One of Dhaka’s most talked-about private hospitals, Anwer Khan Modern Medical College Hospital (AKMMCH), has accumulated loans worth over BDT 35 billion from several banks and non-bank financial institutions (NBFIs). Nearly all of it has now turned non-performing. The hospital’s Managing Director (MD), Anwer Hossain Khan, has gone into hiding. He became a member of parliament from Lakshmipur-1 (Ramganj) constituency on an Awami League ticket in the 11th and 12th national elections.
The Anwer Khan Modern Hospital has several affiliated institutions, including a medical college and several diagnostic centers. There is now a growing concern among bank executives over the recovery of these loans. Unable to find the defaulter Anwer Hossain Khan, the banks have now started auctioning the mortgaged properties. However, no interested buyers can be found.
According to data from Bangladesh Bank and the lending institutions, the total outstanding loans tied to Anwer Hossain Khan’s institutions, including hospitals, now exceed BDT 34.64 billion, a figure that continues to rise as unpaid interest compounds. Among the creditors, the soon-to-be-merged Shariah-based EXIM Bank holds the largest portion, with over BDT 9.50 billion. Islami Bank Bangladesh PLC is also in distress over nearly BDT 6 billion in unpaid loans. Other lenders include Jamuna Bank, National Bank, Social Islami Bank, Bank Asia, AB Bank, and Shahjalal Islami Bank. Apart from these banks, Anwer Hossain has taken loans from some other banks and more than a dozen non-bank financial institutions (NBFIs) as well.
Investigations by Bonik Barta and information from bank officials reveal that, in addition to company loans, Anwer Hossain Khan obtained anonymous loans using the names of his wife, mother-in-law, brother-in-law, and even several company employees. A portion of these funds has reportedly been laundered to the United States, where his wife, daughter, and other close relatives reside. Anwer Hossain has become the owner of a huge amount of land, houses, and other properties in the country by name and anonymously. Of these, he has more than 20 houses in the Dhanmondi area of the capital alone. However, according to sources, the value of the properties kept as collateral for loans with banks and financial institutions is not even BDT 5 billion.
Anwer Hossain Khan was one of the founding directors of the shariah-based Shahjalal Islami Bank. He has served as chairman of both its Board of Directors and executive committee, among other significant positions. However, due to his loan default status, he has since been removed from the board. He has already sold two of the three directorships he once held at the bank.
Anwer Hossain Khan also held two directorships in the fourth-generation South Bangla Agriculture and Commerce Bank PLC (SBAC), and he has now sold both of the shares. His wife, Tahmina Afroz, also served as a director at the same bank but has since been removed from its board. However, while she continues to serve as the chairperson of Anwer Khan Modern Medical College Hospital, she also retains her position as the chairman of Takaful Islami Insurance PLC. In addition, Anwer Hossain Khan was one of the founding directors of Fareast Finance and Investment Limited, a non-bank financial institution that went bankrupt following large-scale financial plunder.
Recently, Jamuna Bank PLC issued a public auction notice in an attempt to recover BDT 3.48 billion in defaulted loans from Anwer Hossain Khan. Bids can be submitted to the bank’s Dhanmondi branch until November 16. The auction involves 10 kathas (1 Katha = approximately 720 Sq. Feet) of land located at Plot 18, Road 8, Dhanmondi — adjacent to the properties housing Anwer Khan Modern Medical College and Anwer Khan Modern Hospital. However, relevant people say that even if the auction succeeds, the bank will struggle to recover BDT 1 billion from the sale, as no one will be interested in buying such properties in the current market.
An official of Anwer Khan Modern Medical College Hospital, speaking to Bonik Barta on condition of anonymity, said, “At its peak, the hospital and its affiliated diagnostic centers generated BDT 7–8 million in daily revenue. Of that, at best 10 percent can be considered operating profit. By that measure, it is possible to repay a maximum loan installment of BDT 2 billion with the operating profit of the institutions under the group, including the hospital. But the actual amount of debt is beyond imagination. No amount of future revenue could ever repay it.”
