Bank-Insurance
Share Fraud, Bank Loot by NRBC’s Tamal-Adnan
Parvez Tamal, Chairman of NRB Commercial (NRBC) Bank, along with Adnan Imam, Chairman of the Executive Committee, are allegedly leading a series of irregularities, corruption, and financial misconduct within the bank. Their actions reportedly include exerting power, forming syndicates, and engaging in widespread misappropriation of funds. Several founders of the bank have formally lodged complaints with the central bank, accusing them of money laundering, loan fraud, and illegal loan distribution. These allegations were detailed in a letter sent to the Governor of Bangladesh Bank on August 10.
The accusations extend to share manipulation, takeover of customer companies, favoritism in banking operations, irregularities in appointing contractual officers, and commission-based activities. Reports suggest that favored officers have received excessive increments and promotions, while a network of financial corruption, involving senior management and several branch managers, has been established to sustain the ongoing malpractices.
Further allegations have surfaced that former Governor Abdur Rouf Talukder may also be linked to these activities. Despite these serious accusations, Parvez Tamal and Adnan Imam remain in their positions at NRBC Bank.
A special inspection report by the Financial Integrity and Customer Services Division (FICSD) of Bangladesh Bank has highlighted several irregularities, including the appointment of contractual officers through director-owned companies, unauthorized loan disbursement, commission-based loan distribution, share manipulation, illegal takeovers of customer companies, and non-compliance with the bank’s procurement and expenditure management policies. The report also accuses the board members of deliberately reducing the bank’s income and violating the central bank’s outsourcing policies. Additionally, the report points out a clear conflict of interest created by directors appointing bank officers on deputation to serve as CEOs of NRBC Management, which is owned by the directors themselves.
This information has come to light through sources familiar with the matter.
According to sources, inspection and special investigation reports conducted at various times by Bangladesh Bank and the Anti-Corruption Commission (ACC) have substantiated allegations of money laundering and other financial irregularities against Parvez Tamal, Chairman of NRBC Bank, and Adnan Imam, Chairman of the Executive Committee. Despite multiple reports published in the media, no actions have been taken against them. Rumors suggest that they have been able to carry out these illicit activities with the support of several high-ranking members of the Awami League government. The situation has caused considerable anxiety among shareholders and depositors.
Sources indicate that during NRBC Bank’s 40th board meeting on February 7, 2016, Parvez Tamal and Adnan Imam first made headlines when they entered the meeting with armed outsiders, allegedly to intimidate directors and assert control over the bank. This marked the beginning of a series of illegal loans distributed in favor of their own companies, disregarding Bangladesh Bank’s policies. They approved a total of 64 crore taka in loans, including 3 crore taka to Arnita Agro, 9 crore taka to Pubali Concentration, 19 crore taka to NES Trading, and 3 crore taka to Lanta Services.
Bangladesh Bank’s policies clearly state that an individual cannot hold top positions in both the bank and the management board simultaneously. However, Parvez Tamal disregarded these rules and served as both Chairman of NRBC Bank and NRBC Management. On February 19, 2019, during the bank’s 78th board meeting, a 60 crore taka composite credit facility was approved in favor of NRBC Management Limited, including 20 crore taka for an omnibus credit facility and 40 crore taka for lease finance. This loan approval violated the Bank Company Act of 1991 and Bangladesh Bank’s guidelines.
Moreover, Parvez Tamal and Adnan Imam appointed NRBC Bank’s regular officer, Lieutenant Commander (retd.) Farhad Sarkar, on deputation to their jointly owned NRBC Management Company. They also funded his foreign trip to California for 14 days under the guise of special training, which contradicts the bank’s interests.
Further allegations have surfaced against the Tamal-Adnan syndicate for conspiracy to seize customer companies, including taking control of the export-oriented sweater manufacturer, Ixora Apparels Limited. They are accused of embezzling billions of takas in loans and laundering foreign currency under the name of this company, with an ongoing case in the ACC. Beyond Ixora, they are also implicated in loan fraud and money laundering through 15 other garment export companies, involving over 2,000 crore taka.
In addition, the duo has been accused of share market manipulation, involving their family members in these activities. Parvez Tamal’s mother, brother, and other relatives are said to have managed bank accounts linked to these illegal activities.
