The Anti-Corruption Commission (ACC) has launched an investigation against Eastern Bank Limited (EBL) Chairman Md Showkat Ali Chowdhury and his family over alleged suspicious transactions worth Tk 8,000 crore across 187 bank accounts.
According to the ACC, its Money Laundering Department has taken up the allegations involving irregularities, abuse of power, and suspected laundering of funds abroad under the guise of ship-breaking operations through shell companies.
“The matter is under investigation,” ACC public relation officer Akhtarul Islam confirmed the TIMES of Bangladesh.
According to complaints lodged with the ACC on 14 September and 8 October by Advocate Kamrul Islam, the allegations are based on a Bangladesh Financial Intelligence Unit (BFIU) report that flagged unusually large transactions linked to the family’s personal and business accounts.
The ACC’s verification committee took up the matter soon after, and following initial scrutiny, the commission has now formally begun the investigation.
The complaints allege that Showkat and his family moved massive sums through 146 corporate accounts, and BFIU detected efforts to liquidate foreign assets following the probe.
One such property – a luxury villa in Dubai’s Tilal Al Ghaf, Lansi Island, reportedly valued at about Tk300 crore – was recently put up for sale, according to documents attached to the lawyer’s submission.
The petitioner urged authorities to freeze his assets and prevent the transfer of proceeds abroad.
The letter also claims that Showkat Ali holds 15% shares in EBL – exceeding the 10% limit prescribed under the Bank Company Act – along with another 5% allegedly held through shell company.
It further sought a travel ban, noting that the family’s accounts handled Tk8,807 crore in transactions, including deposits and withdrawals, with possible overseas investments.
According to the letter, a BFIU draft report shows that between 2012 and 2024, Showkat, his wife Tasmia Ambareen, daughter Zara Namreen, and son Jaran Showkat Ali Chowdhury maintained 187 accounts in 28 banks.
These accounts saw inflows of Tk8,407 crore and withdrawals of Tk8,247 crore as of June 2024. The report highlights inconsistencies in multiple letters of credit opened by their shipping concern, SN Corporation, for scrap vessel imports.
Several LCs were linked to companies registered in the British Virgin Islands, all sharing identical addresses with no verifiable operations – raising suspicions of trade-based money laundering, the letter mentioned.
In one instance, BFIU found that Showkat’s Dhaka Bank account handled nearly Tk4,000 crore in transactions over 13 years, while the company secretary of EBL withdrew cash 125 times from his personal account, suggesting abuse of authority.
Zara Namreen reportedly deposited Tk31 crore in her EBL Agrabad branch account in April 2015, later transferring Tk30 crore via a clearing cheque to another account. Her brother Jaran allegedly used funds from SN Corporation to invest in shares through Royal Capital, despite declaring himself “unemployed.”
BFIU froze all bank accounts of Showkat and his family on 1 July 2025 under the Money Laundering Prevention Act.
Repeated calls and messages to Showkat Ali Chowdhury for comment went unanswered.
