Former Chairman of Premier Bank HBM Iqbal recently attempted to withdraw Tk 287 crore from frozen accounts of several entities linked to himself and his family. However, Bangladesh Financial Intelligence Unit (BFIU) blocked the transactions earlier this week.
Sources from Premier Bank revealed that Iqbal and his family members held funds in several accounts at the bank’s Banani branch, including those of Premier Property Development Company, Premier Hotel and Resort, Iqbal Center, Premier Hotel Management Company, and Bukhara Restaurant.
To withdraw the funds, approximately 300 checks were deposited into First Security Islamic Bank, National Bank, and Mercantile Bank, with each check attempting to withdraw Tk 80 lakh. Upon discovering the situation, the BFIU immediately halted the transactions.
Dr Arifur Rahman, the bank’s new Chairman, confirmed to TIMES of Bangladesh that the BFIU had blocked the withdrawal attempts from the seized accounts. “An audit is ongoing in the bank, and we are cooperating with the central bank in this regard,” he said.
In November of last year, the accounts of HBM Iqbal, his family members, and their businesses were suspended. Despite this, in April, HBM Iqbal managed to withdraw Tk 1.11 crore and $30,000 from his accounts. As a result, the BFIU imposed a fine of Tk 1.11 crore and $30,000 on Premier Bank under Section 23(6) of the Anti-Money Laundering Act.
In January this year, HBM Iqbal resigned from his position as Chairman of Premier Bank, a role he had held since its establishment in 1999. His son, Imran Iqbal, was appointed as the new Chairman.
In August, Bangladesh Bank dissolved the bank’s board, removing Iqbal’s family from management and forming a new board with one shareholder director and five independent directors. HBM Iqbal is a former Member of Parliament from the Awami League.
