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.
