The Bangladesh Financial Intelligence Unit has fined Premier Bank for allowing its former chairman, HBM Iqbal, to illegally withdraw Tk 1.11 crore and $30,000 from frozen accounts, according to BFIU officials.
The BFIU on Wednesday imposed a fine equivalent to the withdrawn amount, BFIU officials said.
However, financial experts raised questioned about the effectiveness of the fine, noting that the penalty merely matches the amount withdrawn and that no individuals responsible for the violation have been held accountable. They said that the burden would ultimately fall on shareholders, not on those who committed the offence.
On November 11, 2024, the BFIU ordered all accounts belonging to HBM Iqbal, his wife Anjuman Ara Shilpi, his sons Moinuddin and Ikram Iqbal, daughter Naurin Iqbal, and their affiliated companies to be frozen under the Anti-Money Laundering Act.
Despite the directive, Premier Bank鈥攃urrently chaired by Iqbal鈥檚 son Mohammad Imran Iqbal鈥攗nfroze the accounts without central bank approval, enabling the unauthorised withdrawal.
Moinuddin, Ikram, and Naurin are the children of Iqbal鈥檚 first wife, Momtaz Begum, who died in 2022.
Multiple sources said that Iqbal married actress Anjuman Ara Shilpi privately in around 2021.
Iqbal, who co-founded Premier Bank in 1999, served as chairman for 26 years before stepping down on January 12 this year.
During his tenure, he allegedly abused political influence to maintain control and benefit financially from the bank.
His son Imran Iqbal has since taken over as chairman, continuing the family鈥檚 dominance at the bank. Other family-linked directors also remain in key roles.
Following the fall of the Awami League government in a student-led uprising, Iqbal and several family members left the country.
In October 2024, a court imposed a travel ban on Iqbal and his wife, Anjuman Ara Shilpi, following a petition by the Anti-Corruption Commission.
On September 24, the Anti-Corruption Commission initiated an inquiry against HBM Iqbal, also a former Awami League lawmaker for Dhaka-14 constituency, over allegations of amassing illegal wealth through corruption.
According to the ACC, HBM Iqbal amassed a huge amount of illegal wealth at home and abroad in the past 13 to 14 years.
Iqbal has also allegations against him that through abuse of power he built Renaissance Hotel Gulshan, Hotel Hilton, founded Royal University of Dhaka and became a member of the Bangladesh Association of International Recruiting Agencies.
The ACC also claims that he acquired numerous businesses and personal assets during his time in positions of influence.