Labaid is one of the country’s leading private hospitals and diagnostic centers. It operates its main branch on Dhanmondi Road 4 — just a short distance from Anwer Khan Modern. Labaid Group’s Managing Director and Secretary General of the Bangladesh Private Hospital, Clinic & Diagnostic Owners Association (BPHCDOA), Dr. A M Shamim, told Bonik Barta, “Medical institutions, including hospitals and diagnostic centers, should never take on such large amounts of debt. That’s because this sector usually takes at least five to seven years since its establishment to make any meaningful profit. For example, if a hospital earns BDT 8 million per day, its total investment should not exceed BDT 2.4 billion. In that case, a loan up to BDT 1.2 billion could be considered reasonable.”
Dr. Shamim further noted that business and politics should not continue altogether. “In Bangladesh, many capable businessmen have suffered after entering politics. On the other hand, several politicians have damaged business environments after stepping into business. The ethical discipline and governance required for running a business often disappear once political involvement begins.”
Anwer Hossain Khan’s meteoric rise in the country’s healthcare sector took place over the past two decades. In the early 2000s, he reportedly operated a small diagnostic center and pharmacy in Dhaka’s Fakirapool area. By 2005, he had established Anwer Khan Modern Hospital, followed by Anwer Khan Modern Medical College in 2008. Until around 2010, he identified himself as a supporter of the BNP. However, soon after, he aligned himself with the Awami League. During the tenure of the now-ousted Awami League government, he allegedly used political influence and unethical means to secure massive loans from various banks. He then funneled the fund into stock market manipulation schemes. Through various tactics, he laundered a portion of the funds funneled from the banks and the capital market. The rest was invested in purchasing land, houses, and other assets across the country.
In a surprising turn, Anwer Hossain Khan contested the 11th parliamentary elections in 2018 as the Awami League’s candidate with the symbol of boat for the Lakshmipur-1 (Ramganj) constituency. Interestingly, he initially sought nomination from the Bangladesh Tarikqat Federation (BTF), a partner in the Awami League-led grand alliance.
Several senior executives and branch managers of banks that lent to Anwer Hossain Khan’s companies told Bonik Barta that most of his loans were issued after 2010. They added that his conduct became increasingly reckless after becoming an MP in 2018. He would claim to be the ‘son’ of then-Prime Minister Sheikh Hasina and often invoked the name and influence of Sheikh Fazle Noor Taposh to secure loans. He allegedly introduced himself as a business partner and fund manager for members of the Sheikh family and Taposh himself. Instead of repaying installments, he would intimidate bank executives and officials. As a result, even though his accounts qualified as defaulted, banks were prevented from officially classifying them as such for more than a decade.
Speaking to Bonik Barta, Managing Director (MD) of Islamic Bank Bangladesh PLC Md Omar Faruque Khan confirmed that efforts are underway to recover approximately BDT 6 billion in defaulted loans from Anwer Hossain Khan. “We have no direct contact with him. We are trying to trace him through various channels. Some of his assets are under mortgage with us. If recovery through regular procedures fails, we will auction the mortgaged properties to recover our loan (investment),” he said.
Despite repeated attempts to reach Anwer Hossain Khan for comment on the overall issue, it was not possible to get his statement. His two known contact numbers remained switched off. Anwer Khan Modern Medical College Hospital was contacted, but no trace of him was found.
Recently, this correspondent visited the hospital to seek clarification on the recent situation. However, no official agreed to give a statement on the matter, citing their name. However, several officials said that Anwer Hossain Khan still remains in the country. Sometimes he comes to the hospital after 10 pm while maintaining strict confidentiality, avoiding public gatherings.
An official added, “The hospital’s financial condition is dire. Some reputed doctors are being paid extra to stay on. Mainly, their regular patients come to the hospital. In this way, the institution is merely surviving.”