The LatestNewsX reporters in New Delhi indicate that Muhammad Yunus—often credited with founding Bangladesh’s Grameen Bank—faces new scrutiny after a former intelligence officer released a set of old documents. According to the officer, what is now known as the microcredit model was originally a university research project from decades ago that Yunus later appropriated and promoted as his own creation.
Aminul Hoque Polash, a former Bangladeshi intelligence officer, claims that records from 1976‑1983 cast doubt on Yunus’s solo authorship of Grameen Bank, the institution that helped him win the Nobel Peace Prize in 2006. Polash, who spent ten years with the National Security Intelligence (NSI) and later served as a diplomat, now lives in exile and says he was forced to leave Bangladesh after being singled out and persecuted by the Yunus regime.
The documents reportedly show that the microcredit concept began as a university research initiative led by junior scholars, contradicting the narrative presented by Yunus. The papers also contain Yunus’s signature, adding to the complexity.
Grameen Bank’s model—providing small, collateral‑free loans to impoverished families—gained worldwide attention, with similar schemes adopted in parts of the United States and Europe.
According to the files accessed by LatestNewsX, the microcredit prototype originated at Chittagong University, where Yunus was a professor. The records state: “The Rural Economics Programme (REP) was launched in 1976 with a Ford Foundation grant, and the first micro‑lending experiment in Jobra village was an action‑research project run by research scholars named Shapan Adnan, Nasiruddin and H.I. Latifee. Yunus was only assigned the task of deep tubewell cooperative management,” it said.
Additional evidence indicates that Bangladesh Bank had already adopted the microfinance framework and was planning a nationwide rollout before Yunus entered the scene.
A letter dated June 6, 1983, shows the Ford Foundation writing to Chittagong University’s Vice‑Chancellor, approving grants to support its rural finance program.
From a university pilot in 1976 to a national strategy authorised by a government ordinance, the microcredit model grew rapidly. Yunus became the project’s director and, following the 1983 Grameen Bank Ordinance, was appointed Managing Director. By the 1990s, he reportedly had full control of the institution, which had been largely funded with public money.
Polash continues to attack the Yunus regime, suggesting that Bangladesh is repeating the turmoil of the 1970s. He accuses Yunus—who allegedly hijacked the research project—of now ruling the country with the same appetite for control, after taking power in 2024. According to Polash, Yunus has suppressed opposition, rewarded loyalists, and enriched his network.
“The same man who stole a rural research project now governs an entire country with the same appetite for capture,” he says in an alarming tone.
Citing multiple incidents of misconduct, Polash claims that criminal sentences are being overturned, corruption cases dropped, and Grameen‑affiliated companies receiving preferential treatment. He also points to widespread nepotism, licence allocations, tax breaks, and other privileges granted to Grameen Bank by the Yunus‑backed administration.
“The same man who stole a rural research project now governs an entire country with the same appetite for capture,” he repeats, underscoring his grave concerns.
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