ACC prosecutes ex-MP Iqbal, his son over illicit wealth

City Desk :

The Anti-Corruption Commission (ACC) has brought charges of acquiring illicit wealth against former Awami League MP and Premier Bank chairman HBM Iqbal.
The agency has also filed a separate case on the same charge against his son and another former Premier Bank chair — Imran Iqbal.

On Sunday, ACC spokesperson Tanzir Ahmed said that Assistant Director Md Ferdous Rahman filed the two cases at the agency’s Integrated District Office Dhaka-1.
Iqbal’s family lost control of Premier Bank last August, after approximately 26 years.
The ACC announced on Oct 9 that it had completed its investigation into the family’s illicit assets allegations and approved filing cases against Iqbal and his son. The cases were filed three days later.

Furthermore, the ACC approved issuing orders for Iqbal’s wife Anjuman Ara Shilpi and youngest son Moin Iqbal to submit asset statements on suspicion that they may also have wealth beyond means.

According to the case statement filed against Iqbal, he acquired assets worth Tk 622.49 million that are “inconsistent with his known sources of income”, which constitutes a punishable offence under Section 27(1) of the Anti-Corruption Commission Act, 2004, reports bdnews24.com.
Based on investigations and document reviews, the graftbusters stated that Iqbal accumulated a total wealth amounting to Tk 2.98 billion, including immovable property worth Tk 441.19 million and movable assets worth Tk 2.54 billion.
For the 2023-24 tax year, his total liabilities were Tk 1.39 billion, leaving him with net assets of Tk 1.59 billion after deduction.
Between 2008-09 and 2023-24, Iqbal declared a total income of Tk 1.9 billion in his tax records, while his family and other expenditures during the same period amounted to Tk 932.38 million. Thus, the source of Tk 974.15 million of his savings or assets could be verified.
However, the ACC found an additional Tk 622.49 million in assets beyond his declared income, for which no legal source could be identified, classifying them as illicitly acquired property.
In another case filed against Imran alleges that he acquired assets worth over Tk 50 million beyond his known income sources.
According to the ACC findings, Imran amassed total assets worth Tk 457.31 million.
Between 2007-08 and 2023-24 tax years, he declared a total income of Tk 469.77 million, while his family and other expenses stood at Tk 62.77 million during the same period.
This left him with savings of Tk 407.10 million.
The ACC stated that during the investigation, assets worth over Tk 50 million were found to exceed his known income, which is a punishable offence under Section 27(1) of the ACC Act.
All bank accounts belonging to Iqbal and his family members, including his wife Anjuman, three children Moin Uddin Iqbal, Ikram Iqbal, and Nawrin Iqbal as well as another member, Jamal G Ahmed, remain blocked.
The Bangladesh Financial Intelligence Unit (BFIU) imposed a freeze on these accounts on Nov 11, 2024, after the fall of the Awami League government in the July Uprising.
In September this year, the BFIU blocked an attempt by Iqbal and his family members to withdraw Tk 2.87 billion from their accounts.
He and his family members are no longer seen in public and are reportedly abroad.
Following the interim government’s assumption of power, numerous regulatory bodies and the bank boards of directors in the financial sector were restructured.
Iqbal, who had served as chairman since the bank’s establishment in 1999, voluntarily stepped down as the Premier Bank chairman during a period when Bangladesh Bank was forming new bank boards.
He handed over his resignation on Jan 12, citing health reasons. His resignation was accepted two days later.
His son Moin Iqbal, who was serving as the bank’s vice-chairman, also resigned at the same time without providing a reason. Both also relinquished their roles as directors.
Following this, another son, Mohammad Imran Iqbal, was appointed as chairman.
Bankers believe that the former Awami League leader had strategically resigned to maintain his family’s control over the board.
On Aug 19, the central bank dissolved the private bank’s board due to “governance deficiencies”, finally freeing Premier Bank from the control of Iqbal’s family.