Fall of mafia Darbesh

Industry Desk: Wearing white punjabi-pajama, strong gait. At first sight he seems like an innocent, pious old man. There is no way to understand that behind this appearance is a very powerful businessman. The country’s banking sector and capital market are running under the direction of his hand.
Undoubtedly, he is Salman F Rahman. Who is also known as ‘Darbesh’. He was the adviser on private industry and investment to Sheikh Hasina who resigned from the post of Prime Minister. In a cruel twist of fate, he was arrested by the Coast Guard in Sadarghat area of the capital on Tuesday (August 13) while escaping by boat.
Salman F Rahman at a glance
Bangladesh Export-Import Company or Beximco started its journey in 1972 after the country became independent. Beximco started investing in the manufacturing industry from the mid-seventies. Beximco invested in pharmaceuticals after opportunities for private investment in the pharmaceutical industry arose in the 1980s.
Next comes the investment in the textile sector. In the mid-90s, along with expanding business, Salman F. Rahman entered politics. First, he formed a party called ‘Smriddha Bangladesh Andolan’. Later joined Awami League. His entry into politics is believed to have caused some damage to his business initially. Beximco had a bad time especially during the BNP-Jamaat coalition government in 2001-2006. And he spent nearly two years in jail during the military-backed caretaker government in 2007-2008. Soon after that he started coming out of these problems. The grand coalition led by Awami League has only moved ahead after coming to power. Apart from gaining political power by appointing him as the Prime Minister’s adviser on private industry and investment, he acquired enormous wealth by absorbing huge sums of money in the stock market. As a result, he came out of the financial crisis that he was going through for a long time since 2001 in 2009.
Salman F Rahman and his Beximco Group have ruined the country’s banking sector and stock market in the last 16 years during the Awami League-led government. He tried to legalize about Tk 40 thousand crore by changing the law of default for his own interest.
In 2013, the banking sector debt restructuring formula was created under the instructions of Salman F Rahman. In this opportunity, influential businessmen do various misdeeds. The tendency to repay the loan decreases. After that, defaulted loans increased uncontrollably, according to Bangladesh Bank, its amount was Tk 1 lakh 86 thousand crore, but in reality, the amount was Tk 4 lakh crore, bankers complained. As a result, the financial sector of Bangladesh has now become a ruin.
1996 share scam
Salman F Rahman is an inseparable name of the scandal in the share market. For the recent disaster, the flow of events shows that the Awami League government had direct involvement with the big share scandal that had occurred within four months of coming to power in the previous phase (in 1996). Even then, Salman F Rahman’s Beximco Group grabbed hundreds of crores of taka from ordinary investors by artificially raising the share price.
A case was filed against 15 institutions and 36 people in that incident. But it was not possible to form any charges in the case against Beximco and Shinepukur, one of the partners in this incident. The day after filing the case, the vice chairman of the two companies, Salman F Rahman, got interim bail from the High Court. It was informed that no charges can be framed against them from the high court.
Share scam again
Beximco was one of the country’s leading local groups in the private sector until the BNP government came to power in 2001. But since then, he fell into financial difficulties. This continuity is maintained even during the caretaker government including the BNP regime. At last, the situation was such that he could not even pay the salaries of the employees. Beximco officers and employees kept the company afloat by providing money from their personal funds.
After that, soon after the Awami League came to power in the 9th parliamentary elections, that situation started to change overnight. Since 2009, Beximco has started repaying defaulted loans of thousands of crores taken in the name of various companies. In the meantime, Beximco cleared much of the debt burden it had accumulated over the seven years from 2001 to 2008. Also, from the middle of 2009, they started taking ownership of one after another in the country. This is how a debt laden company can turn around overnight. GMG bought Airlines, Westin Hotel, ownership of BDNews24, a huge company like Singer, United Hospital, a famous school etc.
Then again in 2010, there was a terrible scandal in the country’s stock market. Where Salman F Rahman played the role of the villain. He looted thousands of crores of taka. Salman F Rahman, the most talked about critic of the capital market, has been accused of being involved in the ups and downs of the market and various types of manipulation, but the investigation report has tried to exonerate him. In various investigations, Salman F Rahman was found involved in all the irregularities in capital market including fixed price, book-building, right share, direct listing, asset revaluation, preference share. Apart from this, the investigation committee found evidence that he had embezzled a huge amount of money through the private placement of various companies. However, although evidence was found that the names of Salman F Rahman and some others were involved in these irregularities, no action was taken against them. Rather, they tried to put the crime of others including him on the shoulders of BSEC. This hero of the 1996 share scam stole thousands of crores taka from the stock market by committing fraud in the same role in 2010. But the reality is that no action was taken against him.
Top loan defaulters
A culture of defaulting loans has developed in Bangladesh for a long time. Which has forced the interest rates in the banking sector to rise. Apart from this, thousands of entrepreneurs have been hindered in getting loans and investments. Therefore, it is said that this defaulted loan is one of the biggest obstacles to the growth of the private sector in the country. And Beximco is one of the oldest and top locals in terms of default loan culture in the country. One of the highest defaulters in the last two decades, Beximco’s defaulted loans have crossed thousands of crores of taka. That is why Salman F Rahman is also known as one of the top loan defaulters in the country.