It is known that Tamal and Adnan are also involved in the manipulation of the stock market. They also used family members for these tasks. In addition, the bank account of Parvez Tamal’s mother Umm Bilkis (Account No. 010131100005525), Syed Shabbir Ahmed’s brother’s bank account (Account No. 010131100005736), Syed Shabbir’s wife’s bank account Asma Rashid (Account No. 010131100005530), Parv Ej is Tamal’s younger brother Bank Account Syed Shoaib (Account No. 010131100005526), Asif Iqbal’s Father’s Bank Account Abdur Rashid (Account No. 010131100005567), Asif Iqbal’s Mother’s Account Maqsuda Begum (Account No. 010131100005564), Asif Iqbal’s Wife’s Bank Account Takia Nishi (Account No 010131100005533), of Asif Iqbal Sister’s bank account Naima Sultana (Account No. 010131100005566) and (Account No. 010131100005522) are managed through Tamal and Adnan. They have manipulated shares and laundered money through these bank accounts opened anonymously. Bank officials Zafar Iqbal Hawladar, Zamir Uddin and Kamrul Hasan are also alleged to be involved in this.
In November 2016, the ACC confiscated 4 crore 70 lakh 1 thousand 886 shares belonging to ABM Abdul Mannan due to money laundering charges. Despite this, on October 31 last year, Parvez Tamal’s business partner, Shafiqul Alam, Adnan Imam’s wife, Nadia Momin Imam, and Mercantile Bank’s former chairman’s daughter, Rehnuma Ahsan, illegally purchased these shares in the block market, implicating Parvez Tamal, Adnan Imam, Managing Director Golam Awlia, and Company Secretary Ahsan Habib.
To further their interests, former Governor Abdur Rouf Talukder’s brother-in-law, Major (retd.) Ahsan Habib, was appointed as Vice President of NRBC Bank on a contractual basis, despite lacking banking experience. Seven months later, he was promoted to the crucial position of Company Secretary and, before completing a year in the role, his employment was regularized, followed by a promotion to Senior Vice President. Allegations suggest that this appointment was made to cover up the Tamal-Adnan syndicate’s misdeeds by influencing the Governor.
Despite extensive evidence of corruption and severe irregularities, including a recommendation to dissolve NRBC Bank’s board by Bangladesh Bank’s FICSD, no actions have been taken due to the former Governor’s involvement.
The duo is also accused of loan irregularities, including approving nearly 400 crore taka in loans to Reliable Builders, owned by Parvez Tamal’s business partner Shafiqul Alam, against a security deposit of just 3 crore taka, and 200 crore takato Fortune Shoes, which was used to buy a cricket team in the Bangladesh Premier League (BPL). Parvez Tamal allegedly holds shares in this team under a false name, and the current Chairman of NRBC Bank is accused of share manipulation and money laundering disguised as export trade.
Additionally, Parvez Tamal and his associate Russell Ahmed Liton are accused of setting up unauthorized sub-branches and distributing microcredit loans in violation of regulations through SKS Foundation. These activities allegedly generated substantial commissions for Tamal. They also allegedly profited from decorating and furnishing these sub-branches by awarding contracts to their benami companies, Lanta Services, TSN Trade and Infrastructure Development Limited, and NRBC Management Company, thereby increasing the bank’s expenses.
By December 2023, NRBC Bank had disbursed 3,300 crore taka in microcredit loans in partnership with SKS Foundation. The bank also provided 200 crore taka in loans for expanding the foundation’s business, including establishing resorts, hospitals, schools, and colleges, without adequate collateral. The Tamal-Adnan syndicate has frequently approved large loans for their own benefit through favoritism and misuse of power. Allegations of nepotism and irregularities have also been raised regarding the recruitment of trainee officers in April 2022.
Bangladesh Bank Governor Ahsan H Mansur has announced that the central bank will increase the policy rate twice within the next month to combat rising inflation. During a press briefing on Monday, Mansur said, “We will follow a contractionary monetary policy until inflation is brought under control. The policy rate will be raised next week and again next month.”
The governor expressed optimism about inflation stabilizing by March or April, although he did not specify the expected inflation rate. “While we can’t predict the exact level of inflation, we will tighten policies to bring it down. Our exchange rate remains stable, and remittances are on the rise, which should help ease inflationary pressures,” Mansur added.
