Friday, 10 October, 2025
The Bangladesh Financial Intelligence Unit (BFIU) has blocked an attempt by former Premier Bank chairman and ex-Awami League MP HBM Iqbal and his family members to withdraw Tk 2.87 billion from multiple accounts.
According to sources, Iqbal and his family deposited cheques at several private banks in an effort to withdraw funds from accounts maintained at Premier Bank’s Banani branch. The accounts are registered under Premier Property Development Company, Premier Hotels and Resorts, Iqbal Centre, Premier Hotel Management Company Ltd, and Bukhara Restaurant.
Under banking protocol, cheques deposited at other banks are routed through the central bank’s clearing system, which verifies signatures and transaction amounts before authorising payment. BFIU’s intervention stopped the funds from being disbursed.
The final settlement between the two banks happens later on the same business day. This entire process is automated and online, making it difficult to detect such attempts immediately. Iqbal intended to take advantage of this.
However, bank officials said the transactions were halted midway due to the BFIU's intervention.
The commercial banks had notified the BFIU as an added precaution before clearing the cheques. Legally, no funds can be withdrawn from a seized bank account.
When asked why they accepted a cheque from a restricted account, the current Premier Bank Chairman Arifur Rahman, told bdnews24.com: "The BFIU is investigating the entire matter. We expect them to give us instructions within a day or two.
“All details will be provided once we have them; anything said now would be speculative and may not be accurate,” a bank official said.
All bank accounts belonging to former Premier Bank chairman HBM Iqbal and his family—including his wife Anjuman Ara Shilpi, children Moin Uddin Iqbal, Ikram Iqbal, Nawrin Iqbal, and another member, Jamal G Ahmed—remain frozen.
The Bangladesh Financial Intelligence Unit (BFIU) imposed the freeze on November 11, 2024, following the fall of the Awami League government during the July Uprising. Iqbal and his family members have largely disappeared from public view and are reportedly abroad.
The interim government’s takeover saw widespread restructuring of regulatory bodies and bank boards across the financial sector. Iqbal, who had chaired Premier Bank since its inception in 1999, voluntarily resigned as chairman on January 12, citing health reasons. His resignation was accepted two days later. At the same time, his son Moin Iqbal, then vice-chairman, also stepped down without explanation, relinquishing his directorship. Subsequently, another son, Mohammad Imran Iqbal, was appointed chairman.
Bank insiders suggest the resignations were a calculated move to retain family influence over the board. However, on August 19, the central bank dissolved the private bank’s board, citing “governance deficiencies,” ending the Iqbal family’s control.
Following the government change, the Anti-Corruption Commission (ACC) launched an investigation into allegations of corruption against Iqbal. According to initial complaints, he allegedly misused his position to acquire and develop several properties—including Renaissance Dhaka Gulshan Hotel, the Hilton Hotel and Resort in Gulshan-2, and the Royal University of Dhaka—while serving as Premier Bank chairman since 2011.
Iqbal also held membership in the Bangladesh Association of International Recruiting Agencies (BAIRA) during this period. The ACC alleges that over the past decade, he used his positions to gain ownership of multiple companies, amassing substantial wealth.
In April this year, while abroad, Iqbal reportedly withdrew nearly Tk 15 million in local and foreign currency from his Premier Bank accounts. The withdrawals were subsequently investigated by Bangladesh Bank, the BFIU, and Premier Bank.
As a result, the BFIU imposed fines of Tk 11.1 million and $30,000 on Premier Bank—the equivalent of the withdrawn funds—under Section 23(6) of the Money Laundering Prevention Act.
Comments
The Bangladesh Financial Intelligence Unit (BFIU) has blocked an attempt by former Premier Bank chairman and ex-Awami League MP HBM Iqbal and his family members to withdraw Tk 2.87 billion from multiple accounts.
According to sources, Iqbal and his family deposited cheques at several private banks in an effort to withdraw funds from accounts maintained at Premier Bank’s Banani branch. The accounts are registered under Premier Property Development Company, Premier Hotels and Resorts, Iqbal Centre, Premier Hotel Management Company Ltd, and Bukhara Restaurant.
Under banking protocol, cheques deposited at other banks are routed through the central bank’s clearing system, which verifies signatures and transaction amounts before authorising payment. BFIU’s intervention stopped the funds from being disbursed.
The final settlement between the two banks happens later on the same business day. This entire process is automated and online, making it difficult to detect such attempts immediately. Iqbal intended to take advantage of this.
However, bank officials said the transactions were halted midway due to the BFIU's intervention.
The commercial banks had notified the BFIU as an added precaution before clearing the cheques. Legally, no funds can be withdrawn from a seized bank account.
When asked why they accepted a cheque from a restricted account, the current Premier Bank Chairman Arifur Rahman, told bdnews24.com: "The BFIU is investigating the entire matter. We expect them to give us instructions within a day or two.
“All details will be provided once we have them; anything said now would be speculative and may not be accurate,” a bank official said.
All bank accounts belonging to former Premier Bank chairman HBM Iqbal and his family—including his wife Anjuman Ara Shilpi, children Moin Uddin Iqbal, Ikram Iqbal, Nawrin Iqbal, and another member, Jamal G Ahmed—remain frozen.
The Bangladesh Financial Intelligence Unit (BFIU) imposed the freeze on November 11, 2024, following the fall of the Awami League government during the July Uprising. Iqbal and his family members have largely disappeared from public view and are reportedly abroad.
The interim government’s takeover saw widespread restructuring of regulatory bodies and bank boards across the financial sector. Iqbal, who had chaired Premier Bank since its inception in 1999, voluntarily resigned as chairman on January 12, citing health reasons. His resignation was accepted two days later. At the same time, his son Moin Iqbal, then vice-chairman, also stepped down without explanation, relinquishing his directorship. Subsequently, another son, Mohammad Imran Iqbal, was appointed chairman.
Bank insiders suggest the resignations were a calculated move to retain family influence over the board. However, on August 19, the central bank dissolved the private bank’s board, citing “governance deficiencies,” ending the Iqbal family’s control.
Following the government change, the Anti-Corruption Commission (ACC) launched an investigation into allegations of corruption against Iqbal. According to initial complaints, he allegedly misused his position to acquire and develop several properties—including Renaissance Dhaka Gulshan Hotel, the Hilton Hotel and Resort in Gulshan-2, and the Royal University of Dhaka—while serving as Premier Bank chairman since 2011.
Iqbal also held membership in the Bangladesh Association of International Recruiting Agencies (BAIRA) during this period. The ACC alleges that over the past decade, he used his positions to gain ownership of multiple companies, amassing substantial wealth.
In April this year, while abroad, Iqbal reportedly withdrew nearly Tk 15 million in local and foreign currency from his Premier Bank accounts. The withdrawals were subsequently investigated by Bangladesh Bank, the BFIU, and Premier Bank.
As a result, the BFIU imposed fines of Tk 11.1 million and $30,000 on Premier Bank—the equivalent of the withdrawn funds—under Section 23(6) of the Money Laundering Prevention Act.
Comments