In mid-2009, the then Finance Minister Abul Mal Abdul Muhith gave a list of top 10 loan defaulters in Parliament. Beximco Textile was at the top of the list of defaulters. Apart from this, Beximco Group had three other companies in the top ten.
Meanwhile, Salman F Rahman and Beximco Group currently owe a huge amount to the state-owned Janata Bank. For a long time, there is a complaint against this adviser of Sheikh Hasina of renewing old loans with loan money. The influence of Beximco and S Alam group in Janata Bank is so much that any index of the bank changes due to them. One of the indicators is defaulted loans.
According to Janata Bank’s own records, the bank’s non-performing loans doubled in the three months from April to June 2023. As a result, at the end of June, the defaulted debt of the bank increased to Tk 28,665 crores. At the end of March, which was Tk 16,950 crores. However, in September 2023, the amount of defaulted loans of Janata Bank decreased to Tk 17,128 crores. As a result, the default rate of the bank has decreased from 30.43 percent to 17.99 percent. It is alleged that most of the defaulted loans are paid through irregularities.
Beximco Group’s Tk 8,580 crore of defaulted loans were rescheduled during July-September. Meanwhile, the rescheduled loan amount of Chittagong-based S Alam Group was Tk 5,269 crore. As a result, the defaulted loans of the bank reduced to Tk 13,949 crores. However, due to the addition of some new institutions to the list, the bank’s defaulted loans decreased by Tk 11,537 crore in July-September.
It is known that at the end of last June, Beximco Group’s loan to Janata Bank was Tk 23,228 crore and S Alam Group’s loan was Tk 9,609 crore. There is a rumor in the bank neighborhood that the benami loans of these groups are more.
How much money Salman F Rahman own?
In 2017, the name of Bangladeshi businessman Salman F Rahman appeared for the first time in the list of the world’s top richest people of China-based research organization Hurun Global. At that time, he was the owner of $1.3 billion. At Tk 80 per dollar, the amount of these assets was Tk 10,400 crore.
In the affidavit given to the returning officer on the occasion of the 12th National Parliament election, it can be seen that the movable assets of Salman F. Rahman, a former member of parliament from Dhaka-1 constituency and adviser on private industry and investment to the Prime Minister, are more than Tk 312 crore. In five years, his movable assets have increased to Tk 36 crores.
It is mentioned in the affidavit that Salman F Rahman is a businessman by profession. He is the Vice Chairman of Beximco Group. His Educational Qualification is Graduate. According to the affidavit, 14 cases were filed against him at different times, but he was acquitted in all of them. Salman F Rahman became Member of Parliament in 2018. In his affidavit that year, he mentioned movable assets (money, shares, gold, etc.) of a little more than Tk 276 crore. Out of the Tk 312 crores shown this time, about Tk 293 crores are shares and similar assets.Tk 9 crores are deposited in the bank. Salman F Rahman’s wife has immovable assets of Tk 3.67 crore. Out of this, about Tk 2.50 crore have been shown for the value of furniture and electronic equipment. He has about Tk 1 crore in his bank. Salman F Rahman’s annual income is a little over Tk 25.31 crore, which was Tk 9.35 crore in 2018. In five years his income increased to 2.7 times. Major part of Salman F Rahman’s income comes from shares and similar investments, amounting to around Tk 244.5 million. He also has income from building rent, employment and bank interest.
Fake land deed
Around 2000, Beximco Property Development and Management Limited, a company of Beximco Group, went to IFIC Bank for a large loan with several fake land documents. On behalf of the bank, the concerned officer later inquired about the land and found out that the land had not actually been purchased. The land owners panicked and approached the then Deputy Commissioner of Gazipur but he did not help them.
After that they approached the then UNO and he assured them of the necessary cooperation. On personal inquiry, UNO confirmed that the real owners had not registered the land with Beximco. Rather, these documents have been registered in the registry office under false ownership. UNO then sent notice in writing to Beximco Property Development and Management Limited. At that time, the business failed to manage that UNO despite showing various greed and fear. At one stage, UNO itself became the plaintiff and filed a case against Salman F. Rahman, the owner of the institution, at the police station. Claiming that Salman F Rahman is directly involved in this land fraud, he also attached 108 pages of evidence with the application. However, nothing happened to Salman or his organization, but the UNO was eventually transferred.
Son’s luxury car
According to a report a month ago, Salman F Rahman’s son celebrated his three-day wedding anniversary at the world’s most luxurious resort by looting people’s money. He was seen using luxury cars after looting people’s money.
Salman F Rahman’s son Shayan used Rahman’s expensive G53 car. The price of this car is $3 lakh. Glove has a Rolls Royce car in his collection, worth $400,000. Raise roller car is in his collection, which cost $2.5 million. Ferrari Roma cars are seen in his collection. The price of that car is $3.5 lakh. He has a Lamborghini car, which is worth $2.5 million. There is Met Laben’s racing car, which is worth $1.5 million.