The Bangladesh Financial Intelligence Unit (BFIU), the financial intelligence arm of the central bank, has sought detailed banking information of Md Obayed Ullah Al Masud, current chairman of Islami Bank Bangladesh PLC, along with five of his family members.
A letter issued by the BFIU on Monday instructed all banks to submit comprehensive details of any accounts -- past or present -- linked to Masud and his immediate family.
This includes account opening forms, updated account statements, savings certificates, bonds, lockers, credit cards, student files, pre-paid cards, gift cards, and transaction vouchers involving sums of Tk 5 lakh or more. Banks have been asked to provide the information by July 15.
The move follows serious allegations of financial irregularities and money laundering involving a 1,320-megawatt coal-fired power project in Banshkhali, Chattogram. The project, developed as a joint venture between SS Power Ltd -- a subsidiary of S. Alam Group -- and its Chinese partner SEPCO, is now under scrutiny for suspicious transactions worth US$815.78 million.
Banks instructed to adhere strictly to URC for recording transactions under international trade
According to a Bangladesh Bank investigation, the funds were allegedly siphoned abroad via just two Letters of Credit (LCs), ostensibly for the import of capital machinery. However, central bank officials say not a single machine arrived in Bangladesh.
Sources familiar with the probe said 184 invoices were submitted against the two LCs, opened through Rupali Bank. Most of these invoices were reportedly fake or post-dated, with some allegedly borrowing the names and export documents of unrelated companies.
Besides, the National Board of Revenue (NBR) and Bangladesh Bank servers show no record of machinery imports under SS Power’s name, despite the outflow of foreign currency.
At the time of the alleged transactions, Md Obayed Ullah Al Masud was serving as the Managing Director of Rupali Bank. He currently holds the post of Chairman at Islami Bank Bangladesh.