Bangladesh Financial Intelligence Unit blocked the attempt to withdraw Tk 287 crore by former Premier Bank chairman and former Awami League lawmaker HBM Iqbal from the bank despite a freeze on his and his family鈥檚 accounts.
The money was kept in accounts of family-owned firms, including Premier Property Development, Premier Hotel and Resort, Iqbal Center, Premier Hotel Management, and Bukhara Restaurant at the bank鈥檚 Banani branch, according to Bangladesh Bank officials.
Nearly 350 cheques were deposited at First Security Islami Bank, National Bank, and Mercantile Bank, each seeking to withdraw the money, but the BFIU flagged the transactions in real time and stopped the withdrawal.
The agency had frozen Iqbal鈥檚 accounts in November last year, along with those of his wife, children, and their businesses.
Despite this, he managed to withdraw Tk 1.11 crore and $30,000 in April 2025, prompting the BFIU to fine Premier Bank the equivalent amount under the Money Laundering Prevention Act.
Iqbal, who chaired Premier Bank since its founding in 1999, resigned in January this year after the fall of the Awami League government, handing over the position to his son, Imran Iqbal.
In August, Bangladesh Bank dissolved the entire board and reconstituted it with one shareholder director and five independent directors, ending the family鈥檚 direct control.
Though Iqbal has kept a low profile since stepping down, regulatory officials allege he continues to exert influence over Premier Bank from behind the scenes.