ACC to prosecute former Premier Bank chairman HBM Iqbal

The Anti-Corruption Commission (ACC) has approved 11 cases against the former Premier Bank chairman HBM Iqbal and 16 others for the alleged embezzlement of Tk 151.3 million.

The charges involve the misappropriation of funds originally allocated for advertising campaigns that were never executed according to the contract.

ACC Director General Akhtar Hossain confirmed the development on Wednesday.

The other defendants include Iqbal’s sons and Premier Bank directors Imran Iqbal and Moin Iqbal; Syed Nowsher Ali, head of the bank’s General Services Department and Procurement Committee and a deputy managing director, among others.

According to the ACC, 11 work orders totalling Tk 198 million were awarded to Mindtree Ltd for advertising during the 2021–22 period.

The investigation, however, revealed that the contracted advertisements were not fully broadcast.

Only 50 minutes were aired while the agreement stipulated 100 minutes of airtime per television channel.

Reviewing transmission certificates and financial records, the ACC found that only Tk 46.7 million was legitimately paid to Mindtree Ltd, while the remaining Tk 151.3 million was embezzled.

The probe alleges that between August 2011 and March 2025, over Tk 4.38 billion was deposited as advances to Mindtree Ltd under Iqbal's instructions.

While Tk 3.42 billion was purportedly adjusted against work orders, Tk 964.1 million remains unadjusted.

The ACC says this outstanding balance carries clear evidence of embezzlement and money laundering.