During the Awami League government’s 15 years in power, which ended following the student-led mass uprising, Bangladesh’s banking sector became one of the country’s biggest victims of large-scale corruption and money laundering.

During that period, the S Alam Group allegedly used political influence and the backing of state intelligence agencies to take control of seven banks and one financial institution.

The conglomerate then reportedly embezzled and laundered nearly Tk 2.25 trillion abroad by securing loans in the names of real and fictitious companies with only nominal collateral, disregarding banking regulations.