After establishing control over Islami Bank through what insiders described as a “DGFI-engineered” board meeting on 5 January 2017, S Alam Group began installing its own people throughout the bank. At the same time, employees already working at the bank who were considered favourable to the new controllers were promoted to senior positions.

At the time, two major disagreements emerged between Islami Bank chairman Arastoo Khan and S Alam Group chairman Saiful Alam Masud. The disputes centred on the sidelining of senior bank officials and efforts to recover loans extended to several other banks under S Alam’s influence.

At one stage, Saiful Alam visited Arastoo Khan’s residence and told him, “You have to step down.” Arastoo Khan resigned soon afterwards.

Arastoo Khan himself spoke to Prothom Alo about the matter. In addition, two former directors of Islami Bank, two former top officials, and one person who later received an important position at the bank recounted the inside story of this takeover to Prothom Alo. None wished to be named.

Prothom Alo also spoke to multiple sources at Bangladesh Bank, S Alam Group, and various institutions and agencies.