Waheda Begum, a senior female banker who has held several important positions during her long career, is now serving as the Managing Director (MD) of Probashi Kallyan Bank after previously serving as MD of Rajshahi Krishi Unnayan Bank (RAKUB). However, a series of allegations concerning her career and tenure at different institutions has raised questions about her professional record.
The allegations include questions over the legality of her appointment, a court-related contempt case, alleged concealment of case-related information at the time of her appointment, substantial losses incurred by a state-owned bank during her tenure, alleged promotion and transfer trading, financial irregularities, and the alleged rehabilitation of politically influential officials and employees.
Waheda Begum began her banking career in 1998 as a Senior Officer (Probationary) at Rupali Bank Limited. During her long career, she served in various important positions, including Zonal Manager and Divisional Head of Rupali Bank, as well as Chief Executive Officer (CEO) of Rupali Securities Limited. She later served as Deputy Managing Director (DMD) of Agrani Bank PLC and Ansar-VDP Development Bank. On March 1, 2025, she joined RAKUB as the bank’s first female Managing Director.
However, questions were raised over her appointment as RAKUB’s MD. She was appointed through an appointment letter dated February 27, 2025. Subsequently, a writ petition was filed challenging the legality of the appointment. Following the petition, the High Court issued a rule seeking an explanation as to why the appointment should not be declared illegal, amid questions over whether the relevant Bangladesh Bank guidelines governing the appointment of managing directors or chief executive officers had been properly followed.
Another issue concerns a contempt-of-court case dating back to her tenure at Agrani Bank. Media reports stated that on January 23, 2024, Waheda Begum and three other officials were sentenced to three months’ imprisonment for allegedly violating a court order. Subsequently, allegations surfaced that information relating to the case had not been disclosed when she was appointed MD of RAKUB. Waheda Begum, however, told the media that the case was not a personal matter concerning her and that she had not concealed any information.
RAKUB’s financial performance during her tenure also came under scrutiny. According to published reports, the bank incurred losses of around Tk 132 crore in the last financial year. Allegations have also surfaced that management weaknesses, administrative irregularities and decisions allegedly taken without adequately involving the board contributed to the bank’s financial difficulties. There were also reports that the bank’s chairman sought an explanation from the managing director.
The scale of the reported loss at a specialised state-owned bank raises questions about the reasons behind its financial performance. A document-based financial audit and an independent investigation would be necessary to establish whether management decisions or administrative irregularities contributed to the losses.
Waheda Begum has also faced allegations of promotion and transfer trading. Various reports, citing sources within the bank, have claimed that money was allegedly collected from around 40 officials during a promotion process. The reports also claimed that copies of cheques, mobile financial transaction records and audio recordings existed in support of the allegations. However, the authenticity of those documents and recordings has not been independently verified. Any determination of wrongdoing would therefore require forensic examination of the relevant financial transactions and official records.
Additional allegations include the approval of loans without adequate corporate guarantees, the use of political influence in recruitment and promotion, and the alleged existence of an influential group that affected administrative decisions within the bank.
There have also been allegations that preferred officials and employees were given favourable postings, while those who disagreed with the management were transferred elsewhere, allegedly creating a particular power circle within the administration. The veracity of such claims could be assessed by reviewing transfer and posting orders, board meeting minutes and other relevant administrative documents from the period in question.
Waheda Begum has also faced allegations of politically motivated rehabilitation. According to published allegations, attempts were allegedly made to reorganise and place individuals considered beneficiaries of the previous government in important positions at RAKUB. However, allegations concerning political affiliation should be assessed on the basis of documentary evidence, including recruitment, posting, transfer and decision-making records, rather than on the basis of an individual’s political identity.
When multiple allegations are raised against a senior banker—including questions surrounding appointment procedures, court-related matters, alleged promotion and transfer trading, irregularities in loan approvals, political influence and substantial institutional losses—the issue goes beyond a personal controversy. Such allegations warrant a transparent and impartial examination to establish the facts and determine accountability, if any.
Key questions include whether her qualifications and case-related information were properly scrutinised before her appointment; whether any financial transactions were involved in promotions or transfers; whether lending rules were violated; and what factors were actually responsible for the bank’s reported losses. Answering these questions would require a thorough review of appointment documents, declarations submitted