Court imposes travel ban on Premier Bank ex-chairman HBM Iqbal, 19 others

A Dhaka court has imposed a travel ban on former Premier Bank chairman HBM Iqbal, his three children who previously served on the board, and 16 others linked to the bank's top management as part of an Anti-Corruption Commission (ACC) investigation into alleged embezzlement and money laundering.

The order was issued today (25 November) by Dhaka Metropolitan Senior Special Judge Md Sabbir Faiz following an ACC application. Bench assistant Md Riaz Hossain confirmed the development.

ACC's Md Hossain Sharif filed the application seeking a ban on foreign travel for the 20 individuals.

Those prohibited from travelling abroad include five former directors of the bank: HBM Iqbal's sons Imran Iqbal and Moin Iqbal, his daughter Nawrin Iqbal, and Arif Alam and Fouzia Rekza Banu.

The managing directors named are Abu Jafar, Khandaker Fazle Rashid, Kazi Abdul Majid, M Shah Alam Sarwar, Niaz Habib, Masihul Haq Chowdhury, AKM Majedur Rahman and M Riazul Karim.

Additional managing directors Syed Nausher Ali, Shaheed Hossain Mollik, Shahed Sikander, Shamsuddin Chowdhury and Farida Yasmin, along with Senior Vice President of the Gulshan branch AM Omar Khosru, are also included in the list.

Following last year's shift in government, there have been changes in the bank's management structure, and not all individuals named in the application are currently associated with Premier Bank.

According to the ACC application, HBM Iqbal and his family members, who were on the board of directors, embezzled Tk1,437 crore under the guise of office rent for various branches, including the bank's head office.

There are also allegations that Tk20,000 crore was laundered from Premier Bank.

The ACC further stated that the accused embezzled Tk4,818 crore by issuing fake loans in the names of various organisations, Tk1,950 crore through inflated stationery expenses, and hundreds of crores by opening FDRs in the names of different individuals and unlawfully offering high profit rates.

Additional funds were allegedly misappropriated through the Premier Bank Foundation, while hundreds of crores were reportedly laundered abroad by showing duplicate promotions and advertisements for the Bangladesh Premier League and television.

Citing reliable sources, the ACC stated that several of the accused who allegedly helped launder money abroad are attempting to leave the country.

The application noted that if they flee, the investigation may be obstructed, making the travel ban necessary to protect the integrity of the inquiry.