The Bangladesh Financial Intelligence Unit (BFIU) has imposed a penalty of over Tk 1.5 crore on Premier Bank for allowing withdrawals from frozen accounts belonging to its former chairman and ex-Awami League MP, Hefzur Bari Mohammad Iqbal, defying official orders.
Premier Bank has come under fire from the Bangladesh Financial Intelligence Unit (BFIU) after it violated a freeze order on the bank accounts of Hefzur Bari Mohammad Iqbal, a former lawmaker and ex-chairman of the bank. Despite BFIU’s directives, the bank facilitated the withdrawal of Tk 1.11 crore and an equivalent of USD 30,000 (around Tk 36.9 lakh) from Iqbal’s seized account.
On Wednesday, BFIU issued an official letter to the bank confirming the fine. Multiple sources from Premier Bank verified the matter, though Managing Director Mohammad Abu Jafar did not respond to repeated calls or messages. The bank’s public relations division also declined to comment.
The account freeze, which was ordered in November last year, affected Iqbal, his wife Anjuman Ara Shilpi, their three children, and any companies solely owned by them. BFIU had circulated a directive to all financial institutions across the country to enforce the freeze.
According to bank insiders, the breach led to significant withdrawals, prompting BFIU to penalize the bank in proportion to the amount withdrawn.
Iqbal resigned from the chairmanship of Premier Bank in February, handing the position over to his son, Imran Iqbal, who continues to serve as a director. This succession keeps the bank under the Iqbal family’s influence, with several preferred board members still in place.
Iqbal, a prominent businessman and chairman of Premier Group, has been involved in diverse ventures including luxury hotels, restaurants, cement manufacturing, and educational institutions. Allegations of irregularities tied to the development of the Renaissance Hotel in Gulshan, Hilton Hotel and Resort in Gulshan-2, and the Royal University of Dhaka have recently drawn attention from the Anti-Corruption Commission (ACC).
He is also accused of amassing vast assets through questionable means, reportedly acquiring ownership of multiple companies over the past decade. The ACC has launched a probe into his financial activities amid a wider crackdown on ruling party figures and business elites following the ousting of Sheikh Hasina’s government on August 5.
The freezing of Iqbal’s accounts is part of an ongoing effort to curb corruption and recover illicit wealth from politically connected individuals.
LND/BG
