UCB Faces Financial Scandal Over Irregular Loans
Adnan Imam, Chairman of Genex Infosys Limited, has been accused of siphoning approximately Tk 2,000 crore from United Commercial Bank (UCB) through irregular loans. Sharif Zahir, the current chairman of UCB, made these allegations in a letter to the Chairman of the Anti-Corruption Commission (ACC) on November 20. According to the letter, Adnan Imam carried out these activities with the help of associates close to former Land Minister Saifuzzaman Chowdhury Jabed.
The letter alleges that serious irregularities and fraudulent activities occurred during the tenure of the previous UCB board of directors from September 2018 to July 2024. It highlights that in late 2021, UCB incurred a loss of Tk 78 crore after purchasing 6.54 million locked-in shares of Genex Infosys from Amer Rasool and Zahara Rasool, who are Adnan Imam’s brother-in-law and sister, respectively. These shares were sold directly to the then-board chairman, bypassing the bank’s management. It was further stated that undue influence was exerted by Adnan Imam and the then-Executive Committee Chairman Anisuzzaman to expedite the transaction.
The letter also accuses Adnan Imam of using several of his companies—Genex Infosys, Genex Infrastructure, A&P Venture, AWR Developments, and AWR Real Estate—to facilitate irregular loans with the assistance of Alamgir Kabir Apu, a cousin of the former minister. It further claims that Saifuzzaman Chowdhury, despite having no legal authority as a director or chairman, effectively controlled the bank by appointing his wife, Rukmila Jaman, as board chairman and his brother, Anisuzzaman Chowdhury, as Executive Committee chairman.
The letter indicates that Alamgir Kabir was rapidly promoted to a senior position and then appointed head of corporate banking to facilitate the approval of these irregular loans.
Sharif Zahir has urged the ACC to investigate the alleged irregularities involving the former board members and the share sellers. He stated, “These fraudulent activities have jeopardized the financial stability of the bank. Irregular loan approvals and other exploitative measures were carried out for personal gain, causing substantial financial damage to UCB.”
The letter also details administrative challenges that began in September 2018, when Saifuzzaman Chowdhury allegedly forced board members to resign and replaced them with his family members and associates. The transaction, Zahir alleges, was motivated by personal gain, suggesting possible collusion between the share sellers and former board members.
Zahir has called for accountability to protect the interests of shareholders and depositors and requested legal action against former Minister Saifuzzaman, former board members, share sellers Amer and Zahara Rasool, Adnan Imam, and Alamgir Kabir. The letter includes an audit report dated October 9 and copies of the 464th and 465th board meeting minutes as supporting evidence.
Sharif Zahir was elected UCB’s new chairman on August 29 following significant changes in the board of directors.
