Scholastica's Tk730cr debt, Tk425cr transfer to mystery firm raise questions

Scholastica Limited, one of Bangladesh's prominent English-medium school operators, had total liabilities of Tk730 crore in December 2025, including Tk727 crore in defaulted loans, according to IFIC Bank records.

An investigation based on bank records and audit documents also found that more than Tk425 crore was reportedly transferred to a company whose existence could not be verified.

The findings have raised questions about the school's financial management, the use of funds collected from students and possible links between the recipient company, Crescent Limited, and influential business figures.

According to IFIC Bank records, Scholastica had Tk319 crore in long-term loans and around Tk376 crore in short-term loans. The documents show that most of its outstanding liabilities had become classified as defaulted loans.

Despite collecting substantial amounts from students through admission fees, monthly tuition fees, session charges and advance payments, the institution accumulated hundreds of crores of taka in bank liabilities.

An audit report cited in the investigation shows that Scholastica transferred more than Tk425 crore to Crescent Limited. Although the company existed on paper, investigators could not establish its physical presence at the addresses recorded in official documents. Questions have also emerged over the identities of the people listed as its directors and their business activities.

Records from the Registrar of Joint Stock Companies and Firms (RJSC) identify Salahuddin Khan Majlis, Abdur Rouf and Gazi Monirul Islam as the company's officials. Rouf was listed as managing director, while the other two were directors.

Further investigation found that Rouf and Majlis had previously served as managing director and director, respectively, of New Dhaka Industries, a subsidiary of the Beximco Group, owned by Salman F Rahman.

At the time, Rahman was also chairman of IFIC Bank, the lender to Scholastica. The connection has raised questions about whether influential business interests played a role in the transfer of hundreds of crores of taka to Crescent Limited.

An examination of the addresses listed for Crescent's directors also raised serious concerns.

The address recorded for managing director Abdur Rouf was House 48, Road 1, Dhanmondi, Dhaka. However, an on-site visit found no house bearing that number on the road.

Similarly, the address listed for director Gazi Monirul Islam was Building 8/2 of Munshi Lake View Apartment in Mirpur-1, an area under the control of Beximco Real Estate. Investigators could not locate any building bearing that number.

A person named Gazi Monirul Islam was found at Building B-2 in the residential complex. However, he was identified as a retired government employee and was found to have no connection with the alleged financial irregularities involving Crescent Limited.

The third director, Salahuddin Khan Majlis, was listed as having an address at Eskaton Plaza. However, security personnel there told investigators that he had died a long time ago. His family members were also not present at the residence.

These findings have raised questions about whether deceased individuals and questionable addresses were used to conceal the identities of those behind the company and facilitate the transfer of funds.

The investigation also found that Salman F Rahman, head of the Beximco Group, was among the prominent well-wishers and service recipients of Scholastica and its parent organisation, Ascent Group.

The fact that former officials of a Beximco subsidiary were leading Crescent Limited, which received more than Tk425 crore from Scholastica, has further fuelled questions about possible connections between the school's finances, the bank loans and influential business interests.

The scale of the loans has also prompted questions about why an institution collecting substantial fees from students needed such large amounts of bank financing and how the money was subsequently used.

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School authorities reportedly claimed that the loans had been rescheduled when questions were raised about the institution's mounting liabilities. However, the available records show that Tk727 crore of its total Tk730 crore liabilities had become classified as defaulted by December 2025.

Scholastica was founded by former caretaker government adviser and diplomat Yasmin Murshed. Following her death in 2023, overall responsibility for running the school passed to Syeda Madiha Murshed.

Attempts were made to contact Murshed, managing director of Ascent Group and the person responsible for overseeing the school. However, sources confirmed that she was abroad, making it impossible to obtain her comments.

Zia Hasan, coordinator of the Communication Executive Office at Scholastica Limited, told Kalbela that the institution was following Bangladesh Bank's instructions regarding the loans.

“We are following the instructions of Bangladesh Bank regarding the loans. We are proceeding in accordance with the directions they are giving,” he said.