bank to recover their funds, which have remained stuck for the past seven years.

Speaking at a press conference organised by the ILFSL Individual Depositors Forum at the National Press Club today (15 June), victims alleged that their deposits have been trapped since a syndicate led by Prashanta Kumar (PK) Halder took control of the institution. Badal Nandi presided over the event.

Reading out the written statement, Forum Coordinator Tasdiq Ahmed said, "Due to the failure of Bangladesh Bank's supervision, individual depositors are the biggest victims today."

The depositors alleged that the looting at ILFSL began in 2015 with the direct assistance of former Bangladesh Bank officials.

"We have been trying to meet the governor of Bangladesh Bank for eight months, but no meeting has been granted. Repeated letters and emails have gone unanswered," said the forum in its statement.

Referring to PK Halder, currently in India, the forum said, "He is healthy and knows everything about the looted money. We demand his immediate repatriation and trial so that the stolen funds can be recovered."

They also compared the situation to international responses to financial collapses.

"Even though banks collapsed in the United States and Switzerland in March 2023, the governments stood by their people. In Bangladesh, no such support has been provided in seven years," the statement read.

The speakers called for reforms in the non-bank financial institution (NBFI) sector, stressing that depositors' interests must be prioritised.

"While banks have received thousands of crores in liquidity support, why has Bangladesh Bank not supported NBFIs in the same way?" they questioned.

ILFSL, established in 1996 and licensed as an NBFI by Bangladesh Bank the same year, maintained financial stability until 2015 when PK Haldar and his associates took control of the institution.

According to its financial statement, as of November 2024, the institution owes around Tk4,300 crore to depositors and lenders and has been unable to meet its obligations.

On 10 April 2025, the High Court reconstituted ILFSL's Board of Directors, aiming to revive the organisation and safeguard depositor and stakeholder interests.

The court noted that with the inclusion of honest, experienced, and respected professionals, the institution could regain its operational strength and serve the financial sector once again.

Notably, PK Halder was arrested in May 2022 in West Bengal by India's Enforcement Directorate on charges of money laundering.

He was granted bail by a special court in Kolkata on 25 December 2024, after two and a half years in custody.

Meanwhile, in October 2023, a Dhaka Court sentenced PK Halder to 22 years in prison in a money laundering case. The punishment of Halder will be effective from the day of his extradition from India, said the court in its verdict.

However, the Bangladesh government has yet to bring him back to the country.