Recent Rate Hike Follows a Series of Increases
On 25 August, the central bank raised the policy rate by 50 basis points, bringing it to 9% as part of its efforts to tackle high inflation. This marked the third increase in the key interest rate this year. Mansur had previously indicated that the policy rate, or repo rate, could potentially rise to 10% in phases.
Plans to Merge Smaller Islamic Banks
The governor also discussed the possibility of consolidating smaller Islamic banks. “Merging smaller banks would be beneficial. While no formal decision has been made, we are considering the option,” he said. Mansur explained that past irregularities had caused some bank owners to lose their ownership, which could make the process of consolidation easier.
He assured that depositors’ funds would be safeguarded, even if the banks are merged. “We will take actions based on the situation, but depositors’ money will be returned,” Mansur promised.
Task Force Established for Banking Sector Reform
Mansur further outlined that a task force has been formed to address issues in the banking sector, focusing on identifying distressed assets and recovering them. Initially, the task force will work with three banks, followed by an additional six. The team consists of 14 Bangladesh Bank officials, divided into three groups, with six members specifically overseeing larger Islamic banks.
Development partners will provide funding for these efforts, with external and international auditing firms assisting in the process. “Our first step will be to assess how much money has been withdrawn, both in name and covertly. If funds have been transferred abroad, we will work on bringing them back under international law,” Mansur explained.
Liquidity Support for Weaker Banks
The governor noted that some depositors were shifting their funds from weaker banks to stronger ones, creating liquidity challenges for the former. To address this, the central bank will provide funds from more liquid banks to those in need, ensuring that Bangladesh Bank covers any shortfalls if weaker banks are unable to repay.
Potential Changes in Bank Loan Targets
Mansur also mentioned the possibility of reducing the budget target for bank loans by Tk50,000 crore. This move could potentially boost private sector investment. “If we can reduce inflation to around 4%-5%, we will have the opportunity to lower interest rates,” he stated.
Bangladesh Bank (BB) has received a loan proposal totaling $2.5 billion from the World Bank (WB) and the Asian Development Bank (ADB) in several packages, aimed at supporting structural reforms, policy implementation, and investment projects.
The proposal was presented today during a meeting between Bangladesh Bank Governor Ahsan H Mansur, senior officials, and delegations from both the WB and ADB at the BB headquarters. The information was confirmed by BB spokesperson and Executive Director Husne Ara Shikha.
“The World Bank has proposed a $1 billion loan, which includes a $750 million policy-based loan requiring the central bank to implement specific policies. Additionally, a $250 million investment loan is currently in process,” said the BB spokesperson.
Similarly, the ADB has proposed a $1.5 billion policy-based loan, which will be disbursed in three phases, including a $200 million investment loan. According to the central bank spokesperson, $500 million of the loan could be received by 2025.
Additionally, a visiting US delegation, led by Brent Nieman, Assistant Secretary of the US Treasury Department, met with the central bank governor today. During the meeting, the delegation was briefed on the country’s macroeconomic conditions, though no specific loan amount was discussed by the US treasury team.
Parvez Tamal, Chairman of NRBC Bank, once known as a close ally of former Prime Minister Sheikh Hasina, has reportedly shifted his stance following the resignation of the Awami government on August 5. Tamal, who had been accused of exploiting political power for financial misdeeds during the Awami regime, is now aligning himself with student activists in a bid to protect his position.
Previously, Tamal had threatened NRBC Bank employees with termination if they supported or joined the quota reform movement. He also warned of administrative harassment for any Facebook posts or comments related to the movement. However, after the fall of the Awami government, Tamal has been providing financial support to the very student protesters he once opposed, in an attempt to distance himself from his controversial past.
An investigation by Orthosongbad revealed that during the anti-quota movement, Tamal worked on behalf of Sheikh Hasina, even monitoring NRBC Bank staff to ensure they did not participate in the protests. On July 17, under his directive, a warning was sent to all branch managers of the bank, cautioning them about the movement. Documents related to this have surfaced during the investigation.
