Ex-Premier Bank chair's attempt thwarted

Former chairman of Premier Bank PLC and ex-Awami League lawmaker HBM Iqbal allegedly attempted to withdraw Tk 2.87 billion from the private commercial bank through various means, despite a prior freeze on the accounts by the Bangladesh Financial Intelligence Unit (BFIU).

The attempt was ultimately thwarted with the support of several banks, according to sources.

Sources in the banking sector said several accounts belonging to Mr Iqbal and his family-owned businesses - including Premier Property Development Company, Premier Hotel and Resort, Iqbal Centre, Premier Hotel Management Company, and Bukhara Restaurant - are maintained with the bank's Banani branch.

Around 350 cheques were reportedly deposited in First Security Islami Bank, National Bank, and Mercantile Bank in an effort to withdraw funds.

Each cheque sought to withdraw Tk 8.0 million.

The BFIU, after being alerted to the attempt, blocked the transactions, leaving Iqbal's family unsuccessful in accessing the funds.

In November last year, the BFIU froze the accounts of Iqbal, his wife, children, and their sole proprietorship firms.

Nevertheless, in April this year, Iqbal managed to withdraw Tk 11.10 million and USD 30,000 from his personal account.

For this violation, the BFIU fined Premier Bank the equivalent amount under Section 23(6) of the Money Laundering Prevention Act.