Masud Biswas served as the head of the Bangladesh Financial Intelligence Unit (BFIU) during the final years of the Awami League government.

According to official records, he held the position from November 30, 2021, until August 5, 2025. At that time, the current chief, AKM Shahinul Islam, was serving as the deputy head of the organization.

On January 2, 2025, the Anti-Corruption Commission (ACC) filed a case against Masud Biswas, accusing him of amassing illegal wealth. As reported by the media quoting ACC sources, the case alleges that he acquired Tk 18,772,622 (approx. USD 170,000) in assets beyond known sources of income.

Several senior officials at Bangladesh Bank, speaking on condition of anonymity, stated that Shahinul Islam—then deputy to Masud and now the head of BFIU—was also allegedly involved in money laundering-related activities during that period.

Following the mass uprising on August 5, 2024, Masud was removed from his position, and AKM Ehsan was appointed as acting head of BFIU. During Ehsan's four-month tenure, bank accounts belonging to former Prime Minister Sheikh Hasina, her sister Sheikh Rehana, and several top Awami League leaders were frozen or summoned for investigation.

Many Bangladesh Bank insiders have raised questions about Shahinul Islam’s appointment as BFIU chief. "How someone so closely associated with a disgraced former head could be appointed to lead a sensitive financial intelligence agency after the fall of a fascist regime is beyond our understanding," said one senior official.

Neither BFIU nor Bangladesh Bank has issued any official comment on the matter.

Deeper Allegations Surface

While tasked with preventing financial crimes, Masud Biswas himself has been named as a key architect of major financial misconduct, according to the ACC investigation. Though the formal charges involve Tk 1.87 crore in unexplained wealth, investigators reportedly uncovered information pointing to approximately Tk 6 crore in assets held by Masud and his wife.

Sources claim Masud suppressed several suspicious transaction reports (STRs/CTRs) and accepted illicit benefits from controversial business groups. He allegedly built a powerful syndicate with former Bangladesh Bank officials SK Sur and Shah Alam. This syndicate is said to have facilitated the looting of an estimated Tk 950 billion (Tk 95,000 crore) from the financial sector.

Among the groups reportedly shielded by the syndicate are Hallmark, Bismillah, S Alam, Beximco, and the Sikder Group—entities that have faced various allegations of financial irregularities and money laundering.

As of now, no formal legal action has been initiated against Shahinul Islam, but calls for a thorough investigation into his role are growing louder.