ACC finds Tk 35,000 cr loan scam from 26 banks linked to ex-BAB chief Nazrul Islam Mazumdar
The Anti-Corruption Commission (ACC) has uncovered widespread irregularities involving Tk 35,000 crore in loans taken from 26 state-owned and private commercial banks by Nazrul Islam Mazumder, Chairman of Nassa Group and former Chairman of EXIM Bank and the Bangladesh Association of Banks (BAB).
Investigation reports indicate that a significant portion of the borrowed funds was illegally siphoned off abroad rather than invested domestically. Capital flight destinations identified by the commission include the United Kingdom, the Isle of Man, Jersey, and Hong Kong.
In a recent legal action following an ACC petition, the Dhaka Metropolitan Senior Special Judge's Court ordered the freezing of £5.3 million (approximately BDT 85 crore) held in a Jersey-based UBS Bank account registered under One Investments Limited, an Isle of Man entity beneficial-owned by Mazumder and his wife, Nasrin Islam.
Investigators found that Mazumder leveraged his decade-long influence as BAB chief and close political alignment with the former government to pressure bank executives and bypass standard credit protocols. Loans were repeatedly disbursed across various group entities under special accommodations, with funds from one institution often utilized to settle outstanding liabilities in another. In one state-aligned lender alone, Nassa Group concerns held over Tk 2,100 crore in outstanding liabilities, including Tk 998 crore extended under special considerations.
The ACC and the CID are reviewing trade-based money laundering strategies used to transfer funds overseas, including over-invoicing imports, under-invoicing exports, and establishing offshore shell entities to acquire assets without regulatory clearance from Bangladesh Bank.