A directive from NRBC Bank instructed all its officers and employees to refrain from joining any assembly related to the quota reform movement or sharing any comments, posts, or information about it on social media. The email from the bank’s HR department, titled ‘C,’ warned that any violation of this order would result in administrative action in accordance with HR policies. The directive also emphasized ensuring maximum security in and around the bank and required employees to be punctual in reporting to work.
Sources suggest that NRBC Bank Chairman Parvez Tamal, in an attempt to secure his position, has been trying to win over the coordinators of the anti-discrimination student movement. This speculation gained traction after a recent event where Tamal handed over a cheque for 5 million BDT from the bank’s Corporate Social Responsibility (CSR) fund to Hasanat Abdullah, one of the coordinators of the student protests. The donation, aimed at providing treatment and rehabilitation for injured protesters, has sparked widespread criticism on social media. Many are questioning Tamal’s sudden shift, given his previous ties to former Prime Minister Sheikh Hasina and his outspoken opposition to the student movement.
At the donation event, Parvez Tamal remarked that NRBC Bank would support the dreams of those building a “new Bangladesh.” In addition to providing medical assistance to the injured, he pledged future employment opportunities and scholarships for injured students. NRBC Bank also committed to offering jobs to able-bodied members of families affected by the protests. These promises mark a stark contrast to Tamal’s previous stance, where he had vocally supported Sheikh Hasina and opposed the student protests.
Attempts to reach Hasanat Abdullah, one of the coordinators of the anti-discrimination student movement, for a comment were unsuccessful. Despite multiple calls from Orthosongbad office to his mobile phone, there was no response. Similarly, efforts to contact another coordinator, Sarjis Alam, also failed to yield any comments.
However, former law student of Dhaka University and social media figure Syed Abdullah shared his thoughts on Facebook, stating that NRBC Bank Chairman Parvez Tamal is on a mission to secure his position by ingratiating himself with the students, thereby improving his image. Abdullah urged immediate investigations by the Anti-Corruption Commission (ACC) and journalists into the activities of Tamal and his associates.
Orthosongbad made several attempts to contact NRBC Bank Chairman Parvez Tamal for comments, but no response was received.
Sources claim that Parvez Tamal, in his efforts to support the Hasina government, has distributed various donations through the bank, both publicly and covertly. Among these are scholarships in the name of Bangabandhu, a special issue of “Planet” magazine focused on Sheikh Mujibur Rahman’s life and legacy, donations to the Bangabandhu Memorial Trust, contributions to the Bangabandhu Youth Fair, and charity books and iftar events around Bangabandhu’s birthday. Additionally, the bank had provided significant funds for Sheikh Hasina’s Ashrayan Project.
Parvez Tamal, who claims to be a Russian oligarch and served as the president of the Russia Bangabandhu Parishad, has been implicated in various financial irregularities, including loan fraud, commission schemes, recruitment corruption, stock manipulation, money laundering, and the embezzlement of funds. During the tenure of former Prime Minister Sheikh Hasina, Tamal reportedly leveraged his connections with senior leaders of the Awami League to engage in these activities.
The Anti-Corruption Commission (ACC) had previously launched an investigation into Parvez Tamal, chairman of NRBC Bank, following allegations of irregular salary increases for select officials. The investigation stemmed from a complaint by a sponsor shareholder of the bank. Tamal reportedly bypassed the banking regulations, awarding significant salary increments to 27 officials while ignoring over 3,800 employees. Additionally, Tamal and his personal secretary, Asif Iqbal, allegedly pocketed excessive fees from board meetings, violating the country’s banking laws. Furthermore, the investigation revealed that Tamal had set up an unauthorized entity, NRBC Management, without approval from Bangladesh Bank. However, the investigation was abruptly halted, allegedly due to Tamal’s political influence.
In a separate case filed on July 11, 2023, the ACC accused 14 individuals, including 11 NRBC Bank officials, of money laundering and providing unlawful loans. The lawsuit alleges that the accused embezzled approximately 78 crore BDT (including interest) by issuing loans without proper collateral. Additionally, 5.97 crore BDT worth of export proceeds were reportedly laundered without being repatriated to Bangladesh. Tamal was implicated in this fraudulent activity but reportedly used his political connections to suppress the investigation.
Further details of this ongoing investigation will be disclosed in subsequent reports by Orthosongbad.
