ACC Initiates Investigation Against Pubali Bank Syndicate
The Anti-Corruption Commission (ACC) has launched an investigation into allegations of embezzlement and money laundering amounting to hundreds of crores of taka from the private-sector Pubali Bank. A powerful syndicate, led by the bank’s Chairman Manjurur Rahman and Managing Director (MD) and CEO Mohammad Ali, has reportedly been engaged in misappropriation and irregularities for an extended period, pushing the bank into a financial crisis. According to ACC sources, notices will soon be issued to relevant individuals for questioning as part of the investigation.
Additionally, the Bangladesh Financial Intelligence Unit (BFIU) has separately started probing various allegations against the bank, including irregularities in loan disbursement, dollar manipulation, money laundering, recruitment corruption, and the undervalued sale of mortgaged properties. Reports suggest that attempts are being made to obstruct the progress of the investigation.
Details of the Allegations
According to ACC sources, in 2023, a group within the bank engaged in a massive dollar manipulation scheme, siphoning off substantial funds. By purchasing dollars from different exchange houses, they allegedly embezzled Tk 211 crore through inflated expenses. Furthermore, at Hazrat Shahjalal International Airport, foreign currencies exchanged by expatriates were laundered abroad instead of being deposited through the banking channel. ACC’s enforcement team has reportedly uncovered evidence supporting these allegations.
Moreover, Chairman Manjurur Rahman faces accusations of embezzling Tk 1,141 crore from Delta Life Insurance Company, which has 2.5 million depositors and is a major shareholder in Pubali Bank. Allegedly, he appointed his four children to key positions within Delta Life Insurance and was involved in financial misconduct there as well. Reports indicate that Tk 2,900 crore was misappropriated, and crucial database information was erased to cover up the embezzlement.
Former Chairman and ex-MP of the Awami League, Hafiz Ahmed Mazumdar, is also implicated. During his tenure, financial irregularities and fraudulent activities led Bangladesh Bank to order the removal of 10 directors from the bank.
Current Status of the Investigation
AFM Shahinul Islam, head of BFIU, stated, “I have not received any information on this matter yet, but the investigation is ongoing.”
Meanwhile, ACC Deputy Director Md. Akhtar Hossain confirmed, “The allegations have been taken into account, and the investigating officer will interrogate those involved.”
However, Pubali Bank’s Managing Director Mohammad Ali declined to comment on the issue.
The ongoing investigation is expected to shed light on the financial irregularities and corruption within Pubali Bank.