Industrial and Infrastructure Development Finance Company Limited (IIDFC) is a non-bank financial institution in Bangladesh. Md Golam Sarwar Bhuiyan is the managing director of Industrial and Infrastructure Development Finance Company Limited.[1]
Financial scamster Prashanta Kumar Halder was the deputy managing director of Industrial and Infrastructure Development Finance Company Limited in 2008.[2][3]
History
Industrial and Infrastructure Development Finance Company Limited was established in 2000.[4]Mohammed Matiul Islam, first finance secretary of Bangladesh, was the founding chairman.[5] It received its license on 23 January 2001 from Bangladesh Bank.[6]
In February 2007, Investment Promotion Financing Facility became eligible to participate in the Investment Promotion Financing Facility organized by International Development Association and Bangladesh Bank.[7]Bangladesh Bank, under governor Salehuddin Ahmed, asked it to float it's shares on the stock exchange.[8] It led a syndicated loan for Charka Textile Limited, a subsidiary of PRAN-RFL Group.[9] It provided 1.93 billion BDT loan to BSRM Iron and Steel Co Limited, a subsidiary of BSRM Group.[10]
The deputy managing director of Industrial and Infrastructure Development Finance Company Limited Proshanta Kumar Halder was appointed the managing director of Reliance Finance in 2009.[11][12]The Daily Star would later describe him as the Sultan of Swindle after he scammed 102 billion BDT from financial institutions.[13][12][14] Another co-worker of Halder at Industrial and Infrastructure Development Finance Company Limited, Uzzal Kumar Nandi became chairman of People's Leasing and Financial Services Limited and helped Halder in his scams.[15]
In 2010, M Matiul Islam, chairman of Industrial and Infrastructure Development Finance Company Limited, signed a cooperation agreement with HP Kumar, chairman of National Small Industries Corporation, for technical support to establish an ICT village in Bangladesh.[16] It was the issue manager of 1.1 billion BDT bonds of Bank Asia as approved by Bangladesh Securities and Exchange Commission.[17] It worked with World Bank to finance Hybrid Hoffman Kilns in Bangladesh.[18][19]
Bangladesh Bank fined Industrial and Infrastructure Development Finance Company Limited in 2022 relocating the Uttara branch without proper approval.[20] On 5 January, Md. Ataur Rahman Prodhan, former managing director of Sonali Bank, was appointed Chairman of Industrial and Infrastructure Development Finance Company Limited.[21][22]