BFIU requests account information of Islami Bank chairman and his family

The Bangladesh Financial Intelligence Unit (BFIU), the central bank’s intelligence wing, has requested detailed banking records of Md Obayed Ullah Al Masud, chairman of Islami Bank Bangladesh PLC, along with five members of his family.

In a directive issued on Monday, the BFIU instructed all banks to submit complete information on any accounts — current or past — held by Masud and his immediate relatives. This includes account opening forms, updated statements, savings certificates, bonds, lockers, credit cards, student files, pre-paid and gift cards, and transaction records involving sums of Tk 5 lakh or more. Banks have been asked to submit the information by July 15.

The request comes amid serious allegations of financial misconduct and money laundering linked to a 1,320-megawatt coal-fired power plant in Banshkhali, Chattogram. The project, a joint venture between SS Power Ltd — a subsidiary of S. Alam Group — and Chinese company SEPCO, is now under investigation for questionable transactions totaling US\$815.78 million.

A Bangladesh Bank investigation revealed that the funds were allegedly funneled abroad through only two Letters of Credit (LCs) issued for importing capital machinery. However, central bank officials say no machinery ever reached Bangladesh.

Sources close to the inquiry said 184 invoices were submitted against the two LCs, opened through Rupali Bank. Many of these were reportedly fake or post-dated, with some using the names and documents of unrelated exporters.

Moreover, data from the National Board of Revenue (NBR) and Bangladesh Bank showed no official records of machinery imports under SS Power’s name, despite the large outflow of foreign currency.

At the time of the alleged transactions, Md Obayed Ullah Al Masud was serving as Managing Director of Rupali Bank. He now heads Islami Bank Bangladesh as its chairman.