Abdul Aziz, the head of Crescent Group and owner of renowned film production company Jaaz Multimedia, remains a central figure in one of the largest loan default scandals in Bangladesh. Despite numerous legal actions and corruption allegations involving over Tk 5,000 crore in defaulted loans, Aziz has evaded significant legal consequences, continuing his activities in both the business and entertainment sectors.

Janata Bank, one of Bangladesh’s state-owned banks, is grappling with massive financial losses tied to Crescent Group’s five subsidiary companies, collectively defaulting on nearly Tk 5,000 crore in loans. The subsidiaries include Remex Footwear Limited, Crescent Leather Products Limited, Rupali Composite Limited, Lexco Limited, and Crescent Tanneries Limited. Investigations by Bangladesh Bank revealed that much of this money was siphoned off through fraudulent export documents and other deceptive practices.

According to Janata Bank, Crescent Group holds collateral worth only Tk 577 crore against the defaulted loans, leaving the bank with limited recourse to recover the funds. Compounding this issue, interest accumulation on the loans ceased following their classification as “bad loans,” causing the total liability to surpass Tk 6,000 crore.

The scandal extends beyond financial malpractice. Abdul Aziz and his brother Abdul Kader, who jointly own Crescent Group, have faced lawsuits from Janata Bank, the Anti-Corruption Commission (ACC), and the Customs Intelligence and Investigation Directorate (CIID). These charges include allegations of embezzlement and laundering Tk 919 crore abroad. Despite the gravity of these accusations, Aziz has avoided arrest and continues to maintain a high-profile presence in the entertainment industry.

Abdul Aziz has leveraged his influence within Bangladesh’s political and cultural spheres to remain untouchable. During the tenure of the Awami League government, he reportedly maintained close ties with influential politicians, which aided him in securing substantial loans from Janata Bank and avoiding prosecution. Film industry insiders allege that he even used actors and actresses from his production company to influence decision-making processes within the bank.

In 2018, Janata Bank filed five lawsuits against Crescent Group to recover the defaulted funds. Among these, Abdul Aziz was named as the primary defendant for Remex Footwear Limited, while his brother Abdul Kader was the main defendant in the remaining cases. The ACC filed an additional five cases accusing the Crescent Group owners of embezzling Tk 1,745 crore, implicating their family members, including their mother, sisters-in-law, and nieces.

Despite these legal challenges, Aziz has remained active in the entertainment sector. Recently, he attempted a return to the spotlight, attending events with actors and actresses from Jaaz Multimedia productions. In one such instance, Aziz shared a photo with actress Nusraat Faria on social media, sparking widespread attention. Both Aziz and Faria shared heartfelt captions expressing their admiration for one another, with Faria crediting Aziz for her decade-long career in the industry.

Jaaz Multimedia, established in 2012, quickly rose to prominence in Bangladesh’s film industry, producing and distributing numerous hit movies. Between 2013 and 2016, the company expanded its portfolio significantly, including cross-border collaborations with prominent Indian production houses. However, many allege that the rapid growth of Jaaz Multimedia was financed with embezzled funds from Janata Bank.

The group’s business interests, centered on leather and footwear manufacturing, originally stemmed from their family’s tannery in Hazaribagh, Dhaka. After inheriting the business in 2012, Aziz and Kader quickly expanded their operations, securing significant loans from Janata Bank. Between 2013 and 2016, Crescent Group’s loans surged as the brothers allegedly misrepresented exports and manipulated bank officials to funnel vast amounts of money into their accounts.

The fallout from the scandal has been extensive. In 2019, Abdul Kader was briefly imprisoned but later released on bail. Meanwhile, Abdul Aziz has avoided detention and reportedly travels freely between Bangladesh and abroad. Attempts by Janata Bank to reschedule Crescent Group’s loans have been unsuccessful, leaving the bank with limited avenues to recover the losses.

Janata Bank’s current chairman, M Fazlur Rahman, admitted that Crescent Group representatives have not contacted him since he assumed his position. He acknowledged the significant challenges posed by the unresolved loans, adding that legal proceedings are ongoing but slow-moving.

The fallout from this scandal has raised broader questions about governance and oversight within Bangladesh’s banking sector. Critics argue that Aziz’s ability to evade accountability underscores systemic weaknesses that enable powerful individuals to misuse state resources with impunity.

Despite the legal cloud surrounding him, Abdul Aziz appears undeterred. He has announced plans to relaunch Jaaz Multimedia with ambitious new projects in the film industry. Whether his ventures will succeed amidst ongoing legal scrutiny remains uncertain, but his case serves as a stark reminder of the challenges Bangladesh faces in tackling financial corruption.