Dr Jonaid Shafiq, a cousin of former land minister Saifuzzaman Chowdhury Javed, allegedly secured more than Tk 500 crore from the stock market and banks in the name of Navana Pharmaceuticals, but accusations have surfaced that a large portion of the funds was diverted for personal use rather than corporate growth.
Sources say Dr Shafiq also maintains family ties with Saiful Alam Masud, chairman of S Alam Group. Leveraging these connections during the tenure of the Awami League government, he allegedly built strong influence across several financial institutions.
According to insiders, Dr Jonaid Shafiq cultivated close relations with former Bangladesh Securities and Exchange Commission chairman Shibli Rubayat Ul Islam and stock market figure Abul Khair Hiru, both widely accused in past market manipulation controversies. Through these links, he reportedly secured key positions in major institutions despite lacking significant shareholdings.
He served as a director at United Commercial Bank Limited and Meghna Bank, and as vice-chairman of Delta Life Insurance Company, joining the board as a representative of the listed company Genex Infosys Limited.
A senior official of a financial institution, requesting anonymity, alleged that Dr Shafiq used ministerial influence to become a director despite not owning shares in the organisation. "Once inside, he began exerting pressure and abusing authority," the official said, claiming that he even orchestrated the removal of the institution's chairman.
Beyond the banking sector, Dr Shafiq also served as managing director of Japan-Bangladesh Friendship Hospital and Japan-Bangladesh Retirement Home. In the name of these institutions, he allegedly secured loans exceeding Tk 120 crore from different banks. A significant portion of the funds is alleged to have been misappropriated, leaving the projects in financial distress and delaying flat registrations, affecting thousands of buyers.
Sources say that before leaving the country on August 5, he left banks exposed to nearly Tk 540 crore in liabilities linked to Navana Pharmaceuticals.
According to officials of the Anti-Corruption Commission, Dr Shafiq is also named in a chargesheet accusing him of embezzling around Tk 250 crore from United Commercial Bank.
Now reportedly living abroad since August 5, he is said to be attempting to recast his political identity. Sources claim he has sent a 15-point proposal to leaders of the Doctors Association of Bangladesh seeking to portray himself as a politically disadvantaged figure and a supporter of the Bangladesh Nationalist Party.
According to insiders, his plan upon returning to the country is to surrender to authorities and seek quick bail on medical grounds in an effort to regain his former influence.
Attempts to reach Dr Jonaid Shafiq for comment were unsuccessful.
