STAR BUSINESS REPORT

AKM Ansar Uddin, a former official of Bangladesh Petroleum Exploration and Production Company Limited (Bapex), placed his retirement savings of Tk 16 lakh with People’s Leasing and Financial Services Limited in the hope of earning a steady return.

He set aside the money for his three children, especially for the marriages of his two daughters. But when the deposit matured, the company did not return the principal, let alone any interest.

As his health deteriorated, the elderly depositor was unable to withdraw the funds for treatment. He died in November last year. Amid financial hardship, the family later arranged the daughters’ weddings without ceremony.

Speaking at a press conference at the Jatiya Press Club yesterday, his wife, Akhtari Begum, broke down in tears as she described their ordeal. Their youngest son, Anaf Uddin, sat beside her.

The event was organised by the Alliance of 6 NBFIs Depositors Recovery Committee, which represents depositors of six non-bank financial institutions (NBFIs) now under liquidation. The institutions are FAS Finance, Premier Leasing, Fareast Finance, Aviva Finance, People’s Leasing and International Leasing.

Over the years, several non-bank institutions collapsed amid widespread mismanagement, weak governance and heavy exposure to non-performing loans. Poor regulatory oversight and delayed action by the Bangladesh Bank (BB) deepened the crisis and ultimately led to liquidation.

At the press conference, Akhtari Begum said she had struggled to arrange her daughters’ marriages with dignity. “We are now uncertain how to survive with my children and cannot even ask others for help. Now I feel completely lost.”

She said her husband expected to receive Tk 7 lakh, which he planned to use for medical treatment instead of taking loans, fearing he would leave his family in debt. Now, she said, she does not know how she will live the rest of her life.

Nashid Kamal, a professor and Nazrul exponent, coordinated the press conference, where other depositors recounted similar hardship after their savings became trapped in the six institutions.

She said some depositors, including Mustafa Zaman Abbasi, a musicologist, reportedly died without proper medical treatment because he could not access his money.

Another depositor said her family invested funds primarily meant for medical treatment and savings in Aviva Finance. Since 2024, they have been unable to withdraw their money or receive regular returns.

“Even urgent medical requests A The